Pendle Is the DeFi Version of Polymarket
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TVL is not what you should be watching. Watch the curators. • Steakhouse: ~$1.8B AUM • Sentora: ~$1.4B AUM • Gauntlet: ~$1.3B AUM The value in DeFi may not be accruing to the protocols themselves, but to the asset managers who have earned the market's trust. 👇🏻 Don't Watch TVL. Watch the Curators.
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While researching Euler, I realized something. TVL doesn't matter. Capital flows do. The biggest winner of Euler isn't Euler. It's Sentora. Nearly $460M is concentrated in a single curator. Markets don't just choose protocols. They choose who they trust to manage risk.👇 Euler's Biggest Winner Wasn't Euler. It Was Sentora.
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