I think a new phase of @pendle_fi has quietly started. The latest NGI+ market is the signal. Pendle just brought Partners Group’s Next Generation Infrastructure strategy onchain through Asseto. NGI+ gives exposure to a private infrastructure strategy spanning 500+ underlying assets across data centers, power grids, energy infrastructure, transportation and other essential infrastructure. Since February 2024, the underlying strategy has returned 48.8% net, with reported volatility below 2.5%. Its long-term target is closer to 10-12% annualized net returns. What interests me is what happens after an asset like this comes onchain. Asseto already handles the tokenization layer. Pendle then takes that financial product and separates its principal from its future return, creating PT and YT markets that can be priced and traded independently. That distinction matters. Tokenization makes the asset exist onchain. Then, Pendle makes its future return tradable. And NGI+ increasingly looks like part of a broader pattern rather than an isolated RWA experiment. We’ve already seen Pendle expand from crypto-native yield into Treasuries, private credit, tokenized equities and now private infrastructure. That’s the shift I’m watching. The first phase of Pendle was about creating markets around crypto yield. The next phase looks increasingly like creating markets around financial assets that happen to be moving onchain. Much more interesting than simply “another RWA listing.”