In their latest report, Citrini names Pendle a second-order RWA trade. Tokenized assets need an interest rate market, an | Hanami
In their latest report, Citrini names Pendle a second-order RWA trade. Tokenized assets need an interest rate market, and Pendle has built this, with ~$1.3B in RWA TVL and 80% of protocol fees going to $PENDLE buybacks.
From Jul to Sep 2026 that meant $1.61M bought back against $0.42M emitted, roughly $3.8 back for every $1 out.
Citrini argues the market is rewarding revenue-accruing tokens with strong buyback mechanics.