Pendle trading at $1.87 right now, pulling in roughly $45 million in annual fees while sitting at a 7x revenue multiple. That's actually reasonable compared to most other DeFi protocols—plenty of them with no real traction trade at 20x or higher.

What's interesting is the institutional activity. Arthur Hayes grabbed 550k tokens back in late December. Meanwhile Polychain Capital dumped 4.1 million tokens that same month, taking a $3.5m hit in the process. Pretty harsh exit.

The real question is whether we've hit bottom. Everything hinges on what happens with the January tokenomics update. That's either going to confirm this is the floor, or signal we're headed somewhere else entirely.