Beyond Yield Ep 4 with Pendle.
04 May 2026, 15:06
🎙Beyond Yield Ep 4 with Pendle
Dan Anthony leads growth at Pendle Finance, the protocol that controls over 50% of DeFi's yield trading market with zero meaningful competitors. After 10 years building automation systems at Schneider Electric, he joined Pendle early and scaled it from under $300M TVL in early 2024 to over $13B peak by September 2025.
When Element Finance and Yield Protocol shut down, Pendle became the only protocol to successfully scale yield tokenization at institutional size. Dan breaks down the journey to $1B+ TVL, the Kelp validator-spoof hack, and building toward TradFi's trillion-dollar interest rate swap market.
In this conversation, we cover:
→ The path from early struggles to finding product-market fit in the LRT points meta
→ Universal limit orders enabling $10M+ swaps with minimal slippage on Pendle
→ Inside the Kelp hack: validator-spoof attack and what it reveals about bridge security
→ Boros — bringing TradFi's interest rate swap market onchain, including -600% funding rate trades
→ Why Pendle killed vePendle and what it reveals about institutional onboarding challenges
→ How Pendle fits into vault infrastructure with PT looping on Morpho and Aave
→ RWAs, institutional capital, and why regulatory clarity matters
→ Learn more | Watch full episode on YouTube