After reading "How Crypto Businesses Turn Products into Platforms"
I realized that
@pendle_fi may be one of the clearest examples of this evolution in DeFi
⤷ Product → Platform model
In the beginning, Pendle was simply a product.
A place to trade yield.
Users came to Pendle to:
• Lock fixed yield
• Go long yield
• Go short yield
That was the product, but over the last two years, Pendle's role has changed dramatically.
• Restaking emerged.
• Yield-bearing stablecoins emerged.
• Tokenized assets started gaining traction.
And almost every major DeFi yield narrative ended up passing through Pendle.
From restaking assets like eETH and rsETH, to yield-bearing stablecoins such as sUSDe, sUSDS, USD3, USDat, and apxUSD, and more recently the STRC, Saturn, and Apyx ecosystem, nearly every major yield narrative has found its way to Pendle.
The interesting part is that Pendle did not create these narratives.
But it became the place where these narratives were amplified.
In the past, projects launched an asset and then tried to attract liquidity.
Today, many projects launch an asset and a Pendle market almost at the same time.
Because Pendle immediately provides:
• Fixed yield
• Yield speculation
• Leverage strategies
• Liquidity
• Distribution
In other words, Pendle is increasingly becoming part of the go-to-market strategy for new yield assets.
That is the moment when a product starts becoming a platform.
And the story does not stop there.
Today, PTs are starting to appear outside of Pendle itself.
• PTs are being used in lending markets.
• PTs are being integrated into vaults.
• PTs are being accepted as collateral.
This shows that the value of Pendle is no longer limited to its yield trading interface.
The value is increasingly embedded in PTs themselves.
One of the strongest signals of this shift is seeing protocols like Sky use PTs as backend infrastructure for yield strategies built on top of them.
When one protocol begins using another protocol's product as a building block for new products, that is often the clearest sign that the Product → Platform transition is underway.