The DeFi revolution, too, promised us a new financial system that belonged to all. Not just the privileged few who’ve got the right connections and the right capital, but everybody. Yet, too often, we see echoes of the old world creeping into this new one: gatekeepers, centralized control, and permissioned access. Pendle Finance is at the forefront of tokenized yield. It has the power to either cement previous inequities or break them wide open. The key? Permissionless listings. The future of DeFi, to be honest, rests on it.
Democratized Yield: A Moral Imperative
Let's be blunt. Permissioned systems are inherently undemocratic. They concentrate power and limit access, no matter how much technical wizardry is under the hood. We're not just talking about lines of code; we're talking about people's livelihoods, their access to capital, and their ability to participate in the future of finance. Now picture this world if getting access to a life-saving medicine required the approval of an oligarchic committee. Outrageous, right? If that’s the case, then why do we allow the same type of structures to exist in DeFi?
Pendle's move towards permissionless listings isn't just a technical upgrade. It's a philosophical statement. It’s a statement that access to abundance should be the expectation, and not the exception. It’s not just a question of making the field more level, or empowering people, as opposed to intermediaries getting all the money. This is not anarchism at work. It is the beginning of a more equitable, decentralized and resilient financial ecosystem. Imagine it as open-source software versus proprietary systems. Which one encourages the greater degree of innovation and serves the broader public? The answer is obvious.
Underserved Communities: Unleashing Economic Power
Consider the communities traditionally excluded from the financial system: the unbanked, the underbanked, small businesses in developing nations. These are the folks who will arguably benefit the most from completely truly permissionless DeFi protocols. They don’t have the capital to cover new and complicated regulatory hurdles. They lack the network connections to get into those limited, exclusive investment opportunities.
Pendle, by leaning into permissionless listings, can be an important on-ramp for these communities. Imagine a smallholder farmer in rural Vietnam. They are using Pendle to invest in yield-bearing assets and provide a more stable future for their family. Or a mom in Detroit who DeFi helped invest in her education and get out of poverty. These are not pipe dreams though, rather some real potential all based on our collective commitment to the idea of decentralization.
Pendle controls the yield-bearing stablecoin market, leading with around 30% of the total supply. This phenomenal accomplishment happens in the wild, crazy, and booming $11.3 billion market! This marks a great proof of Pendle’s strong beginning.
We need to actively support projects that are building a more inclusive financial system. That involves getting engaged in governance processes, getting involved with open-source development efforts, and critically, as Dhananjay highlighted, is using these platforms and working in them and sharing feedback. Send a message to the world that we all need to focus on real decentralized roads and bridges solutions.
Beyond Code: Building a Movement
The permissioned versus permissionless debate isn’t a mere technical argument about which system is superior. It represents an ideological divergence. On the other, you have those who believe in the power of decentralized coordination and community-led gatekeeping. On one hand, there are people who support a strong individual liberty ethos and a small government footprint. They think decentralized solutions are best suited to upend our current power structures.
Some opponents will have a ready argument that permissionless systems are just fundamentally risky, environments for scams and manipulative behavior. They’ll reference the risk of regulatory backlash and the justification for centralized oversight. This argument is a smokescreen. The risks of centralization are far greater. Having our infrastructure on centralized systems means these systems are open to corruption, censorship, and abuse of power. They stifle innovation and limit access.
Don’t throw the baby of decentralization out with the bathwater! Rather, spend your energies creating robust risk mitigation mechanisms and incentives for responsible behavior within the DeFi ecosystem. It’s about user education, creating safe and effective smart contract infrastructure, and creating a crypto culture of transparency and accountability.
Accessibility and collaboration are key to Pendle’s focus on growth. By Q3 2025, the firm aims to roll out on Solana and connect with Hyperliquid and TON, among others. The integration with Aave v3, which allows PT-USDe to be used as collateral, further cements its position in the DeFi landscape. And let's not forget the Ethena partnership, which drove 50% of Ethena's growth in the first four months!
Pendle has proven itself to be a revenue powerhouse, bringing in an average of more than $4 million a month since June 2024. This is more than just a money-making opportunity. This is creating a sustainable ecosystem that can grow for the future.
The future of DeFi hinges on our ability to build truly permissionless systems that empower individuals and communities, not just corporations and governments. Pendle’s progress toward permissionless listings is an important step in that direction. Let's support it. Let's demand it. Let's build a better future, together. Share it widely and help us make this important change.
