DeFi

Is the only reason Lido isn’t on Pendle because Lido doesn’t have an airdrop in its future?

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Probably not so much, but it got them their initial distribution

Tvl will decline some but there will likely be more variation in yields to LRTs compared to LST will likely become the dominant use case for Pendle as users bet on restaking reward returns based on the LRT's AVS distribution