Wu Shuo learned that, according to Gate Ventures researcher @ChingChaLong02, Pendle’s yield structure has undergone significant changes: among the Top 10 assets, approximately 97% of the TVL’s underlying yields have RWA attributes, rather than being concentrated on on-chain native yields such as cyclic lending, Restaking, basis trade, and funding arbitrage. Meanwhile, more new types of RWA yields have appeared on Pendle, including apxUSD / USDat corresponding to STRC / US Treasury-related yields, reUSD for reinsurance yields, and USDai for AI computing infrastructure yields.