The share of limit orders has surged to 71%—the incentive is definitely intense. An annualized return of 800x sounds like a DeFi myth, but the $400 million depth is solid and real. Pendle’s bet on LO this time looks like it paid off in the right direction.

Pendle Finance announces a joint incentive focusing on limit orders (LO) to enhance liquidity and trade execution. Since the LO incentive was launched, LO has increased from 44% to 71% of total Swap volume, with monthly LO trading volume nearly doubling. Currently, about 6,500 PENDLE are distributed weekly to LO, supporting approximately $400 million in order book depth, with an annualized incentive return of about 800 times. New rules: when incentivized with PENDLE, an additional 0.22 PENDLE per dollar; when incentivized with other tokens, 0.15. If demand exceeds 9,000 per week, it will be distributed proportionally. Future efforts will prioritize LO incentives.