Pendulum of many pivots

Tried and true, Pendle stands the test of time. I still remember the first time I encountered Pendle, back in 2021. Points weren't a thing yet, liquidity mining was the norm. The accounting wizardry they had just introduced completely escaped me. It felt convoluted. It wasn't always obvious. It was far from inevitable. Excellent market timing as well as consistent and steady improvements to the…