As the first research report in the PCUBA·SectorScan series this semester, this report will focus on sorting out the Web3 game projects in each segment that have the most potential to "go viral" like "Black Myth: Wukong" in 2024.

Pendle is undoubtedly one of the most outstanding targets in this round, from $0.7 in August 2023 to $7.5 in April 2024, a strong rise of more than 10 times in half a year. However, since April, Eigenlayer's official announcement of airdrops ignited the first negative sentiment towards Pendle. By mid-May, PENDLE quickly fell to $3.8, a drop of more than 50% in less than a month. Although it rebounded afterwards, as the re-staking track cooled down, and even the market's pessimism about the Ethereum ecosystem spread, Pendle fell into a slump. On August 5, the price of PENDLE once reached $2. This article will give a systematic mechanism analysis of Pendle, analyzing how Pendle quickly grasps market demand, completes the direct transmission of fundamentals to coin prices, and how it is negatively affected by the cooling of the Ethereum ecosystem and falls all the way.