Pendle has seen extreme growth driven by airdrop points programs, and boasted an ATH TVL of $6.7B. The much-anticipated V3 upgrade will help it become the centralized exchange of interest rate derivatives, being the first of its kind even among traditional finance. With the interest rate swap market being worth $500 trillion, and blockchain providing the backbone for trustless, guaranteed swap delivery, Pendle's TVL could skyrocket. In the short term, permissionless market listing, new L1 listings, and Bitcoin restaking could usher in new highs for Pendle.