A PANews article says Pendle became DeFi the only surviving protocol in the fixed-rate sector

Risks and unknowns

• The original text provides no data or protocol list, so it is impossible to confirm whether Pendle is the “only surviving protocol” in this sector.
• The original text does not explain the specific scope, number, or reasons behind “most of the 2021 protocols from DeFi year died out.”
• The original text provides no data on the scale, yield, or adoption of tokenized U.S. Treasuries.
• “Fundamentally changing the underlying logic of lending and trading” is a generalized assessment; the actual impact cannot be confirmed from the available text.