Pendle has significantly altered its yield structure, with approximately 97% of the total value locked (TVL) in its top 10 assets now deriving from real-world assets (RWA), according to Gate Ventures researcher @ChingChaLong02. This marks a departure from previous reliance on on-chain native yields such as circular lending, restaking, basis trade, and funding arbitrage. New RWA yields on Pendle include apxUSD/USDat linked to STRC/U.S. Treasury yields, reUSD from reinsurance, and USDai from AI computing infrastructure.