Pendle maintains its position as the dominant EVM venue for yield stripping. After its Total Value Locked (TVL) peaked above $13 billion during the USDe and liquid restaking token (LRT) seasons, it has since unwound to roughly $1.4 billion. The protocol is actively expanding its footprint via the Boros module, tokenizing perpetual funding rates into fixed-yield products. On the AI front, Bittensor (TAO) continues to command attention after attracting $620 million in institutional capital during the first quarter, including a major deployment from Nvidia. The network's capacity recently doubled to 256 subnets, expanding the marketplace for specialized AI services.