According to Milk Road, Pendle has transitioned to a fully permissionless platform, allowing anyone to launch new assets, create liquidity pools, and earn fees (source: Milk Road, May 22, 2025). This evolution from a product to a decentralized platform significantly expands user participation and trading opportunities within the DeFi sector. For traders, this means increased asset variety, greater liquidity, and new yield farming possibilities, positioning Pendle as a key DeFi protocol to monitor for emerging trends and trading volume shifts.