Market conditions might be tepid right now, but that hasn't stopped some DeFi protocols from posting solid numbers. Take Pendle—the yield trading platform has shown resilience despite broader headwinds.

Looking at the numbers, Pendle's income statement paints an interesting picture. Q1 brought in $12.88M in revenue, while Q2 settled at $7.52M. What stands out isn't just the top-line figures—it's where the cash is actually moving. Revenue streams are still flowing, and momentum is picking up in the segments that really count.

This tells you something important: even when the market goes quiet, projects with strong fundamentals keep grinding. The cashflow keeps working, the business model keeps validating itself. That's the kind of signal worth watching.