About this Chart

A chain and asset pair only enters the denominator on days Pendle has a market in it above $100k of SY, without which the denominator carries assets Pendle barely touches. Only part of Pendle SY has a matching issued-supply row, and the unmatched remainder is excluded from all three metrics rather than counted in the numerator; the Deployed group plots it so the gap stays visible. Supply is issued rather than circulating.