Pendle has fallen over 65%, with a market cap now down to $367m, but behind this hides an interesting power imbalance phenomenon. Penpie, a small player, controls 25% of Pendle's governance with only a $14m market cap — in other words, a 3.9% valuation weight holds a quarter of the protocol's decision-making power. This level of concentration is not an exception. Looking at the development trajectories of Curve and Convex, it’s clear that Convex, with a market cap far smaller than Curve, has leveraged the entire ecosystem, with CVX's market cap reaching up to 30% of CRV at its peak. Penpie's $34k revenue data further reflects the real returns of this power leverage. When small protocols gather through governance tokens, they often possess greater execution power than the main protocol itself — this has become a common pattern in the DeFi ecosystem.