Saturn vs Apyx: Pendle just dropped the Pendle-dependency numbers. 76.4% vs 52.7%. Both wrap the same STRC dividend but the design choices are not the same.

Pendle has released numbers showing that 76.4% of Apyx's TVL and 52.7% of Saturn's TVL are held on Pendle, highlighting differences in design choices between the two protocols. Both protocols wrap Strategy's STRC dividend but have distinct approaches to collateral and exits. Pendle dependency poses an underrated risk, particularly for Apyx.