How does Pendle work?

Could you please explain in detail how Pendle operates? I'm quite interested in understanding its functionalities and the mechanisms behind its operations. Could you elaborate on its core principles and the technology it utilizes to facilitate its services? Additionally, I'm curious about the role of Pendle in the broader cryptocurrency and finance industry, as well as its potential benefits and risks. Could you provide some insights into these aspects as well? Thank you for your assistance.