Hmmm.....or maybe it means it's not getting enough sun? That's a possibility. I've had my little ponds for about 12 years, but the trees have grown bigger around them. I'm waiting for a couple infected ash trees to die, and 2 ponds will get a lot more light.

I've seen it often but usually associate it with crowding.

I remember a discussion of how some people cut out some of their waterlily stems, if they start getting too crowded. It sounded like it worked okay.......as opposed to what I've heard about cutting lotus stems.....which supposedly can kill the lotus. That sounds sort of unbelievable, if you have a med-large healthy lotus. I think it's like an air embolus problem.

This may be a little late, sorry. My leaves do this when they first emerge, then they find themselves a place and flatten out. I think it's just how they make it to the surface, until their stems are long enough to lay flat.

Thanks hydrangeahead.