Pendle Expands to BNB Chain to Attract New Users and Generate Revenues
Pendle, an Ethereum and Arbitrum-based liquid staking derivatives (LSD) platform, is expanding to the BNB Chain network to capture new users and generate revenues. Liquid staking has experienced significant growth in the DeFi sector, and there is untapped potential for LSD-based financial products.
Key points:
– Pendle offers users yields in the form of tradable digital tokens, with some strategies providing up to 82% annualized yields on ether (ETH) and ether derivative tokens.
– These tokens have a maturity period that ends in late 2023 or early 2024.
– LSDs are tokens created by DeFi protocols, such as Lido, to reward users who stake ETH on their platform.
– Pendle aims to establish the liquidity foundation for LSD in these ecosystems, enabling other LSD and LSDfi protocols to build on top.
– Pendle currently holds the tenth-largest Total Value Locked (TVL) on Arbitrum and is the largest holder of RocketPool ether (rETH) and the third-largest holder of wrapped staked ether (wstETH) on the network. The locked value of tokens on Pendle has grown nearly 300% since the beginning of the year.
Hot Take:
Pendle’s expansion to the BNB Chain network demonstrates their commitment to reaching new users and capitalizing on the growing demand for liquid staking derivatives. With high annualized yields and a strong presence on Arbitrum, Pendle is well-positioned to continue its success in the DeFi space.
By
By
By
By
By
By