Pendle Finance Expands to BNB Chain
Reported by Coindesk, Ethereum and Arbitrum-based liquid staking derivatives (LSD) platform Pendle is set to expand to the BNB Chain network today. This move comes as developers aim to attract newer users and generate revenue for the growing service.
Pendle is a decentralized finance (DeFi) protocol that facilitates the trading of tokenized future yield on an automated market maker (AMM) system. The platform’s goal is to offer holders of yield-generating assets the ability to generate additional yield and lock in future yield upfront. It also provides traders with direct exposure to future yield streams, eliminating the need for underlying collateral.
Pendle currently holds the tenth-largest Total Value Locked (TVL) on Arbitrum and is the largest holder of RocketPool ether (rETH) as well as the third-largest holder of wrapped staked ether (wstETH) on the network. Despite a general bear market, the locked value of tokens on Pendle has grown by nearly 300% since the beginning of this year.
Key Points:
- Pendle Finance is expanding its operations to the BNB Chain network.
- The move aims to attract new users and generate revenue for the platform.
- Pendle is a DeFi protocol that allows trading of tokenized future yield.
- Holders of yield-generating assets can generate additional yield and lock in future yield upfront.
- Traders can gain direct exposure to future yield streams without requiring underlying collateral.
- Pendle has significant TVL on Arbitrum and holds a prominent position in the RocketPool and wrapped staked ether (wstETH) markets.
- The locked value of tokens on Pendle has experienced substantial growth this year, despite a bear market.
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