The price of Pendle, a leading decentralized finance (DeFi) protocol, has increased since it was revealed that two new Liquid Restaking Tokens would be added to the Arbitrum network.
Pendle’s value has increased by 9.5% to $5.75 since these new assets were released and sparked a lot of action. Pendle is adding the Arbitrum network to a bigger plan to offer more services, give users more ways to get cash, and boost yield.
Pendle – Pioneering DeFi Accessibility and Yield Farming
In July 2021, developers Tong and Josh began work on Pendle. It quickly became a major player in the DeFi market by making it easier to trade, farm yields, and sell tokenized yield assets. More people can participate in Dofi activities because it is built on the Ethereum (ETH) blockchain and is easy to use. People who own cryptocurrencies can “farm yield” by lending their assets to liquidity pools in exchange for benefits.
Many people are interested in and have put funds into the protocol because it supports new ideas and designs focused on the user. Pendle got $3.5 million in funding from well-known venture capital firms like Mechanism Capital in September 2021. More people used Pendle’s services after getting this new money, which helped improve them.
Once they had the funds, Pendle released its V2 version in October 2021. To improve user experience, it had multiple collateral groups and a better user interface. Because of these changes, Pendle has grown quickly and is now a major player in the DeFi business.
More than $3.9 billion worth of Pendle is locked up in DefiLlama, which shows how important it is to the DeFi economy. Pendle has also made deals with leading protocols like Aave and Curve that give users access to various yield farming and liquidity choices.
By putting the new Liquid Restaking Tokens on the Arbitrum network, Pendle continues to show that it wants the decentralized finance space to move forward and be open. People are more confident in PENDLE’s ability to provide value to its stakeholders and customers as it builds stronger relationships and adds more features.
