Pendle Valley Climbing
According to data from DeFillama, since the expiration of liquidity re-pledge related products such as eETH, ezETH, and pufETH on the Pendle market, coupled with the decline in overall market currency prices, Pendle’s total locked asset value has experienced a sharp decline since July. All the way down from US$6 billion to US$2.3 billion.
At the same time, the Pendle token price also fell from the $6 level at the end of June, once falling below $2. However, it has gradually established support at $3 recently, rising by more than 25% in the past week. Coupled with the recent launch of new products, PENDLE has further provided additional upside catalysts.
Expanding Bitcoin Product Line
According to the official announcement, Pendle has announced that it will expand its product line to the Bitcoin ecosystem and launch new products based on the Bitcoin ecological income network Corn and the Bitcoin re-pledge protocol Lombard, allowing users to earn Corn points and Lombard points at the same time. and Babylon points.
Specifically, Lombard issues its liquid staking token LBTC based on the Bitcoin staking protocol Babylon. By depositing LBTC into Corn, users can participate in Corn's pre-launch activities and earn Kernels, which can later be redeemed for CORN airdrop rewards.
The addition of Pendle will unlock new revenue opportunities for BTC, including:
PT-LBTC: BTC fixed income.
YT-LBTC: Leveraged exposure using multipliers, namely Corn Kernel (3x) + Lombard Points (3x), and Babylon Points (1x).
Pendle CEO TN Lee shared:
“We are excited to partner with various BTC yield protocols to unlock new opportunities for their users through Pendle. We have already seen major use cases for ETH fixed income and we aim to replicate the same success on BTC,”
In addition to Corn LBTC, EtherFi’s eBTC is also available on Pendle, with other BTC products such as Bedrock uniBTC, Solv solvBTC, and PumpBTC coming soon.
Regarding Pendle’s plan to expand its Bitcoin product line beyond the Ethereum ecosystem, BitMEX co-founder Arthur Hayes, who has added positions in PENDLE tokens many times, hinted that the combination of Pendle and BTC DeFi will push PENDLE up to $10.
$PENDLE + $BTC DeFi = $10Bet https://t.co/QSZZIXkgaG
— Arthur Hayes (@CryptoHayes) September 12, 2024
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