Catching the BTCfi wave, Pendle expands Bitcoin revenue
Pendle is known for its strong presence in the Ethereum-dominated DeFi space, with notable success in narratives such as LST, LRT, and Arbitrum. Today, Pendle is officially entering a new space with the launch of its BTC pool. This move comes at a critical time when the market's interest in Bitcoin staking and its yield opportunities is rapidly climbing.
Pendle's timely and strategic expansion into the Bitcoin yield space coincides with the increasing popularity of Bitcoin yield strategies. Of particular note is the rapid rise of Corn - an innovative Ethereum Layer 2 network that uses Bitcoin as a fuel fee and economic incentive. Corn recently received a large round of financing led by Polychain and supported by major institutions such as Binance Labs, HTX, Offchain Labs, Framework, Symbolic Capital, Steakhouse Financial, Relayer Capital, and Bullet Labs.
Through Pendle, Bitcoin holders will have access to L1-enhanced yield strategies on the platform for the first time, unlocking the potential of fixed income and yield trading, further enriching and deepening their DeFi opportunities.
Pendle CEO TN Lee is very excited about the expansion. He said: "We are very happy to be working with multiple Bitcoin yield protocols to bring more new opportunities to their users through Pendle. We have seen major use cases for fixed income on Ethereum, and now we hope to replicate this success in the Bitcoin space. We will be very busy in the coming weeks as we launch new pools and projects."
As a yield tokenization platform, Pendle is able to adapt to yield products in almost all areas of cryptocurrency. This flexibility allows Pendle to remain agile and capture hot trends and narratives from Ethereum LST to current Bitcoin yields, and even meme coins like PEPE.
Corn's LBTC represents an important collaboration between leading BTCfi players. Powered by Lombard, LBTC makes Liquid Stake Bitcoin possible on Babylon, a Bitcoin-focused restaking infrastructure layer. By depositing LBTC on Corn, users can not only further support Corn’s pre-launch campaign, but also earn Kernels, which can then be redeemed for $CORN airdrops.
Corn LBTC and EtherFi's eBTC are now available on Pendle, and Bedrock uniBTC, Solv solvBTC, Mezo stBTC, PumpBTC and more re-staking Bitcoin are also in the plan to be launched.
This article comes from a contribution and does not represent the views of BlockBeats.