$Pendle Jumps 13% to $3.59 After Announcement of $BTC Pools

WikiBit 2024-09-12 22:20

The Pendle protocol has jumped 13% to $3.59 in the value of its native token $PENDLE after it announ

The Pendle protocol has jumped 13% to $3.59 in the value of its native token $PENDLE after it announced the inclusion of Bitcoin yield strategies in new $BTC pools. Not only is the price rising, but community members are also excited about the token, with 87% of them showing strong bullish sentiment, according to Coinmarketcap.

BitMex co-founder Arthur HAYES expressed optimism about the launch, betting on $PENDLE to reach $10 on social network X: “$PENDLE + $BTC DeFi = $10. Bet.” Pendle, along with Corn, Lambard (LBTC), and Babylon, will unlock new yield opportunities for BTC. The new development will help Bitcoin holders diversify into the DeFi space and earn rewards without compromising the liquidity of their holdings.

Pendle CEO TN Lee said they are excited to work with various BTC yield protocols to open up new opportunities for Pendle users. They have taken the core fixed income use cases for ETH and are aiming to replicate the same success with BTC. Corns LBTC, powered by Lombard, will provide liquid BTC staking on Babylon, which is a BTC-focused re-staking infrastructure layer.

Image: Cryptonica

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