DeFi protocol, Pendle Finance is now seeking to expand the capabilities of its users by adding a platform where users can better manage their DeFi yields, turn them into tokens and sell them for profits.
A total of $3.5 Million has been raised by Pendle for the advancement. The investment was crowdfunded by many companies which include, DeFi Alliance, CMS, imToken and several others. The team working at Pendle is being mentored by many industry veterans who have contributed their services to high-end projects such as Kyber Network and KeeperDAO. This is really beneficial for Pendle, as the advisory from experienced veterans will help to set up a solid foundation for the new platform, leading to a smooth and reliable experience for its users.
One of Pendle’s founders gave his views regarding the new project, saying that this new platform will allow Pendle users to have an opportunity to utilize their precious yields produced by DeFi products in a much more efficient and easy way. He said that this new platform would make hedging and trading yield much easier, giving users unlimited amounts of potential to hit the market, plus it will also help users to get a clearer vision of the market and to make better trade decisions.
Pendle Finance, initially launched in late 2020, was a platform that provided users with the ability to split future yield from base yield holding assets. It also provides the service for Automated market-making, giving users the ability to tokenize yields earned, then sell those tokens for cash. The same platform also allows users to buy tokens, making them stand out to changing yields.
DeFi Boom
The DeFi space has definitely gained a great deal of popularity recently. As of now, there are over 300 DeFi-based projects registered on CoinMarketCap, enabling the market to reach an incredible value of $119 Billion. The eye-catching yields and advanced permissions to peer-to-peer loaning abilities have made it a very attractive space to interact with for potential profits.
A variety of DeFi loaning protocols in the network offers users yearly yields, which can exceed double digits in value. Past records of these protocols show that investors have been able to earn rewards in the millions just for participating.