Pendle protocol sees a 13% jump to $3.59 in the value of its native token $PENDLE after it announced to include Bitcoin yield strategies with new $BTC pools.
Not just a price surge, but the community members are pumped about the token with 87% showing strong bullish sentiments, as per Coinmarketcap data.
BitMex Co-founder Arthur Hayes also showed his optimism about the launch as he bets on $PENDLE rising to $10, in a X post, “$PENDLE + $BTC DeFi = $10. Bet.”
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Pendle along with a trio of Corn, Lambard(LBTC), and Babylon will collectively unlock new yield opportunities for BTC. The new development will help Bitcoin holders to diversify in the DeFi space and also earn rewards without compromising on the liquidity of their assets.
Episode 1 of the Pendle #Bitcoin arc
A foursome production alongside @use_corn x @Lombard_Finance x @babylonlabs_io:
Corn LBTC (26 Dec) 🌽 pic.twitter.com/9hi7huQzRM
— Pendle (@pendle_fi) September 11, 2024
TN Lee, CEO of Pendle stated, “We’re excited to be working with various BTC yield protocols to unlock new opportunities for their users with Pendle. We’ve seen major use cases with fixed yield for ETH, and we’re aiming to replicate the same success with BTC as well.”
Powered by Lombard, Corn’s LBTC will allow liquid BTC staking on Babylon which is a BTC-focused restaking infrastructure layer. Thus, when users deposit LBTC on Corn, they can participate in Corn’s pre-launch campaign, earn Kernels that can later be used for the $CORN airdrop.
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