- Pendle Finance will use the funds to expand into other blockchain markets and provide private and institutional players with access to DeFi revenue opportunities.
- Binance Labs reaffirms its commitment to supporting next-gen DeFi projects.
Crypto exchange Binance’s venture capital arm and incubation subsidiary Binance Labs announced its investment in leading DeFi protocol Pendle Finance on Wednesday, August 23. The investment underscores Binance Labs’ commitment to supporting promising projects to fuel the next DeFi movement.
Pendle Finance is a decentralized earnings trading protocol that offers users the opportunity to earn significant returns on stablecoins and Ethereum-related assets, including Lido’s stEth and Rocket Pool’s rEth, among others.
It runs on both the Ethereum mainnet and Arbitrum and provides users with a mechanism to deposit tokens into principal token vaults, resulting in fixed Annual Percentage Returns (APY). Alternatively, users can purchase Yield tokens that may generate higher returns. The platform also facilitates participation in liquidity pools and the option to freeze native Pendle tokens (vePendle) for higher returns and greater governance impact.
The funds raised will be used to expand the scope of Pendle Finance to various blockchain ecosystems. This ensures that both individual and institutional users can access diverse DeFi earnings prospects.
Pendle Finance places a strong emphasis on inclusivity and has developed several features to offer more flexibility in revenue management through an easy-to-use platform. An important aspect of project growth is the focus on fixed returns, a foundation of institutional hedging. Additionally, this approach will be crucial in providing users with access to more predictable returns and allowing them to effectively optimize their strategies.
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Binance Labs supports DeFi projects
Binance Labs has further emphasized its commitment to innovative DeFi projects. At the same time, Pendle Finance is preparing to integrate its distinctive revenue management features into a number of blockchain ecosystems. Commenting on the development, Yi He, co-founder and head of Binance Labs said:
“Binace Labs is always looking for projects that drive innovation in the DeFi sector and enable access to a wider audience. Pendle Finance’s focus on multi-chain expansion and innovative yield strategies aligns with our vision for the future of DeFi. We look forward to working closely with Pendle Finance and supporting their journey to reshape the DeFi landscape towards a more inclusive ecosystem.”
Currently, Pendle Finance has 25 different pools across three different blockchains: Ethereum, Arbitrum, and BNB Chain. As previously mentioned, a significant portion of these tools are Liquid Staking Derivative (LSD) pools. This also offers users new ways to participate in stake rewards.
TN, Co-Founder and CEO of Pendle Finance, said, “At Pendle, we’re on a mission to redefine how users experience revenue generation. Our collaboration with Binance Labs brings unparalleled expertise and resources that will accelerate our growth and ultimately drive the accessibility and usability of revenue opportunities across multiple locations. We are excited to embark on this journey together and lead DeFi into a new era of inclusivity and innovation.”
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