Pendle recently launched a new yield product combined with Bitcoin. BitMEX co-founder Arthur Hayes is optimistic about the development of Pendle, publicly betting that $PENDLE will rise to $10 in the near future.
Today, Pendle officially announced that vePENDLE holders can now vote for CornLBTC, and LP incentives have been activated as of 8 a.m. this morning, opening up new DeFi revenue opportunities for Bitcoin.
Pendle’s yield opportunities for BTC include two main products:
PT-LBTC: Bitcoin fixed income products, focusing on stable returns.
YT-LBTC: Leveraged exposure products, using CornKernel (3x leverage), Lombard points (3x leverage), and Babylon points (1x leverage) to provide high-risk, high-return investment options.
Principal Token (PT):
Represents the underlying asset, and after maturity, PT can be redeemed for the target asset at a one-to-one ratio, for example, 1 PT-stETH can be redeemed for 1 ETH worth of stETH.
Yield Token (YT):
Generates income from the target asset, for example, holding 10 YT-stETH allows investors to receive all the income from the 10 ETH deposited in Lido.
In response to this news, BitMEX co-founder Arthur Hayes implied that he believes the combination of Pendle and Bitcoin has enormous potential in the DeFi field, and revealed that he has bet on PENDLE to rise to $10 in the short term.
At the time of Hayes’ post, PENDLE’s market price was around $3.41, and as of the deadline, the price had risen to $3.58, with a short-term increase of +4.98%.