Pendle recently announced the launch of two new Liquid Restaking Tokens on the Arbitrum network, resulting in a significant increase in PENDLE’s price. The introduction of these assets has led to a 9.5% surge in Pendle’s value, now standing at $5.75. These new tokens aim to provide users with more options for yield farming and liquidity provision, potentially making the protocol more attractive and useful in the decentralized finance (defi) space.

Established in July 2021 by developers Tong and Josh, Pendle offers a platform for trading, yield farming, and liquidity provision of tokenized yield assets. Operating on the Ethereum (ETH) blockchain, Pendle allows crypto holders to engage in yield farming by lending their assets to liquidity pools in exchange for rewards, making defi activities more accessible to a wider audience.

Since its inception, Pendle has garnered significant attention and investment, raising $3.5 million in a funding round in September 2021, with contributions from Mechanism Capital and other venture capital firms. These funds were utilized to improve the protocol’s offerings and grow its user base. In October 2021, Pendle launched its V2 version, introducing multi-collateral pools and an upgraded user interface for a better user experience.

According to DefiLlama, Pendle has achieved a total value locked (TVL) of over $3.9 billion and has established partnerships with defi protocols like Aave and Curve to offer users more opportunities for yield farming and liquidity provision.

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