Pendle, an Ethereum and Arbitrum-based liquid staking derivatives (LSD) platform, will expand to the BNB Chain network today as developers seek to attract additional users and money for the expanding business, according to core developers.
Liquid staking has been one of the fastest-growing DeFi industries in recent months, and the potential of LSD-based financial products remains completely untapped, according to Pendle developer RightSide in a Telegram chat.
Pendle provides users with tradable digital token returns, with certain strategies generating up to 82% annualised yields on ether (ETH) and ether derivative tokens. These will mature in late 2023 or early 2024. LSDs are tokens issued by DeFi protocols such as Lido to reward customers that stake ETH on their platform.
“Pendle aims to establish the liquidity foundation for LSD in these ecosystems, so that other LSD and LSDfi protocols can come in and build on top,” RightSide explained.
Pendle is the tenth-largest TVL holder on Arbitrum, as well as the largest RocketPool ether (rETH) holder and the network’s third-largest wrapped staked ether (wstETH). Data reveal that the locked value of tokens on Pendle has increased approximately 300% since the beginning of this year, despite a general bad market.