DeFi
www.theblock.co
02 March 2023 15:00, UTC
Reading time: ~2 m
Pendle Finance expanded to Arbitrum, providing a cheaper way to access its yield management services.
Pendle splits up yield-bearing assets such as staked ether into their two components: the underlying token value and the yield. This makes it possible for traders to buy the asset without the yield and vice versa.
“By enabling yield tokenization, Pendle helps to unlock more utility for other ecosystems,” said Pendle CEO TN Lee, in a statement.
In the last few months, Pendle has partnered with protocols including Aura Finance, Balancer, Lido and RocketPool to add support for their assets. It has now partnered with decentralized exchange GMX, which runs on the Arbitrum network, to support its native asset.
Currently the protocol supports four staked ether tokens, Yuga Labs’s apecoin, the stablecoin USDC (via Convex Finance) and LOOKS, the native token of the NFT marketplace LooksRare.
Until now, the protocol had only been available on Ethereum, where it faced higher fees, and Avalanche, which is an Ethereum-compatible blockchain.
Sourced from cryptonews.net.
