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    Home » Binance Labs Invests in Pendle Finance to Unlock New DeFi Yield Opportunities

    Binance Labs Invests in Pendle Finance to Unlock New DeFi Yield Opportunities

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    By jose on August 23, 2023 Companies, DeFi News, News
    Binance Labs Invests in Pendle Finance to Unlock New DeFi Yield Opportunities
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    Binance Labs, the venture arm of the leading cryptocurrency exchange Binance, has announced its strategic investment in Pendle Finance, a decentralized finance (DeFi) protocol that enables users to tokenize and trade future yield. The investment is part of Binance Labs’ mission to support innovative DeFi projects that can scale and drive adoption.

    Binance Keeps On Expanding Despite Regulatory Prosecution

    Pendle Finance is a unique DeFi protocol that allows users to separate the ownership of an asset and its future yield. By tokenizing the yield, users can trade it in a secondary market, creating new opportunities for hedging, speculation, and income generation. Pendle Finance supports various yield-bearing assets, such as Aave and Compound tokens, and plans to integrate more in the future.

    Binance Labs Pendle Finance

    The investment from Binance Labs will help Pendle Finance expand its ecosystem and reach more users across different blockchains. Pendle Finance is already live on Ethereum and Avalanche and aims to launch on Binance Smart Chain soon. The protocol will also benefit from access to Binance’s resources and network, as well as guidance from Binance Labs’ experts.

    Yi He, the co-founder and head of Binance Labs, said:

    “Binance Labs is always looking for projects that are spearheading innovation in DeFi sectors that will enable access to a wider audience. Pendle Finance’s focus on multi-chain expansion and innovative yield strategies align with our vision for the future of DeFi.”

    TN, the co-founder and CEO of Pendle Finance, said:

    “We are thrilled to have Binance Labs as our strategic partner and investor. Binance Labs brings unparalleled expertise and resources that will catalyze our growth, ultimately driving accessibility and usability of yield opportunities across numerous venues.”

    The news of the investment has boosted the price of Pendle’s native token, PENDLE, which surged by over 30% in the past 24 hours. PENDLE is used for governance, liquidity mining, and fee distribution on the protocol. According to CoinGecko, PENDLE is currently trading at $0.577762 with a market cap of $56 million.

    Binance Labs Featured Pendle Finance
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    jose

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