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4 months 10x, the LSD narrative of Pendle.

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Pendle has quickly gained popularity among yield farmers in the staking rewards market due to its user-friendly interface, high security, and rich selection of Ethereum-based liquidity staking derivatives (LSDs).

Source: Pendle

With the expectation of the Ethereum Shanghai upgrade heating up, traders and investors are speculating on the price and yield trend of Ethereum, and focusing on strategies that can keep them ahead of the yield curve. Pendle, with its user-friendly interface, high security, and rich selection of Ethereum liquidity staking derivatives (LSDs), has quickly gained favor among users in the staking yield market.

has unlocked yield farming strategies for generating returns on assets, allowing users to purchase cryptocurrencies similar to stETH or frxETH at discounted prices for speculative yield farming or conversion into fixed-income assets. In addition, some users have reported successful cases of excess returns, further helping the protocol gain high exposure.

According to DefiLlama data, the total value locked (TVL) on Pendle has increased by 250% this year. Among them, the total TVL on the Ethereum network is $27 million, the total TVL on the Arbitrum network is $25 million, and the total TVL on the Avalanche network is nearly $1 million.

Pendle has different variations of Ethereum derivative tokens, such as stETH, rETH, frxETH, and ankrETH, which account for 44% of the platform's total assets. Following closely behind is the GLP token from the GMX protocol, which accounts for 20%, and gDAI from Gains Network, which accounts for 15%.

Some strategies offer up to 70% annualized returns on Ethereum. The expiration dates of these strategies range from as early as June 2023 to December 2025.

About Pendle

Pendle is a DeFi protocol that supports permissionless tokenization and yield trading, allowing users to purchase assets at a discount or long-term yield rate. To date, Pendle has facilitated $400 million in trading volume and accumulated a total locked value of $70 million at its peak. The protocol has also received support from a number of well-known venture capital firms, including Mechanism Capital, Spartan Capital, Alliance, Hashkey Capital, and others.

This team is composed of former team members from well-known DeFi projects such as Kyber and imToken. Pendle has a strong development team, which consists of several math and informatics Olympiad winners and ICPC World Finalists with rich experience in the blockchain field.

As of the time of writing, the price of Pendle's native governance token PENDLE is $0.501, which has increased by 1003% since the beginning of this year. With its vePENDLE system in place, the token can directly benefit from the growth and adoption of the underlying platform.