Three noteworthy projects in the Pendle ecosystem.

With the rise of LSD narrative, Pendle has stood out among the projects in the LSD track with its high-quality project design, team, and token economy. The PENDLE token price and TVL have both skyrocketed, with the token price increasing nearly 16 times from the beginning of the year to now (0.05-0.8).

Just yesterday, Binance announced the launch of a new project on Launchpool called Pendle (PENDLE). As a result, PENDLE broke through $1.7 within 5 minutes, with a peak increase of 76.83%. The Pendle ecosystem may soon see a PENDLE war, and here are three projects worth paying attention to in the Pendle ecosystem, classified by TVL ranking: Penpie, Equilibria, and Stake DAO, respectively. These projects can be found at Penpie, Equilibria, and Stake DAO.

Penpie

Penpie is a product launched by Magpie and Pendle, aimed at providing yield and veToken enhancement services for Pendle Finance users. Lock PENDLE Token to gain governance rights and higher yield returns within Pendle Finance.

Penpie operates by allowing PENDLE holders to earn high yields by converting their PENDLE into mPENDLE (the Penpie version of the PENDLE token). Users can lock their mPENDLE on Penpie and earn PENDLE yields. When users convert PENDLE into mPENDLE, Penpie automatically locks the converted PENDLE as vePENDLE in Pendle Finance. This mechanism allows PENDLE holders to earn greater returns through mPENDLE, while also granting governance rights to Penpie and higher APR as an LP in Pendle Finance.

Penpie shares the voting power accumulated through its ownership of vePENDLE among vlPNP holders, enabling them to participate in Pendle Finance governance in a cost-effective manner, which can be locked in as vlPNP to obtain its benefits.

PNP holders who have locked their votes can receive income sharing from the platform and have an impact on the governance of Pendle Finance, while maximizing their returns. Similar to viGMP, users must wait 60 days for vlPNP to fully unlock as PNP.

Regarding Magpie and Penpie, more information can be found in the article "Innovative Advantages and Gameplay of Governance Yield Aggregator Magpie" at https://www.theblockbeats.info/news/36976?search=1.

Equilibria

Equilibria's social media introduction clearly states: "The first yield booster on Pendle, born for Pendle, pushing yields to new heights." And Equilibria does indeed play the role of "Convex" for Pendle. For more information, please refer to "Equilibria: Unleashing the Potential of Pendle, Exploring a New Engine for Interest Rate Swaps".

Here's a brief introduction to Equilibria. The Equilibria platform is led by a team of DeFi OGs with years of industry experience, and aims to customize and optimize Pendle Finance to maximize returns for PENDLE holders and liquidity providers. Equilibria utilizes the veToken/yield boost model adopted by Pendle Finance, providing higher returns for LPs through the tokenized version of vePENDLE, ePENDLE, and offering additional rewards for PENDLE holders.

Equilibria's Features

Pendle's LPs can deposit their funds on the Equilibria platform to increase their earnings, even if they do not hold any vePENDLE.

PENDLE holders can convert their PEDNLE on the Equilibria platform and receive ePENDLE, a liquid version of vePENDLE, with the original token locked on the Pendle platform. In addition to benefiting from PENDLE itself, ePENDLE holders can also stake to earn rewards and exchange back to PENDLE on DEX.

Equilibria's Advantages

First of all, too many protocols have proven to us that the veToken era has arrived (projects such as Curve/Convex and Balancer/Aura). The vePendle era is also coming, and what Equilibria is doing is to help Pendle develop and achieve good growth for themselves.

Next, Pendle is bringing the trillion-dollar traditional finance interest derivatives market into DeFi. As a leader in this field, Pendle Finance has a significant advantage to enter the multi-billion dollar TVL market and will also gain an important market share as DeFi develops. Equilibria, with its innovative approach and commitment to creating high returns for users, can also drive the development of the DeFi industry.

Finally, Equilibria's vision is to drive innovation in the industry. Its goal is not simply to create a "Convex" layer on Pendle, but to introduce new features in the future, such as the vlEQB YT market, limit orders for PT/YT trades, and cross-chain facilities. As mentioned earlier, the Equilibria team consists of senior experts in the DeFi field, with a deep understanding of the veToken model and successful experience in developing and operating veToken aggregators.

Stake DAO

除了 Penpie and Equilibria, another smaller participant in the Pendle ecosystem is Stake DAO. Compared to Penpie and Equilibria, Stake DAO is not a close relative of Pendle, but holds a large amount of vetoken participation in Pendle tokens. Of course, in addition to PENDLE, Stake DAO also holds 45,741,301 CRV with a TVL value of approximately $36,285,431. Next, we will briefly introduce Stake DAO.

Similar to the aforementioned projects, Stake DAO is also a platform that increases token earnings through the veToken model. Its standout feature is called Liquid Lockers.

Stake DAO Liquid Lockers allow users to unlock the power of their locked tokens (such as ANGLE, FXS, CRV) without sacrificing yield, voting rights, or liquidity. With Liquid Lockers, anyone providing assets can achieve maximum yield enhancement while retaining full voting rights and benefits of their native token protocol, as well as the ability to increase voting power, resell assets, and exit liquidity.

With Liquid Lockers, users can lock their native tokens in the Liquid Locker and receive sdTOKEN as a reward. For example, users can lock their FXS through Liquid Lockers and receive sdFXS Token as a reward. For every 1 FXS locked, Liquid Lockers will mint 1 sdFXS. This architecture allows sdFXS holders to vote off-chain through Snapshot once a week on the allocation of FXS metrics on Frax. The underlying token will be locked on the native protocol (such as Frax) for four years and permanently relocked, which can generate the maximum reward.

Conclusion

The veToken model has had many successful cases. With the resurgence of DeFi narratives, protocols that enhance DeFi yields have become an important part of DeFi. As a strong participant in this field, Pendle's three important protocols in its ecosystem may also become mainstream in the future and are worth paying attention to.

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