Pendle, an Ethereum and Arbitrum-based liquid staking derivatives (LSD) platform, is expanding to the BNB Chain network today in order to capture newer users and attract revenues for the burgeoning service, core developers told journalists. Liquid staking has been a rapidly growing sector in the decentralized finance (DeFi) space in recent months, and the potential of LSD-based financial products remains largely untapped.
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, a Pendle developer, shared. Pendle offers users yields in the form of tradable digital tokens, with some strategies offering as much as 82% annualized yields on ether (ETH) and ether derivative tokens. These have a maturity period that ends in late 2023 or early 2024.
Pendle currently holds the tenth-largest total value locked (TVL) on Arbitrum and is the biggest RocketPool ether (rETH) holder and the third-largest wrapped staked ether (wstETH) on the network. Despite the bear market, the locked value of tokens on Pendle has grown nearly 300% since the start of 2021.