Bixin Ventures, an investment firm focused on distributed systems, has announced that it will fund a new DeFi altcoin protocol to further its mission.
Bixin Ventures invests in this DeFi altcoin protocol
Bixin Ventures, an early investor in altcoin projects such as APT, SAFE, AR, LayerZero, announced that it has invested in Pendle (PENDLE) and that the transaction will be completed via OTC.
According to Bixin Ventures, with a simple UI/UX, Pendle allows users to easily implement revenue strategies, and the platform’s TVL is $60.5 million, an increase of nearly 50% from around $7.8 million in December 2022. rose. It achieved 775% growth in just five months.
How did the Pendle (PENDLE) price react to the news?
Data from Trendingview shows that the PENDLE token has gained 30% on the Gate.io exchange. The altcoin, which ranks 238th by market value, climbed from the lowest price of $ 0.5841 to the region of $ 0.65 during the day. At the time of writing, it is trading at $0.63, where it retains a large portion of its gains.
A look at the daily chart shows that PENDLE has been in an uptrend since the beginning of the year. The momentum that picked up in April could be linked to Ethereum’s Shanghai install.
According to analysis from Twitter’s @RainbowlEth, “Withdrawals starting with Shanghai may affect the ETH price, but it will only benefit Pendle. The output of staked ETH will either be converted to fiat money or parked on Pendle, where it can generate more APY.”
Meanwhile, cryptocoin.comAs you followed, the Shanghai upgrade was successfully applied at midnight on April 12. Pendle, along with Shanghai, offers a protocol where released ETHs can be treated as passive income. Bixin Ventures’ investment will likely focus on these investors and how it could generate returns in a new announcement:
Why was Pendle chosen? How does DeFi altcoin stand out from its competitors?
Pendle Finance was founded in 2021 and is a DeFi protocol where users can buy coins at discounted prices, implement various return strategies or generate returns by providing liquidity for their pools. It currently operates on the Ethereum and Arbitrum networks. Its TVL grew 775% in just 5 months.
Pendle is a yield trading protocol where we can convert the return of a yielding asset (GLP, stETH, aUSDC, etc.) to YT and PT where YT gets the return and PT represents the main investment amount. It offers 4 yield sources that help users monetize the protocol:
- flat rate from PT; Those who hold the PT to maturity are paid
- Protocol rewards of the underlying tokens; Fees from yielding assets (eg GLP)
- Swap Fees; From SY, PT and YT trading
- Pendle incentives; Increases returns by staking Pendle and Pendle.
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