Pendle expands its Bitcoin product line! Arthur Hayes shouted: See you for $10

Pendle low rises

According to DeFillama's data, since the expiration of liquidity re staking related products such as eETH, ezETH, and pufETH in the Pendle market, coupled with the overall market price decline, the total locked asset value of Pendle has experienced a significant decline since July, dropping from $6 billion to $2.3 billion.

At the same time, the price of Pendle token also fell from the level of $6 at the end of June, falling below $2 at one point. But recently it has gradually stabilized at $3 support, rising over 25% in the past week, and with the recent launch of new products, it provides additional upward catalyst for PENDLE.

Expand Bitcoin product line

According to the official announcement, Pendle has announced the expansion of its product line into the Bitcoin ecosystem, launching a new product based on the Bitcoin ecosystem revenue network Corn and the Bitcoin re staking protocol Lombard, allowing users to earn Corn points, Lombard points, and Babylon points simultaneously.

Specifically, Lombard issues its liquid token LBTC based on the Bitcoin staking protocol Babylon. By depositing LBTC into Corn, users can participate in Corn's pre launch activities and earn Kernels, which can then be exchanged for CORN airdrop rewards.

The addition of Pendle will unlock new revenue opportunities for BTC, including:

PT-LBTC: BTC Fixed Income. YT-LBTC: Leverage exposure using multipliers, namely Corn Kernel (3x) Lombard points (3x), and Babylon points (1x).

Pendle CEO TN Lee shared that:

We are pleased to collaborate with various BTC revenue protocols to unlock new opportunities for their users through Pendle. We have seen the main use cases for ETH fixed income, and our goal is to replicate the same success on BTC

In addition to Corn LBTC, EtherFi's eBTC is also available on Pendle, and other BTC products such as Bedrock uniBTC, Solv solvBTC, and PumpBTC will soon be launched.

Arthur Hayes, co-founder of BitMEX who has repeatedly invested in PENDLE token, hinted that the combination of Pendle and BTC DeFi will drive PENDLE up to $10 as Pendle expands its Bitcoin product line beyond the Ethereum ecosystem.