Pendle recently launched a new profit product combined with Bitcoin. Arthur Hayes, co-founder of BitMEX, is optimistic about Pendle’s development and publicly bets that $PENDLE will rise to $10 in the near future.
Today (12th), Pendle officially announced that vePENDLE holders can now vote for CornLBTC, and LP incentives have been effective since 8 am this morning, opening up new DeFi revenue opportunities for Bitcoin.
Pendle’s profit opportunities for BTC include two main products:
1. PT-LBTC: Bitcoin fixed income product, focusing on stable returns.
2. YT-LBTC: Leveraged exposure product, using CornKernel (3x leverage), Lombard Points (3x leverage), and Babylon Points (1x leverage) to provide high-risk, high-return investment options.
Principal Token (PT) represents the underlying assets and can be redeemed at a one-to-one ratio for the target assets after maturity. For example, 1 PT-stETH can be redeemed for 1 ETH worth of stETH.
Yield Token (YT) allows investors to receive the income generated by the target assets. For example, holding 10 YT-stETH can provide investors with all the income from 10 ETH deposited in Lido.
In response to this news, Arthur Hayes, co-founder of BitMEX, implied that he believes the integration of Pendle and Bitcoin has great potential in the DeFi field. He revealed that he has already bet that PENDLE will rise to $10 in the short term.
At the time of Hayes’ post, PENDLE’s market price was around $3.41. As of the deadline, the price had risen to $3.58, with a short-term increase of +4.98%.
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– Arthur Hayes changes stance: Bitcoin “short-term bearish” as Fed’s reverse repurchase drains market funds.
– Arthur Hayes explains: Why did the Fed’s interest rate cut not help Bitcoin?