Pendle Enters Bitcoin Arena with BTC Staking Pool
CryptoNewsTerminal Staff12 Sep, 2024
Pendle Enters Bitcoin Arena with BTC Staking Pool
Pendle has made its mark in the Bitcoin (BTC) realm by establishing a staking pool called Bitcoin Arc. This move is part of Pendle's expansion into BTCFi, a Bitcoin-based DeFi platform. Partnering with Conr, Lombard Finance, and Babylon Labs, Pendle has made it possible for users to stake Lombard's wrapped Bitcoin (LBTC) on Corn. This integration allows users to partake in the ecosystems of Lombard, Conr, and Babylon. Pendle offers PT-LBTC for fixed returns and YT-LBTC for leveraging Bitcoin yields. These options provide users with flexibility in their BTC staking strategies. "BTC is poised to play a significant role in DeFi," said Daniel Anthony, Pendle's Head of Growth. "Introducing our BTC staking pool is Pendle's way of tapping into this growing market." Pendle's Bitcoin Arc offers a unique opportunity for users to earn rewards on their BTC holdings while supporting the growth of the Bitcoin-based DeFi ecosystem.
