Pendle Secures Arbitrum STIP Bridge Grant, Plans To Allocate 1M ARB Rewards To Arbitrum Liquidity Providers
In Brief
Pendle will distribute 1 million ARB rewards to projects such as KelpDAO, Renzo Protocol, Ether.fi and others starting from June 20th.
Permissionless yield-trading protocol Pendle announced that it received an Arbitrum STIP Bridge Grant and plans to distribute 1 million ARB rewards across its ecosystem, starting from 00:00 UTC on June 20th. These rewards are designated for select Arbitrum liquidity providers, including KelpDAO, Renzo Protocol, Ether.fi from September 26th, and Ethena Labs scheduled for August 29th.
Additionally, ARB rewards will also be allocated to several ecosystem partners of Pendle, including Silo Labs, Dolomite, Stella, Thetanuts Finance, Timeswap, Pichi Finance, Marginly, Locus Finance, GammaSwap, and Ethereum Credit Guild.
The Arbitrum STIP Bridge Grant aims to bolster Arbitrum‘s position as a leader in the market by providing crucial support to its key protocols. It serves as a strategic interim solution, maintaining incentive alignment and ensuring engagement of vital projects within the Arbitrum ecosystem. This initiative plays a critical role in sustaining network expansion, fostering user participation, and promoting overall ecosystem resilience amid the dynamic conditions of the market.
Pendle Introduces sUSDe Pool Offering Enhanced Staking Opportunities
Pendle is a protocol originally launched on Ethereum, designed to create a marketplace for yields generated by supported yield-bearing tokens. It achieves this by dividing these tokens into principal and yield tokens, facilitating liquidity pools where these tokens can be exchanged. Pendle’s platform enables trading in fixed and floating rates of supported yield-bearing tokens, allowing users to earn fixed yields, speculate on the yield of the underlying token increasing, and provide liquidity to Pendle’s pools for the underlying tokens.
As of the current writing, Pendle has accumulated a total value locked (TVL) of $6.5 billion, as reported by DefiLlama.
Recently, Pendle unveiled the launch of the new sUSDe pool, which is scheduled to expire on September 26th. This pool aims to offer users 20 times the Sats plus USDe staking yield daily. The sUSDe pool will have a cap set at $100 million, with Sats earnings potentially receiving a boost of over 50% through ENA or YT-ENA tokens, provided the locked ENA requirements are fulfilled.
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