Pendle Launches RWA-Based Products, Supports sDAI and fUSDC
On August 23, 2023, Pendle Finance (PENDLE) officially entered the Real World Asset (RWA) race, introducing a highly promising narrative for the near future.
Both Pendle's RWA and Fixed Yield products now support sDAI from Spark Protocol and fUSDC from Flux Finance.
Babe wake up, new Pendle RWA arc just dropped!
— Pendle (@pendle_fi) August 23, 2023
Featuring sDAI by @spark_protocol & fUSDC by @FluxDeFi, it’s where real-world yields meets the beauty of Pendle 💵 pic.twitter.com/7IVDPKwnt6
As a leading yield optimization protocol, Pendle continuously updates and introduces new yield-generating products to meet the increasing demand from users. Incorporating real-world assets into DeFi is a strategic move to boost the project's TVL.
Flux Finance's $fUSDC is among the first two assets in @pendle_fi's new real world asset based offerings!
— Flux Finance (@FluxDeFi) August 24, 2023
Pendle provides a suite of tools to hedge and manage fUSDC's US Treasury-backed yields.
📰 https://t.co/qWCkHGyjIX pic.twitter.com/V1TRmyb9v4
Insights from Pendle's Co-Founder and CEO
Pendle's co-founder and CEO, TN Lee, shared his vision:
"Fixed Yield and RWA are the two sectors with the most untapped potential in the current DeFi market. I firmly believe these two sectors will play a crucial role in attracting institutional investors and bridging off-chain and on-chain capital.
RWAs have already made their presence known in DeFi, and now Pendle provides you with a toolkit to hedge and manage these yields. From interest rate derivatives, swap contracts to fixed yields, all the products traditional finance loves - they are all here at Pendle."
Currently, users can earn up to 3.74% annual interest with sDAI or 3.4% with fUSDC through Fixed Yield. The protocol also accepts other staked tokens such as sfrxETH from Frax Protocol, stETH from Lido, and swETH from Swell.
TVL and Market Impact
According to DefiLlama, Pendle's TVL currently stands at approximately $139 million.
This product launch follows the recent announcement of Binance Labs investing in Pendle Finance, just days after listing the token on their exchange. The price of PENDLE is currently trading around $0.68, down about 2% in the past 24 hours.
