📊 Pendle Finance Transforms from Failed Business to $7B DeFi Giant
Pendle Finance, co-founded by TN Lee, has undergone a remarkable transformation from its origins as a failed Cold Brew business to a multi-billion entity. In a recent interview which was hosted by Kevin – WSH, Lee discussed Pendle’s evolution into a major decentralized finance (DeFi) protocol with a staggering $7 billion in total value locked (TVL). He noted that high-profile traders are taking interest in their project and mentioned Tron founder as well in this regard.
💬 E82: @pendle_fi : From a failed Cold Brew Business to a $7 Billion TVL Protocol is the CoFounder of Pendle Finance – a DeFi platform that enables users to tokenize and trade future yield — Kevin – WSH
🔸 TN Lee Transforms Pendle from Struggles to DeFi Success
He stated that Pendle has achieved a relatively fast and successful evolution at its path. The total value locked into the platform which stood at $250 million in strength surged past $7 billion in a matter of months. It has been impressive growth that speaks of Pendle’s growing dominance in the DeFi ecosystem.
However, it was not always a smooth sail and the process required a certain amount of effort and struggle. Pendle, when it introduced its first version known as (V1) in June 2021, it faced several problems. Pump expenses and an unsustainable user interface led to operational challenges and a lack of adoption.
As for TN Lee, some of the activities he was engaged in before Pendle include the Cold Brew business and seeking for suitable NFT marketplaces. It made him laid a strong foundation for his success in Pendle when he had these other projects.
Previously, Lee was working at Kaiber until December 2018 with the company unable to challenge larger exchange platforms such as Binance. This change of tack forced Lee to look for new markets and hence lead to the establishment of Pendle.
