Recently, Pendle Finance has emerged in the field of LSD (Liquidity-as-Stake Derivatives) with its excellent project design, team strength and Token economy. PENDLE Token has seen incredible growth in both price and total value locked (TVL), with its price increasing nearly 16 times since the beginning of the year (from $0.05 to $0.8).

Just yesterday, Binance announced that it would list a new project called Pendle Finance (PENDLE) on Launchpool. Affected by this news, the price of PENDLE exceeded $1.7 in just 5 minutes, with an increase of as high as 76.83%. The Pendle ecosystem may be about to enter a moment of PENDLE war. The following are three Pendle ecological projects that deserve close attention. They are Penpie, Equilibria and Stake DAO in order of total locked value. These projects have huge potential, each showing compelling characteristics in different fields.

Penpie

Penpie is a product launched by Magpie and Pendle. It aims to provide Pendle Finance users with services to increase profits and enhance veToken. By locking PENDLE tokens, users can gain the right to participate in governance and obtain higher returns on the Pendle Finance platform.

The way Penpie works is simple, it allows those who hold PENDLE tokens to convert them into mPENDLE, the Penpie version of the PENDLE token, and thereby earn higher yields. Users can lock mPENDLE on the Penpie platform and obtain corresponding PENDLE benefits. When users convert PENDLE to mPENDLE, Penpie will automatically lock the converted PENDLE to vePENDLE to ensure that users can enjoy greater returns. In addition, holding vePENDLE can also grant users the right to participate in governance in Pendle Finance and obtain a higher annualized rate of return as a liquidity provider for Pendle Finance.

Penpie realizes the sharing of vlPNP (vote-locked PNP) through the voting rights accumulated by its vePENDLE holdings, allowing those who hold vlPNP to participate in the governance of Pendle Finance in an affordable way. Users who hold vlPNP can gain a share of the platform’s revenue and have an influence on Pendle Finance’s governance to maximize their returns. Similar to viGMP, users must wait 60 days to fully unlock vlPNP and convert to PNP.

Equilibria

Equilibria is a yield-increasing tool designed specifically for Pendle Finance, with the goal of driving returns to new heights, just like Convex did with Curve. Equilibria is led by a team of experienced DeFi veterans who want to maximize returns for PENDLE token holders and liquidity providers by customizing and optimizing Pendle Finance. Equilibria leverages the veToken/enhanced yield model adopted by Pendle Finance to provide additional rewards to PENDLE holders while LP providers can obtain higher yields.

On the Equilibria platform, Pendle’s LPs can deposit into Pendle to increase their returns, even if they do not hold any vePENDLE.

PENDLE holders can convert their PENDLE into ePENDLE (the mobile version of vePENDLE) on the Equilibria platform, while the original PENDLE will be locked on the Pendle platform. In addition to earning rewards associated with PENDLE itself, those who hold ePENDLE can stake it to earn rewards and redeem it back for PENDLE on decentralized exchanges.

Equilibria's advantages are several.

First, projects like Curve/Convex and Balancer/Aura have proven that the veToken era has arrived. The vePendle era is also coming, and Equilibria is working hard to help Pendle develop and achieve its own growth.

Second, Pendle is bringing the multi-trillion-dollar traditional financial interest rate derivatives market into the DeFi space. As a leader, Pendle Finance is well-positioned to tap into a multi-billion dollar total locked value market and capture significant market share as the DeFi industry grows. Equilibria creates high returns for users through innovative methods and commitment, and can also promote the progress of the DeFi industry.

Ultimately, Equilibria's vision is to drive innovation in this space. Its goal is not only to create a "Convex"-like layer on Pendle, but also plans to introduce some new features in the future, such as vlEQB's YT market, limit orders for PT/YT trading, and cross-chain facilities. It is worth mentioning that Equilibria team members are all senior experts in the DeFi field, have in-depth understanding of the veToken model, and have successful experience in developing and operating veToken aggregators.

Stake DAO

In addition to Penpie and Equilibria, there is a smaller player in the Pendle ecosystem called Stake DAO. While Stake DAO is less relevant to Penpie and Equilibria, it is one of the large veToken holders of Pendle tokens. Additionally, Stake DAO holds 45,741,301 CRV tokens on its platform, with a total locked value of approximately $36,285,431. Now, let us briefly introduce Stake DAO.

Similar to the previously mentioned projects, Stake DAO is also a platform that uses the veToken model to increase token income. One of its highlight features is called Liquid Lockers.

Stake DAO’s Liquid Lockers allow users to unlock rights to their locked tokens (e.g. ANGLE, FXS, CRV) without sacrificing yield, voting rights or liquidity. With Liquid Lockers, anyone providing assets can maximize revenue growth while retaining full voting rights and interest in their native token protocol, with the ability to increase voting rights, resell assets, and exit liquidity.

Using Liquid Lockers, users can lock native tokens in Liquid Locker and receive corresponding sdTOKEN in return. For example, users can lock their FXS tokens through Liquid Lockers and receive sdFXS tokens in return. For every FXS locked, Liquid Lockers mints one sdFXS token. This architecture allows sdFXS holders to vote on the FXS indicator allocation on Frax once a week via off-chain voting (using Snapshot). Native tokens will be locked on the native protocol (such as Frax) for up to four years and will be permanently re-locked. This locking mechanism generates maximum rewards.

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