The recent introduction of two innovative Liquid Restaking Tokens on the Arbitrum network by Pendle has sparked a surge in market activity, propelling the value of PENDLE by 9.5% to $5.75. These newly added assets aim to diversify users' options for yield farming and liquidity provision, potentially amplifying the protocol's allure and functionality within the decentralized finance (DeFi) ecosystem.

Founded in July 2021 by a team led by developers Tong and Josh, Pendle has established a distinct niche by facilitating the trading, yield farming, and liquidity provision of tokenized yield assets. Operating on the Ethereum (ETH) blockchain, Pendle offers a user-friendly platform that empowers crypto holders to engage in yield farming activities by lending their assets to liquidity pools in exchange for rewards, thereby democratizing access to DeFi opportunities.

Since its inception, Pendle has garnered significant attention and investment, securing $3.5 million in funding during a September 2021 funding round that included contributions from notable venture capital firms like Mechanism Capital. These funds have been pivotal in enhancing the protocol's offerings and expanding its user base. Notably, Pendle rolled out its V2 version in October 2021, introducing multi-collateral pools and an upgraded user interface to elevate the user experience.

With a Total Value Locked (TVL) surpassing $3.9 billion, Pendle has solidified its position in the DeFi landscape. Additionally, strategic partnerships with DeFi protocols such as Aave and Curve have been established to provide users with a broader array of opportunities for yield farming and liquidity provision, further enhancing Pendle's ecosystem.