Pendle Wars is becoming hotter and hotter with the participation of many different projects and Penpie Finance is one of the leading projects. So what is Penpie? Join Weakhand to find out why Penpie has achieved such a high position.
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What is Penpie?
Overview of the Penpie project
Penpie is a DeFi platform designed to provide Pendle Finance users with a higher yield and increased veToken performance. Penpie provides higher returns to PENDLE holders by locking the token into the platform and receiving in return a new governance token, mPENDLE.
Each PENDLE token locked to Penpie will receive in return an equivalent amount of mPENDLE tokens. Penpie will then lock all of these PENDLE in the longest time frame to hold as many vePENDLE as possible.
Penpie’s mechanism of action
- Step 1: Users holding PENDLE deposit it into Penpie.
- Step 2: Penpie will bring all PENDLE of the key user to receive vePENDLE and return it to mPENDLE user.
- Step 3: mPENDLE holders will receive all fees from Pendle and revenue from Penpie.
- Step 4: To exit the position, users simply need to swap mPENDLE to PENDLE.
Penpie highlights
The main highlight of Penpie is that the project creates various benefits for users holding PNP:
- PNP is developed in compliance with the OFT V2 LayerZero standard, so users can easily bridge PNP from Ethereum to Arbitrum.
- Users lock PNP and receive vlPNP in return to participate in project governance as well as share revenue from the protocol.
Development Roadmap
Update…
Core Team
Penpie’s development team comes from Magpie, a project that participated in Wom Wars on the BNB Chain ecosystem.
Investor
PNP successfully called for 340 ETH from the crowdfunding round in the form of IDO on the Camelot platform on June 13, 2023.
Tokenomics
Overview of Penpie tokens
- Token Name: Penpie
- Ticker: PNP
- Blockchain: Arbitrum
- Contract: 0x7dedbce5a2e31e4c75f87fea60bf796c17718715
- Token classification: ERC-20
- Total supply: 10,000,000
Token allocation
- Liquidity Mining: 35%
- IDO: 20%
- Magpie Treasury: 20%
- Pendle Treasury: 10%
- Initial Liquidity: 7%
- Marketing & Sales: 5%
- PENDLE Rush: 3%
Token usecase
PNP tokens are used for the following main purposes:
- Administration: Users can lock PNP to receive vlPNP and thereby participate in project governance as well as benefit from protocol fees.
- Incentive: PNP is currently being used quite a lot to entice users to lock their PENDLE and Penpie.
Project Information Channel
- Website: https://www.pendle.magpiexyz.io/stake
- Twitter: https://twitter.com/Penpiexyz_io
- Telegram: https://t.me/penpiexyz_official
- Discord:
Summary
Penpie is currently leading the projects participating in Pendle Wars thanks to the use of many tokens as incentives. On the other hand, after IDO, the price of PNP tokens is at a very good level, so the yeild source has also increased since then. Above is what everyone needs to know to understand what Penpie is. Weakhand hopes that through this article people will be able to make predictions about the project in the future.
