The 'Pendle Wars' refers to Equilibria and Penpie seeking to accumulate PENDLE and liquidity on Pendle Finance. This PENDLE is then locked as vePENDLE, which grants holders a share of the revenue generated on Pendle Finance, increases yield to LP positions, and gives governance over the protocol’s emissions.
But what is Pendle Finance?
Pendle Finance enables the yield-trading of yield-bearing crypto assets based on the concepts of bonds. This has resulted in the rapid TVL on Ethereum and Arbitrum, which has increased almost 10x since the start of the year.
Pendle Finance splits the underlying yield-bearing asset into its principal and yield tokens, allowing investors to buy assets at a discount and earn...