What is Penpie?

Penpie is a DeFi protocol that acts as an enhancement tool for Pendle Finance, which is a DeFi platform for earning yield on crypto.

Making the most out of Pendle requires a long-term commitment and involves complex processes. So, Penpie has been built on top of Pendle to simplify things by offering multiple tools for users to increase their potential returns.

Key among its offerings is the ability to convert regular Pendle tokens (PENDLE) into a special form known as mPENDLE. This process boosts the income users can earn from holding these tokens. 

Penpie also enables users to provide liquidity by depositing their assets into the platform in return for enhanced rewards. But unlike the original Pendle platform, users don’t need to lock their Pendle tokens. 

Lastly, Penpie provides an avenue for those looking to participate in governing Pendle Finance. To do so via Penpie, users are required to lock the protocol’s native token (PNP). 

Generally, Penpie simplifies and maximizes the earnings and governance participation within Pendle Finance for all users, regardless of the investment size. This is achieved through various unique features and processes.  

What is unique about Penpie?

Penpie’s most defining features include;

• Multiple Token System: Penpie uses multiple tokens. These include PENDLE, mPENDLE, PNP, and vlPNP. Each has a unique function within the system.
• Yield Enhancement for Pendle Finance: Penpie offers ways for Pendle Finance users to enhance their yield, maximizing return on investment (ROI). 
• Revenue Share Model: Penpie has a distinct revenue share model that distributes income from boosted yield farming among liquidity providers, mPENDLE holders, and vlPNP holders.
• The Penpie Bribery Market: This innovative market allows vlPNP holders to influence the distribution of PENDLE tokens, supporting the sustainability and growth of Pendle Finance.
• Decrease in PENDLE Circulating Supply: By converting PENDLE into vePENDLE, Penpie helps decrease the sell pressure of PENDLE tokens in the market, thereby aiding in its price stability.

These offer users a wide range of opportunities to participate in DeFi. 

What can I use Penpie for?

1. Yield Farming: You can stake mPENDLE on Penpie to earn a share of the revenue in the form of PENDLE and ETH, thus boosting your yield.
2. Locking PENDLE Tokens: You can also convert your PENDLE tokens to mPENDLE, which Penpie will lock as vePENDLE on Pendle Finance, offering you increased rewards.
3. Earning Passive Income: You can earn passive income through enhanced yields.  
4. Increasing Liquidity Provider Rewards: Liquidity providers can use Penpie to gain increased rewards without needing to lock PENDLE.
5. Managing Yield Strategy: Splitting yield-bearing assets into separate tokens allows you to execute advanced yield strategies. These include purchasing assets at a discount or securing a fixed yield for low-risk, stable growth.