Mint Ventures Talks with Pendle CEO: Seizing Hotspots to Build Breakthrough Products

Mint Ventures discusses hotspots with Pendle CEO to develop breakthrough products.

Blair Zhu, Brand Director of Mint Ventures, invited Pendle CEO TN to share the story behind the founding of Pendle, the opportunities and challenges encountered, and the considerations at different stages of creating Pendle.

I joined Kyber Network in 2017 as part of the business department and left with a few others to establish a new platform in 2019. Our first product was mining software that optimized FPGA mining for privacy coins. The extremely high annualized return during the DeFi summer of 2020 made us realize that this number was temporary and prompted us to think about solutions for deterministic and predictable results, which was the initial motivation for fixed rate products.

From our perspective, the biggest challenge in the entrepreneurial process is educating users. Our niche is very early, and it takes a lot of resources and effort to educate users, which is also a challenge for us. There is still a lot of room for improvement in enhancing the user experience and providing interesting content, such as simplifying related documents and materials to make them more understandable. Web3 entrepreneurs must understand the basics of blockchain and its underlying principles. It is also important to understand one’s own strengths and weaknesses, and to have an open and strong desire to learn.

Pendle is a leading product that supports a wide range of asset types. The priority in the first version was stablecoins. The V2 version launched at the end of last year already has stablecoin pools and more experimental pools such as LooksRare. This year, we have also collaborated with Aura, Balancer, and Rocket Pool. Our main focus this year will be on increasing the protocol’s trading activity to enhance the total value locked. We need to keep up with the trends and be very cautious about opportunities. First, we need to define our direction and then identify partners to make our direction clearer.

Security is absolutely the top priority of the protocol. We conduct core contract audits internally to ensure that these contracts are not upgradable. Once the contracts are audited, only minor changes can be made. The V2 core contract has already been audited by different individuals and organizations six times. In addition, we also work with Immunefi on a bounty program. Thirdly, insurance is a sector we are actively promoting.

When we want to deploy Pendle on a new ecosystem, there are two main considerations. First, we need to ensure that any chain, such as an AMM bond market, establishes a treasury that makes sense. Second, the total value locked, because we are a second-order derivative product, the total value locked is several million or several billion dollars less than first-order derivative products, and only a very small part may enter our total value locked through Pendle.


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