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Penpie

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Discover Penpie's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Penpie?

Penpie (PNP) is a cryptocurrency token that operates as a next-generation DeFi platform. It is designed to provide Pendle Finance users with yield and veTokenomics boosting services. Integrated with Pendle Finance, Penpie allows users to lock PENDLE tokens to obtain governance rights and enhanced yield benefits. The token is used for governance and revenue sharing, offering users the opportunity to earn passive income and maximize returns on their investments.

How is Penpie used?

Penpie (PNP) is the governance and revenue-sharing token of the Penpie platform, designed to provide Pendle Finance users with yield and veTokenomics boosting services. Here's how it is used:

  1. Governance and Revenue Sharing: PNP is the native token of Penpie, with a total supply of 10 million tokens. It serves as the governance token, allowing holders to participate in decision-making processes and share in the revenue generated by the platform.

  2. Locking and Voting: Users can lock their PNP tokens to receive Vote-Locked PNP (vlPNP) at a 1:1 ratio. This allows them to earn passive income and participate in Pendle Finance's governance, sharing the voting power accumulated from vePENDLE among vlPNP holders.

  3. Unlocking Mechanism: Once locked, vlPNP enters a default lock-up status with an unlimited lock-up period. Users can initiate a 60-day cooldown period to unlock their tokens. During this time, they continue to earn passive income but cannot participate in voting. There is also an option to "Force Unlock" by paying a penalty fee.

  1. Passive Income and Rewards: PNP holders can earn passive income and rewards for active user engagement by locking their tokens. The voting power accumulated by Penpie is shared among vlPNP holders, allowing them to vote on Pendle Finance and earn additional rewards.

  2. Integration with Pendle Finance: Penpie focuses on locking PENDLE tokens to obtain governance rights and enhanced yield benefits within Pendle Finance. This integration allows users to maximize returns on their investments and monetize their governance power.

In summary, PNP is used for governance, revenue sharing, and passive income generation within the Penpie ecosystem, which is closely integrated with Pendle Finance.

How do I store Penpie?

To store Penpie (PNP) tokens, you have several options based on your needs and preferences. Here are the main methods:

Storing on an Exchange

Holding your Penpie (PNP) tokens on an exchange provides convenient access to various investment products and features, such as spot and futures trading, staking, and lending. The exchange securely holds your funds, making it a straightforward option. However, keep in mind that exchanges are centralized and may be vulnerable to security breaches.

Using Cold Wallets

Cold wallets are offline storage solutions that offer high security. There are two types of cold wallets: hardware and paper wallets. These wallets are not connected to the internet, reducing the risk of hacking and unauthorized access. This method is considered the safest way to store your tokens.

Using a Crypto Wallet

You can also store your Penpie (PNP) tokens in a crypto wallet. These wallets can be web-based, mobile apps, or browser extensions. Make sure to choose a reliable and reputable wallet that supports Penpie (PNP). When using a crypto wallet, you maintain full custody of your assets and can manage them directly.

Decentralized Storage

If you prefer a decentralized approach, you can use self-custodial wallets. These wallets allow you to maintain control over your assets while still providing a secure storage solution. This method is ideal for users who value privacy and want to avoid intermediaries.

Ultimately, the best method for storing Penpie (PNP) tokens depends on your individual needs and preferences. It is essential to weigh the pros and cons of each option and choose the one that best fits your investment strategy.

How to buy Penpie?

To buy Penpie (PNP) tokens, you can follow these steps:

  1. Choose a Wallet or Exchange:

    • Crypto Wallet: Select a reliable and reputable crypto wallet that supports Penpie (PNP). Download the wallet application, create a new wallet address, and ensure you have a secure seed phrase. You can buy PNP directly through the wallet or first purchase a popular cryptocurrency like USDT and then exchange it for PNP.
    • Centralized Exchange (CEX): Choose a trustworthy CEX that supports PNP purchases. Create an account, enable 2FA, and complete KYC verification. Add a payment method, and then you can buy PNP using fiat currency or by exchanging another cryptocurrency.
  2. Verify Your Identity:

    • Complete KYC verification on the CEX, which may require varying information based on your nationality and region.
  3. Add a Payment Method:

  • Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
  1. Buy Penpie (PNP):

    • Use your added payment method to buy PNP directly with fiat currency if supported. Alternatively, you can first buy a popular cryptocurrency like USDT and then exchange it for PNP.
  2. Store Your Tokens:

    • For long-term storage, consider using a "cold wallet" like a paper wallet or a hardware cold wallet for enhanced security.

By following these steps, you can securely purchase and manage your Penpie (PNP) tokens.

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History of Penpie

Penpie (PNP) is a cryptocurrency token that was launched as part of an Initial Decentralized Offering (IDO) on June 15, 2023. The IDO raised $586,000, with each token priced at $0.293. Since its inception, Penpie has experienced significant price fluctuations. The token's all-time low was recorded on September 17, 2023, at $0.5596, while its all-time high was reached on April 12, 2024, at $6.91.

Penpie is a DeFi product built by Magpie to enhance the user experience on Pendle Finance. It allows users to lock PENDLE tokens to obtain governance rights and increased yield benefits within Pendle Finance. This innovative approach aims to maximize returns on investments and monetize governance power on Pendle Finance.

Historical price data for Penpie is available on various platforms, including CoinCarp, CoinMarketCap, and BitScreener, which provide detailed charts and price histories for the token.

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How Penpie works

Penpie (PNP) is a cryptocurrency token designed to support the development of Pendle Finance and provide benefits to its users. Here's how it works:

Token Overview

Penpie (PNP) is an OFT-20 token with a total supply of 10 million. It serves as a governance and revenue-sharing token, allowing users to participate in Pendle Finance's governance and earn passive income.

Token Locking and Governance

Users can lock their PNP tokens to obtain Vote-Locked PNP (vlPNP) at a 1:1 ratio. This allows them to earn passive income and participate in Pendle Finance's governance. The locked tokens are in a default lock-up status with an unlimited lock-up period. Users can choose to start unlocking their tokens, which enters a 60-day cooldown period. During this period, they continue to earn passive income but cannot participate in voting. After the cooldown, they can fully unlock their tokens.

Force Unlock

Users can also choose to "force unlock" their vlPNP before the 60-day cooldown is completed. This option comes with a penalty fee, which decreases non-linearly over time. The penalty fee is 80% of the total PNP tokens locked on day one and decreases over time.

Token Distribution

The token distribution is designed to ensure fairness and transparency. It includes allocations for different groups, such as xGRAIL holders, mPENDLE holders, vlMGP holders, and liquidity providers. The Magpie Treasury also receives an allocation, which is vested over two years to support long-term growth and sustainability.

Staking and Voting

When users stake PENDLE tokens with Penpie, their tokens are staked within Pendle, allowing Penpie to exercise voting rights on their behalf. This enables users to maximize their returns on investments and monetize their governance power.

Buying and Storing Penpie

Penpie can be bought through various methods, including centralized exchanges, decentralized exchanges, and crypto wallets. Users can purchase it directly or by first buying a popular cryptocurrency like USDT and then exchanging it for PNP. Once bought, it can be stored in a crypto wallet, ensuring the user maintains full custody of their assets.

Overall, Penpie (PNP) is designed to provide users with yield and governance benefits within Pendle Finance, fostering a sustainable ecosystem for long-term growth.

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Penpie's strengths

The token Penpie (PNP) has several strengths that make it an attractive investment opportunity:

  1. Governance and Revenue Sharing: PNP is the governance and revenue-sharing token of Penpie, allowing holders to participate in the governance of Pendle Finance and earn passive income through revenue sharing.

  2. Flexibility and Yield Boosting: Penpie's integration with Pendle Finance enables users to maximize their returns on investments by converting PENDLE tokens into mPENDLE, which offers higher APR% and increased flexibility.

  3. Fair and Transparent Token Distribution: The token distribution ensures a fair and transparent allocation of tokens, promoting long-term growth and sustainability for the platform. This includes a lock-up period and linear vesting for different allocations.

  1. Security and Compliance: Penpie has undergone audits from reputable firms like WatchPug and Zokyo, ensuring the security and compliance of its token and smart contracts.

  2. Multi-Chain Trading: PNP can be traded on multiple platforms, including Camelot Dex on Arbitrum and ThenaFi on BNBChain, providing users with a range of trading options.

  3. Strong Community Support: Penpie has a dedicated community, with a significant presence on social media platforms like Twitter, Reddit, and Facebook, indicating strong community support and engagement.

These strengths contribute to the overall value proposition of the PNP token, making it an attractive investment opportunity for those interested in DeFi and yield boosting services.

Penpie's risks

Penpie (PNP) carries significant financial risks. According to InvestorsObserver, Penpie receives a high risk rating based on its proprietary scoring system, which analyzes the amount of money required to move the price of the token. This suggests that the token is highly volatile and susceptible to significant price swings, making it a risky investment.

Additionally, the token's performance is closely tied to the success of Pendle Finance, which can also impact its value. The integration with Pendle Finance, while offering benefits such as enhanced yield and governance rights, also exposes Penpie to the risks associated with Pendle Finance's performance.

Furthermore, the tokenomics of PNP, including the lock-up periods and vesting schedules, can influence the token's liquidity and availability, potentially affecting its market value. The allocation of tokens to the Magpie Treasury and other stakeholders can also impact the token's distribution and availability, adding to the financial risks.

Overall, investing in Penpie (PNP) requires careful consideration of these financial risks and a thorough understanding of the token's underlying mechanics and market dynamics.

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Penpie's ecosystem

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Penpie’s team

  • Magpie: Magpie is the creator of Penpie, a next-generation DeFi product designed to support Pendle Finance by providing yield and veTokenomics boosting services.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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