Pell Network is a restaking protocol developed for Bitcoin. So what is special about this project, let's explore it through this article!
What is Pell Network? A restaking protocol developed for Bitcoin
What is Pell Network?
Pell Network is a restaking protocol designed to simplify the provision of economic security using BTC and its LSDs. Pell reduces the cost of building decentralized applications and provides passive income for BTC holders. It opens up new possibilities for developers to create innovative infrastructure designs in a seamless and secure manner.
What is Pell Network?
Pell allows protocols to leverage powerful networks from the start, significantly reducing barriers to securing new protocols.
Pell Network's Mechanism
Pell allows users to re-use their staked assets to expand the security of BTC and other networks through Decentralized Validated Services (DVS). DVS are created to operate and provide security for Layer 1, Layer 2, Bridge, Oracle, or any dApp that requires it.
Staking participants can allocate their assets to DVS on the Pell Network and agree to grant additional execution rights to their assets. This optional feature introduces additional slashing conditions to meet the requirements of the DVS. These slashing conditions enforce the integrity of participants and ensure the security of applications using the Pell Network.
Example of Pell Network's restaking mechanism:
Bitcoin holders can stake their BTC through liquid staking protocols like Lorenzo, Lombard to receive BTC LST.
These liquid staking protocols can stake the BTC on Babylon on behalf of their users.
Babylon will use the staked BTC to secure PoS chains and validate transactions on those chains.
Pell Network allows BTC LST holders to restake their tokens. These assets are then used to provide security for the DVS.
These DVS will provide additional yield and maximize capital efficiency for BTC holders.
Pell Network's Ecosystem
Pell Network's Ecosystem
Pell Network's Performance
Pell Network currently has a TVL of up to $354 million with 483.5 thousand users on the protocol.
Pell Network's TVL. Source: app.pell.network (8/1/2024)
This protocol allows users to restake various popular assets such as USDT, USDC, USDX, BTCB, stBTC, SolvBTC, stBBTC, etc. Among them, stBBTC is the asset that users restake the most.
Basic Information about Pell Network's Token
Currently, Pell Network does not have plans to issue a token to the market. Coin68 will update information about Pell Network's tokenomics as soon as possible when there is more information from the project.
Token Allocation
Updating...
Token Release Schedule
Updating...
Investors
Pell Network has completed a Pre-seed funding round, raising up to $3 million. The investment funds that participated in this round include: Paper, Halo Capital, Mirana, ArkStream Capital,...
Investors
Conclusion
Pell Network is a liquid restaking protocol developed to provide economic security using BTC and its LSDs. Currently, the project does not have plans to issue a token to the market. Through this article, you should have a basic understanding of the project to make your own investment decision.
Note: The information in the article is not considered investment advice, Coin68 is not responsible for any of your investment decisions.
