Everything You Need to Know About the Pyth Airdrop

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12 Feb 2024

Mendi Finance is an EVM compatible lending/borrowing protocol on Linea. Mendi Finance provides peer-to-peer lending solutions that are fully decentralized, transparent and non-custodial. Similar to (and based on) existing lending platforms like Compound Finance and AAVE users will be able to lend any supported assets on our platform, and use their capital to borrow supported assets. At launch, Mendi Finance offers the following high-liquidity money markets with dynamically adjusted incentives:

wETH
wstETH
wBTC
USDC
USDT
DAI

Mendi aims to be the prime lending protocol on Linea by offering highest competitive incentives for money markets, having the deepest liquidity and being native to Linea.
Mendi markets are secured by Pyth Network feeds and provide the underlying security for the protocol to prevent bad debt accumulation.

Mendi Finance is a recipient of a Pyth allocation through the Pyth Network Retrospective Airdrop program.

What Will We Do With These $PYTH tokens?

Mendi Finance will distribute half of the $PYTH tokens among MLP holders and use the other half to offset ongoing costs to maintain the protocol. The Pyth allocation will be distributed once we reach the next milestone for the Mendi Loyalty Program.

Integration with Pyth Price Feeds or Pyth Benchmarks

Pyth Data provides a secure infrastructure with low latency behind Mendi Finance protocol. They are able to provide price feeds across all markets. They have been supporting the Linea Network from early on and they were a natural choice for us to provide price feeds through a decentralized manner.

Pyth feeds have been the backbone of all the growth we have experienced since our launch on Linea during which we became the largest protocol in terms of total market size (currently over $30million). Our goal to provide a secure money market for the Linea community would not have been possible without Pyth price feeds.