Kona Lend Enables PENGU Deposits With ~1% APY and ETH Borrowing

Kona Lend, the lending protocol on Abstract blockchain by konadefi, has opened deposits for Pudgy Penguins' PENGU token. Holders can earn approximately 1% APY on their deposits and borrow ETH against their PENGU collateral.

According to a June 26 announcement from @KonaDeFi, over 500,000 worth of PENGU has already been deposited into the lending pool. The feature allows users to extract liquidity from their PENGU holdings without selling, or to borrow ETH to purchase more PENGU.

Kona is a full-stack DeFi protocol built on Abstract by KittyPunch, targeting consumer audiences at the intersection of DeFi and NFT markets. Kona Lend supports PENGU both as collateral for borrowing and for earning yield.

The announcement follows growing interest in the Pudgy Penguins ecosystem, which recently launched the Pengu Card on Visa in partnership with KAST.