The recent surge in PENDLE has made it the largest yield platform in the decentralized finance sector.
(Previous briefing:
$Pendle hits new high of $6.5! Fee income “increased 8 times” per month, experts agree: coin price highly correlated with protocol revenue
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(Background:
Pendle’s locked volume increased by 470% to over 3.4 billion! Coin price surpasses $5, reaching a new historical high, community reveals: YT is too good
)
The token price and total value locked (TVL) of the yield trading platform Pendle (PENDLE) have seen significant growth. In the past 7 days, PENDLE has grown over 33%, with the current trading price at $5.69. This price increase is accompanied by a trading volume of 3.3 billion dollars, indicating strong investor interest and market activity.
Source: CoinMarketCap
Users have responded positively to Pendle’s fundamental concept of dividing yield assets into tradable yield and underlying assets. The platform’s total trading volume has exceeded 10 billion dollars, with a total value locked of over 4 billion dollars. It is noteworthy that on April 2nd, the daily trading volume reached a staggering 400 million dollars.
According to data from DeFiLlama, Pendle Finance has grown over 1500% since the beginning of the year, from a mere 233 million dollars to 3.97 billion dollars on Thursday. Therefore, Pendle is currently the largest DeFi yield mechanism in the cryptocurrency market.
What caused this surge?
Pendle benefited from the current prosperity of Ethereum yield farming. The platform observed significant concentration of trading activities in Liquid RestakingTokens, which are associated with Ethereum and its yield. The influx of funds from various platforms led to a sharp increase in the total value locked on Pendle. For example, Pendle’s weETH (wrapped Ether from EtherFi) asset has grown 13% in the past week, reaching 920 million dollars. Another Liquid Restaking program, Renzo, has shown a similar pattern.
Trading activities related to the synthetic dollar process Ethena have also been very active. With the launch of its yield pool on Pendle, Ethena’s stablecoin USDe has increased the platform’s total value locked by over 500 million dollars. Pendle’s CEO, TN, emphasized the company’s commitment to providing user-centric services and products, while acknowledging the benefits of Ethena’s expansion and recent surge in verification activities.
Although the majority of trading activities are concentrated on the Ethereum network, Pendle’s popularity on Layer 2 solutions such as Arbitrum and Mantle is also growing. In addition, the community is excited about the possibility of deployment on Solana, initially disclosed by DeFi investors.
Due to its recent surge, Pendle has reached new all-time highs in many important indicators. Its market capitalization is currently at 1.36 billion dollars, firmly establishing itself as the 82nd most valuable cryptocurrency. This remarkable ranking reflects the market’s growing interest in Pendle and its investment prospects. The circulating supply of PENDLE coins is 238 million, and the recent price surge indicates optimism in the market for PENDLE’s future and upcoming projects.
Despite the surge in activity, Pendle’s price has not reached its peak. Its total locked value exceeds its market capitalization of 5.17 billion dollars. While the Restaking protocol may offer significant profit potential, cryptocurrency analysts have expressed concerns about the risks of the Restaking protocol and the potential dangers of excessive reuse of Liquid Restaking.
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