The recent surge in PENDLE has made it the largest yield platform in the decentralized finance (DeFi) space.
The token price and total value locked (TVL) of the yield trading platform Pendle (PENDLE) have both experienced 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, demonstrating strong investor interest and market activity.
Users have responded positively to Pendle’s fundamental concept of dividing yield assets into tradable yield and base assets. The platform has a total trading volume of over $10 billion and a TVL of over $4 billion. Notably, on April 2nd, the daily trading volume reached a surprising $400 million.
According to data from DeFiLlama, Pendle Finance has seen growth of over 1500% since the beginning of the year, increasing from a mere $233 million to $3.97 billion on Thursday. Therefore, Pendle is currently the largest DeFi yield mechanism in the cryptocurrency market.
What caused this surge? Pendle has benefited from the current prosperity of Ethereum staking. The platform has observed significant concentration of trading activity in Liquid RestakingTokens, which are associated with Ethereum and its yield. With funds flowing in from various platforms, the TVL on Pendle has sharply increased. For example, Pendle’s weETH (wrapped Ether from EtherFi) asset has grown by 13% in the past week, reaching $920 million. Another Liquid Restaking program, Renzo, also exhibits a similar pattern.
Transaction activity related to the synthetic dollar process Ethena has also been very active. With Ethena launching its yield pool on Pendle, the stablecoin USDe has increased the platform’s TVL by over $500 million. 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 activity is 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, which was initially disclosed by DeFi investors.
Due to its recent surge, Pendle has reached new all-time highs in many important indicators. Its market capitalization currently stands at $1.36 billion, firmly establishing itself as the 82nd most valuable cryptocurrency. This notable ranking reflects the market’s growing confidence and interest in Pendle. The circulating supply of PENDLE coins is currently 238 million, and the recent price increase indicates optimism about the future prospects and upcoming projects of PENDLE.
Despite the surge in activity, Pendle’s price has not reached its peak yet. Its total locked value exceeds its market cap of $5.17 billion. While the Restaking protocol may bring 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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