Pendle (PENDLE) Surges Over 27%, TVL Reaches $4 Billion
Pendle (PENDLE), a yield trading platform, has witnessed a remarkable surge in both its total value locked (TVL) and token price. Over the
Pendle (PENDLE), a yield trading platform, has witnessed a remarkable surge in both its total value locked (TVL) and token price. Over the past 24 hours, PENDLE has skyrocketed by over 27%, currently trading at $6.24. This price increase is accompanied by a significant trading volume of $330 million, indicating strong investor interest and market activity.
Pendle’s Rise: Decomposing Yield
Pendle’s core concept of splitting yield-bearing assets into underlying assets and tradable yields seems to be resonating with users. The platform has achieved a TVL of $4 billion, with over $10 billion in total trading volume. Notably, a single day on April 2nd saw a staggering trading volume of over $400 million.
Ether Restaking Boom Fuels Growth
Pendle has capitalized on the ongoing boom in ether restaking. The platform sees a large concentration of trading activity around liquid restaking tokens linked to ether and its corresponding yield. Inflows from these platforms have significantly boosted the value locked on Pendle. For instance, Pendle’s holdings of weETH (wrapped Ether from EtherFi) have grown by 13% over the last week, reaching $920 million. Similar trends are observed with Renzo, another liquid restaking protocol.
Ethena Integration and Beyond
Trading activity surrounding the synthetic dollar protocol Ethena has also been substantial. The recent launch of Ethena’s stablecoin USDe, along with its yield pools on Pendle, has contributed over $500 million to the platform’s TVL. Pendle’s CEO, TN, acknowledges the positive impact of the restaking surge and Ethena’s growth, emphasizing their commitment to delivering user-centric features and products.
Scaling Up: Ethereum and Beyond
While the majority of trading activity occurs on the Ethereum network, Pendle is gaining traction on Layer 2 solutions like Arbitrum and Mantle. Additionally, rumors of a potential Solana deployment, first reported by The DeFi Investor, have sparked excitement in the community.
Market Performance and Investor Confidence
Pendle’s recent surge has propelled it to new all-time highs across key metrics. Its market capitalization currently sits at $1.35 billion, solidifying its position at rank 82 among cryptocurrencies. This significant ranking reflects growing investor interest and market confidence in Pendle. The circulating supply of PENDLE coins is around 238 million, and the recent price increase suggests a positive market sentiment towards Pendle’s potential and future endeavors.
PENDLE/USD Technical Analysis
Analyzing the PENDLE/USDT trading chart on TradingView reveals a slight price dip of 0.25%, bringing the current price to 5.4878 USDT. The 100-day EMA of 2.7643 USDT highlights a significant upward trend. However, the RSI of 82.34 suggests an overbought condition, potentially indicating future price volatility or a correction.
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