As the world’s largest cryptocurrency exchange in terms of trading volume, Binance, today announced that it will list Pendle (PENDLE), a yield-trading protocol that separates an income-generating asset into its principal and yield components, allowing users to earn fixed or flexible returns. The announcement swiftly drove up the price of PENDLE.
Binance to Start Pendle Trading Today
The giant cryptocurrency exchange, Binance, announced that it will list Pendle in its Innovation Zone and will initiate trading for PENDLE/BTC, PENDLE/USDT, PENDLE/TUSD spot pairs today at 13:00.
The cryptocurrency exchange stated that it has already started deposit operations for PENDLE, however, withdrawals will begin on July 4 at 13:00. Binance also highlighted that, from 13:00 today, it will add PENDLE as a new borrowable asset on Isolated Margin for PENDLE/USDT margin pairs over the next 48 hours.
Binance’s Innovation Zone is a special trading zone where users can trade new, innovative altcoins that may face higher volatility than other altcoins and pose a potentially higher risk. This implies that users need to exercise caution while trading PENDLE.
Binance’s Listing Announcement Rockets PENDLE’s Price
PENDLE’s direction swiftly turned upward, initiating a rise following Binance’s listing announcement. The altcoin, which was mostly moving between $0.9 and $1 before the listing announcement, saw its price rise over 50% within minutes, hitting $1.43.
Pendle stands out as a yield trading protocol that separates an income-generating asset into its principal and yield components, allowing users to earn fixed or flexible returns. PENDLE acts as the network’s utility token used for liquidity incentives, governance, and fee value accrual.
