Altcoin market witnesses a noteworthy development as Pendle’s native network asset, PENDLE, experiences an impressive 30% price increase in the last 24 hours. This upward movement has caught the attention of investors, especially amidst the volatile conditions prevailing in the broader cryptocurrency market.
The Rise of Pendle and Its Native Network Asset
Pendle, an altcoin project facilitating tokenization and future yield trading, has attracted significant interest in the market due to its recent price surge. With the latest increase, PENDLE has entered the list of top gainers.
Experts point to the meteoric rise in Pendle’s price as a key catalyst for the exponential growth in the total value locked (TVL) on the network. Data from DefiLlama indicates that Pendle’s TVL, which was at $240 million at the beginning of the year, has risen to approximately $4 billion in April, signaling a significant increase. Moreover, current data shows that Pendle’s TVL stands at $3.96 billion, signaling the growing adoption and use of its platform for tokenization and future yield trading.
The rise in PENDLE’s price and the increase in its TVL are closely associated with the reorganization boom of Ethereum, with restructured Ethereum tokens from protocols like EtherFi and Renzo contributing significantly to Pendle’s ecosystem. Additionally, the recent fee increase in Pendle is linked to the rising trading activity of yield tokens associated with USDe, Ethena’s synthetic US dollar pegged 1:1 to the stablecoin. The introduction of USDe in Pendle has further piqued investor interest, offering ways to benefit from the high returns provided by Ethena through Pendle’s pools.
Praise from Arthur Hayes
The surge in PENDLE’s price has caught the attention of significant figures in the cryptocurrency market, indicating the growing importance of the decentralized finance (DeFi) yield protocol. Arthur Hayes, co-founder of BitMEX, praised Pendle as the “future” of DeFi and appreciated its recent price increase. Such endorsements from key figures in the cryptocurrency market validate the altcoin project’s innovative approach to yield generation and its potential to reshape the DeFi landscape.
At the time of writing this article, PENDLE’s price is trading at $6.27, indicating a notable 26.73% increase in the last 24 hours. Data shows that the altcoin’s price has risen by 101% in the last 30 days.
