PENDLE, a yield-aggregating protocol built on the Ethereum network has turned heads in the crypto market after it surged by more than 30% in the last 24 hours. Amid the general crypto market corrections, Pendle defied the odds by recording impressive gains and increasing investors’ optimism. The surge has raised speculations among participants trying to understand the reason behind the rally and the possibility of a continuous upward trajectory.
Pendle (PENDLE) enters trending list
While the majority of the tokens in the market are experiencing a bloodbath which has led to a 1% decrease in the global market cap, PENDLE has showcased resilience as it becomes one of the top gainers in the list of trending cryptocurrencies. Even though PENDLE sits at the #9 position on this list, it positions itself as the second top gainer after Meme AI (MEMEAI).
Several key factors can be attributed to its rise in value. The first is the significant growth in its TVL (Total Value Locked). Data from DefiLlama show that the TVL of PENDLE has skyrocketed from $240 million at the start of 2024, to almost $4 billion in April. According to the data, PENDLE has exactly $3.973 billion in Total Value Locked (TVL). This exponential growth signifies an increasing adoption and utilization of the Pendle decentralized exchange.
In addition, there is also reason to believe that the recent increase in Pendle fees is related to the increased trading of yield tokens connected to USDe, Ethena’s virtual currency. Moreover, the rise of Ethereum’s restaking is closely linked to Pendle’s expansion, as tokens from restaked Ethereum in systems like EtherFi and Renzo greatly enhance Pendle’s ecosystem.
Industry figures praise Pendle’s upswing
The rise in the value of PENDLE has captured the attention of key industry figures praising the project and its innovation. Notably, Arthur Hayes, the co-founder of BitMEX has poured in admiration for the project referring to it as the “future of decentralized finance (DeFi).” Such recognition from prominent leaders serves as an endorsement of its approach to revolutionizing the DeFi ecosystem.
Meanwhile, CoinMarketCap data shows that PENDLE is now trading at $5.83, representing a 19% rise in the last 24 hours. What is more, its trading volume has also surged exponentially by 308% over the last day with a live market cap of $1.39 billion. Consequently, PENDLE now occupies the #72 spot on the global crypto market chart.
