Amid the Ethereum staking resurgence, PENDLE surges大幅上涨
TechFlow Selected TechFlow Selected
Amid the Ethereum staking resurgence, PENDLE surges大幅上涨
PENDLE's recent surge has made it the largest yield platform in the decentralized finance space.
Navigating Web3 tides with focused insightsAuthor: Anthony Lehrman
Translation: Baihua Blockchain
The token price and total value locked (TVL) of yield trading platform Pendle (PENDLE) have both seen significant growth. Over the past seven days, PENDLE has risen more than 33%, currently trading at $5.69. This price increase was accompanied by $3.3 billion in trading volume, reflecting strong investor interest and market activity.
Source: CoinMarketCap
Users appear to be responding positively to Pendle's core concept of separating yield-bearing assets into tradable yield and underlying principal. The platform has surpassed $10 billion in total trading volume, with total value locked exceeding $4 billion. Notably, daily trading volume reached a surprising $400 million on April 2.
According to data from DeFiLlama, Pendle Finance has grown over 1,500% since the beginning of the year, rising from just $233 million to $3.97 billion by Thursday. As a result, Pendle is currently the largest DeFi yield mechanism in the cryptocurrency market.
What's Driving This Surge?
Pendle is benefiting from the current boom in Ethereum restaking. The platform has observed a significant concentration of trading activity in Liquid Restaking Tokens (LRTs), which are linked to Ethereum and its yield. Value locked on Pendle has surged due to capital inflows from various platforms. For example, Pendle’s weETH (wrapped ether from EtherFi) assets grew 13% over the past week, reaching $920 million. Another liquid restaking protocol, Renzo, also shows a similar trend.
Trading activity related to the synthetic dollar project Ethena is also highly active. Following Ethena’s launch of its yield pools on Pendle, Ethena’s stablecoin USDe contributed over $500 million in additional TVL to the platform. Pendle’s CEO TN emphasized the company’s commitment to delivering user-centric services and products, while acknowledging the benefits brought by Ethena’s expansion and the recent surge in restaking activity.
Although the vast majority of activity remains centered on the Ethereum network, Pendle’s presence on Layer 2 solutions such as Arbitrum and Mantle is growing. Additionally, the community is excited about the possibility of deployment on Solana, initially disclosed by a DeFi investor.
Due to the recent surge, Pendle has reached new all-time highs across many key metrics. Its market cap now stands at $1.36 billion, firmly establishing it as the 82nd most valuable cryptocurrency. This striking ranking reflects increasing market recognition and investment interest in Pendle. There are currently 238 million PENDLE tokens in circulation, and the recent price rise indicates optimism about PENDLE’s prospects and upcoming projects.
Despite the surge in activity, Pendle’s price has not peaked. Its total value locked exceeds its $517 million market cap. While restaking protocols may offer substantial profit potential, cryptocurrency analysts expressed concerns on Tuesday regarding the risks of restaking protocols and the potential dangers of over-leveraging Liquid Restaking.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@Crypto_Browser
