Pendle’s surge is closely tied to the popularity of liquid staking protocols for Ethereum like EtherFi and Renzo. The platform’s integration with synthetic dollar protocol Ethena has also boosted its TVL
Pendle Finance has recorded a more than 1,500% growth since last year, climbing from a mere $233 million to $4 billion on Thursday as a result, Pendle is now the largest DeFi yield protocol in the crypto market
Pendle's growth follows Ethereum's restaking boom, as most of the tokens on its platform come from restaked Ethereum in protocols like EtherFi and Renzo. Its recent fee spike can also be traced to the increased trading of yield tokens related to Ethena's synthetic Dollar, USDe.
Ethena garnered attention after its airdrop tokens went live on Tuesday. USDe's growth on Pendle indicates investors are becoming aware of Ethena's high yields and are realizing they could leverage that for even more yields through Pendle pools.
"We've greatly benefited from the the recent surge in interest towards restaking assets and Ethena. Looking ahead, our priority is to continue delivering features and products that cater to our users' needs," said Pendle's CEO
The majority of trading on Pendle occurs on Ethereum, but the project is gaining some transaction Ethereum Layer 2 networks like Arbitrum and Mantle. next targets are 6.5 and 7$
Pendle Finance has recorded a more than 1,500% growth since last year, climbing from a mere $233 million to $4 billion on Thursday as a result, Pendle is now the largest DeFi yield protocol in the crypto market
Pendle's growth follows Ethereum's restaking boom, as most of the tokens on its platform come from restaked Ethereum in protocols like EtherFi and Renzo. Its recent fee spike can also be traced to the increased trading of yield tokens related to Ethena's synthetic Dollar, USDe.
Ethena garnered attention after its airdrop tokens went live on Tuesday. USDe's growth on Pendle indicates investors are becoming aware of Ethena's high yields and are realizing they could leverage that for even more yields through Pendle pools.
"We've greatly benefited from the the recent surge in interest towards restaking assets and Ethena. Looking ahead, our priority is to continue delivering features and products that cater to our users' needs," said Pendle's CEO
The majority of trading on Pendle occurs on Ethereum, but the project is gaining some transaction Ethereum Layer 2 networks like Arbitrum and Mantle. next targets are 6.5 and 7$
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