2023-6-27 16:52 |
PENDLE, the native token of the decentralised finance protocol Pendle Finance, is up more than 12% in the past 24 hours. The token traded to highs of $0.75 early Monday morning, with fresh investor exuberance in DeFi adding to overall market sentiment.
Indeed, PENDLE has gained nearly 40% in the past week and 76% in the last 30 days. According to market data platform CoinGecko, the token’s upside from 1-year lows reached in June last year is now at more than 1,500%.
Pendle seeing growth in LSDfi marketLiquid staking derivatives (LSDs) remain one of the top crypto narratives today even after Ethereum’s highly anticipated Shapella upgrade went live in April. As the LSD market grows, a new niche that allows users to trade yield, long or hedge on LSDs emerged – the LSDfi.
Pendle is one of the DeFi protocols seeing increased usage among stakers as the LSDfi vertical gets even more popular. Protocols like Convex Finance, Gravita Protocol, and Alchemix are seeing huge increases in user numbers as the LSD space experiences rapid growth.
Ethereum and Arbitrum based Pendle is curving an upside trajectory in this sector, with the platform offering yield tokenisation, Pendle AMM, and vePendle. Customers can buy assets at a discount or long yield or hedge exposure.
With users able to access yields in tradable digital tokens, the demand for more support outside of the Ethereum market has been growing. Recent gains in PENDLE price came as Pendle Finance announced support for two new LSD pools – rETH and wstETH.
Amid the growth for Pendle, the total value locked (TVL) on the platform has increased significantly.Staked ether (stETH) is the dominant asset. The RocketPool rETH on Arbitrum is also seeing substantial upside, the platform recently tweeted.
Since the launch of our @Rocket_Pool rETH pool on @Arbitrum, the total supply of rETH has DOUBLED from ~$6.3M to ~$12.6M on the L2 network 🚀
The Pendle pool is also the largest holder of rETH on Arbitrum with >41% dominance, which has contributed to ~85% of the supply inflow. pic.twitter.com/ETh9Jj4ZdZ
The upside potential for PENDLE is likely to increase as yield trading and re-staking become even more popular. Pendle Finance says:
“With utility such as yield trading and even re-staking, the potential of liquid staking vertical goes far beyond that of just #Ethereum. Boundless opportunities, possibilities.”
The post PENDLE soars as yield trading protocol expands LSD pools appeared first on Invezz.
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