The decentralized platform Pendle Finance sees a surge in liquidity crossing the $500 million threshold on the heels of a take care of Ondo Finance.
Pendle Finance’s native token PENDLE is up over 18% following a take care of Coinbase-backed protocol Ondo Finance, which revealed in an X publish on Jan. 29 that its customers can now leverage the “composability of our tokenized money equivalents.”
🌐 Welcome to the Ondo Ecosystem, @pendle_fi! We’re excited to help Pendle in enabling DeFi individuals with yield swaps, leveraging the composability of our tokenized money equivalents! 🌐
🗺 Discover the Ondo Ecosystem: https://t.co/baTEYoe9EQ pic.twitter.com/88VXY6uYq6
— Ondo Finance (@OndoFinance) January 29, 2024
Whereas particular particulars concerning the collaboration stay undisclosed, the announcement has seemingly performed a job in fostering constructive sentiment throughout the Pendle group. In accordance with DefiLlama knowledge, the entire worth locked (TVL) in Pendle Finance set a brand new all-time excessive, nearing the $538 million mark as of Jan. 30.
Pendle’s TVL | Supply: DefiLlama
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The PENDLE token has demonstrated important participation, with practically $60 million in PENDLE quantity recorded on Jan. 30 alone, in keeping with accessible knowledge.
Amidst this surge in exercise, the PENDLE token soared to $2.66, surpassing its earlier all-time excessive established since its launch, as indicated by CoinGecko knowledge. Nonetheless, the sustainability of this fast development in the long run stays to be seen.
Established in 2022, Pendle Finance initially targeted on the Ethereum community, offering a platform for tokenizing and buying and selling future yields throughout the defi house. Later in the identical yr, the platform expanded its attain to different networks, together with BNB Chain, Arbitrum, and Optimism.
Pendle Finance’s strategy permits customers to tokenize and commerce future yields generated by belongings throughout varied decentralized protocols. This function allows customers to commerce these future yields as distinct tokens, apparently representing a brand new option to have interaction with and speculate on defi yields.
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