According to Token Terminal data, Pendle recorded a record-high daily fee of 249,000 USD (on April 3rd) with trading volume skyrocketing to 450 million USD. Operating on a platform touching 3.9 billion USD, it has surged 40% in just two weeks.
Defillama notes the project's market capitalization reached 483.8 million USD and FDV 1.29 billion USD. With this breakthrough increase, Pendle has become the largest yield farming protocol and continues to attract a large user base.
Pendle's success is attributed to Ethena's Sats Campaign airdrop. Users actively engage in the project in hopes of receiving numerous ENA rewards. Pendle users can receive ENA tokens worth over 80,000 USD for every 10,000 USD invested in USDe Yield Tokens (YT) on the platform.
Pendle shares information that the capitalization in Ethena's USDe pool has reached 400 million USD. The allure of ENA and the massive profits from Pendle have helped the project gain widespread recognition, driving increasingly high network activity.
Continuing the success of season one, the project continues to participate in Ethena's second airdrop season, collaborating with prominent platforms like MakerDAO, Morpho, Mantle, and EigenLayer Point. The event promises to make Pendle a prominent name in the community.
The PENDLE token has surged nearly 18% in the past seven days, marking a fivefold increase since the beginning of the year. PENDLE is currently holding at 5 USD according to data on Coinmarketcap.
What is Pendle?
Pendle is a DeFi protocol that allows users to tokenize and trade the yield of assets through an AMM mechanism. Users can apply various flexible strategies to optimize profits. The project is built on Ethereum.Pendle Finance has drawn attention from the community due to its unique profit-seeking model. Assets deposited into Pendle are represented through Principal Tokens (PT - original tokens) and expected profits through Yield Tokens (YT - profit tokens). Users trade PT and YT on AMM and withdraw funds before the maturity date to ensure profits.
Some notable strategies on the platform include long yield, fixed yield, buying discounted assets, etc.
Key features of Pendle
- Market: A platform for buying and selling assets with high discounts, allowing users to lock assets for long yield, fixed yield, or buy and sell future profits of assets. Important information in the Market includes:
- Maturity: The period PT can be redeemed for underlying assets and the maturity date of YT profits.
- Underlying APY: The average seven-day APY of the underlying asset.
- Implied APY: The predicted APY value of the underlying asset that can be achieved in the future.
- Long Yield APY: Reward for buying and holding YT with assumed fixed underlying profits.
- Fixed APY: Established and guaranteed APY for users who want to hold PT until maturity.
- Pool: Feature allowing LPs to provide liquidity on Pendle and receive profits as token swap fees.
- Pendle Academy: Support users with knowledge and strategies to maximize profits.
Token information
- Token name: Pendle
- Token symbol: PENDLE
- Blockchain: Ethereum
- Token standard: ERC-20
- Maximum supply: 258,446,028 PENDLE
- Circulating supply: 239,185,588 PENDLE
Team
- TN Lee (Co-founder)
- Vu Nguyen (Co-founder)
- Anton Buenavista (Responsible for ecosystem development)
- Ken Chia (Head of organizational business)
- Dan Wongso (Head of growth team)
- Long Vuong Hoang (Head of technical team)
Investors
Pendle Finance raised funds from Mechanism Capital, Crypto.com Capital, The Spartan Group, etc. The project's public fundraising round raised 3.7 million USD.In August 2023, Binance Labs invested in Pendle with an undisclosed amount of capital.