Pendle surges by 18% after striking a partnership with a protocol supported by Coinbase.
Pendle Finance, a decentralized platform, has experienced a significant increase in liquidity, surpassing the $500 million mark, following a partnership with Ondo Finance. This collaboration has had a positive impact on the Pendle community, leading to a surge in positive sentiment. As a result, the total value locked in Pendle Finance has reached a new all-time high, approaching $538 million.
The native token of Pendle Finance, PENDLE, has seen a substantial rise of over 18% after the deal with Ondo Finance. This increase in value has been accompanied by a significant trading volume of nearly $60 million on January 30 alone.
The PENDLE token has also reached a new all-time high, surpassing its previous record since its launch, reaching $2.66, according to CoinGecko data. However, it remains to be seen whether this rapid growth can be sustained in the long term.
Pendle Finance was established in 2022 with a focus on the Ethereum network, offering a platform for tokenizing and trading future yields in the defi space. The platform has since expanded its reach to other networks, such as BNB Chain, Arbitrum, and Optimism.
Pendle Finance’s unique approach allows users to tokenize and trade future yields generated by assets across different decentralized protocols. This feature provides a new way for users to engage with and speculate on defi yields.
Overall, Pendle Finance’s collaboration with Ondo Finance has brought significant liquidity and positive sentiment to the platform, leading to a surge in trading volume and the value of the PENDLE token.
