- Binance announces the listing of Pendle (PENDLE) in its Innovation Zone, an area dedicated to volatile crypto assets.
- Pendle, an Ethereum-based DeFi yield-trading protocol, is showcasing more than 100% gains since last month.
Binance Welcomes Ethereum Altcoin Pendle to Its Innovation Zone
In a move that signifies faith in emerging DeFi projects, Binance, the global leader in cryptocurrency trading volume, recently announced the listing of Pendle (PENDLE). This Ethereum-built altcoin has been making significant strides in the market, notably recording a remarkable 110% growth this month.
Creating New Trading Avenues
As part of this new listing, Binance will enable spot trading pairs with Bitcoin (BTC), Tether (USDT), and TrueUSD (TUSD) in its Innovation Zone. This distinct trading segment is tailored for crypto assets that could demonstrate greater price fluctuation potential, reflecting Binance’s commitment to facilitate diverse trading opportunities.
Born in June 2021, Pendle distinguishes itself as a tokenized DeFi yield-trading protocol. It allows investors to access and trade an asset’s future yield while purchasing these assets at a discount. This mechanism offers an innovative approach for both trading and hedging within the burgeoning DeFi sector.
Emphasizing its purpose, Pendle stated,
“We are bringing the traditional finance (TradFi) interest derivative market, worth over $400 trillion in notional value, into DeFi, making it accessible to all.”
This ambitious aim to create a yield market within DeFi looks to unlock the full potential of yield, thus empowering users to execute advanced yield strategies.
Currently, Pendle offers Ethereum at a 6.09% discount and promises liquidity pool yields of up to 42% upon maturity, as stated on their website.
The announcement by Binance to include Pendle in its Innovation Zone resulted in an immediate and significant price surge. The token’s value peaked at a 2023 high of $1.21 post-announcement, though it’s currently trading at $0.87, indicating a slight 7.2% decline within the past 24 hours. Despite this dip, the token still showcases an impressive growth trend, with its value more than doubling from $0.42 a month ago.
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