As a researcher with extensive experience in the cryptocurrency and decentralized finance (DeFi) space, I have been closely monitoring the market trends and developments within this dynamic ecosystem. Today, I am particularly intrigued by the impressive 14% surge of Pendle’s native token, PENDLE, which has propelled it to become the top gainer among the leading 100 cryptocurrencies by market cap.
The Decentralized Finance platform’s native token, Pendle (PEND), experienced a significant 14% increase in value today, making it the best performer among the top 100 cryptocurrencies based on market capitalization.
As I pen down this text, PENDLE is experiencing a rise of 13.5% in the past 24 hours, with each unit being sold for approximately $4.38 according to crypto.news’s current price data. The daily trading volume for this cryptocurrency has significantly increased, reaching nearly $77.6 million.
Additionally, PENDLE’s market capitalization had risen to $683 million, making it the 96th largest cryptocurrency by market cap. However, despite this recent price increase, Pendle is still 42% below its all-time high of $7.52, which was reached on April 11.
The Pendle team acted quickly when they identified a harmful DNS redirection towards their app. They immediately shut it down to safeguard their users. Within forty minutes, they successfully regained control over the domain and reassured their X platform audience that both their protocol and funds were unharmed during the ordeal.
As a researcher investigating recent cybersecurity incidents, I’ve come across an important development. In June 2023, Squarespace acquired all domain registrations and associated customer accounts from Google Domains, which necessitated the migration of these domains to Squarespace’s platform. Sadly, this transfer proved vulnerable to exploitation, as attackers were able to hijack some domains hosted on Squarespace.
— Pendle (@pendle_fi) July 12, 2024
Founded in 2022, Pendle Finance started out as a specialized platform on Ethereum for creating tokens representing future yields within the decentralized finance (DeFi) sector. By the end of that year, the platform broadened its horizons to encompass other networks such as BNB Chain, Arbitrum, and Optimism.
Pendle’s cross-chain expansion is designed to provide effortless access to the platform’s features and trading capabilities across various blockchains, thereby enhancing its functionality and reach for users.
Additionally, Pendle encourages user involvement by introducing a rewarding point system for participating in different campaigns. This mechanism promotes a more dynamic and involved community.
Further, Pendle has expanded its functionalities for yield tokenization and exchange through collaborations with diverse DeFi platforms. Consequently, clients can proficiently convert and deal with yield-generating assets, thereby improving their yield optimization plans.
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2024-07-15 10:26