Pendle, a DeFi protocol known for its pioneering approach to yield farming. Achieved a remarkable milestone with a TVL (Total Value Locked) of $171.25 million. Growth of Pendle token, PENDLE. Further validates the projects’ triumph as it has surged by around 4,000% in the current year alone. The significant jump from a modest $0.044 to $1.75 has enticed considerable interest from investors.
Growth of Pendle and the Power of Unique Yield Farmings
Pendle‘s success can be attributed to significant updates such as the Ethereum Shanghai upgrade. This update allowed users to withdraw their staked ETH, resulting in a rise in Pendle’s inflows. Following this upgrade, approximately $40 million worth of stETH has been tokenized on the network according to DeFiLlama data.
Confidence in Pendle’s Potential Indicated by Whales’ Accumulation
Pendle’s native token has attracted not only regular investors but also substantial accumulation by whales. The project’s unique yield farming approach, which offers tokenization and exchange of future yields, has appealed to innovative investors. This reflects their long-term faith in Pendle’s potential.
The Role of Pendle’s Automated Market Maker (AMM)
Beyond allowing yield-splitting, Pendle introduces an Automated Market Maker (AMM) that empowers traders to individually trade the primary token or its associated yield. Notably, a substantial increase in activity occurred on July 3rd, with more than 8,500 transactions being conducted.
The Fluctuating Price of PENDLE and Future Predictions
At this moment in time. PENDLE is being traded at a market value of $0.87. Successfully breaking through its former resistance level set at $0.66 and even achieving a noteworthy high point of $1.75.The current price aligns closely with the established Fibonacci retracement level set at 61..8%. However when making anticipations about future prices it becomes essential to factor in a range of supplementary indicators to ensure accuracy in forecasts
Disclaimer: The material presented here is intended as a broad market commentary and should not be regarded as investment advice. It is crucial to conduct your own research before investing.
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