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- 1 PENDLE TVL has observed a rise from $200 Million to $6.633 Billion in 2024.
- 2 Pendle price is near the value of $5.43 with a 4% gain in the last 24 hours.
Pendle Protocol is a defi protocol that enables the tokenization and trade of the future yield. Its novel AMM approach supports the assets with time decay. It gives users more control over the future yield and provides a better way for yield generation. The future yield design of the platform addresses the challenges like volatility and underlying asset performance. It also enables the creation of new financial instruments which can be traded on its platform. The protocol can split any yield-bearing asset into separate yields and the main component for maximum control.
Arthur Hayes recently locked over 1.65 Million PENDLE worth around $8.5 Million till September 2024 as per data available on LookOnchain. On June 6th, 2024 he unstaked PENDLE tokens worth over $9.41 Million. The staking by Arthur Hayes has sparked momentum among the whales of the asset.
VC Remains Confident on Pendle While its Earnings Decline
Pendle has a maximum supply of 258,446,028 PENDLE in which 154.5 Million tokens are circulating in the market. The token will observe a liner unlock of $18k worth of tokens every day for the next seven days. The top 10 holders of the token on Ethereum currently control 68.9% of the total supply as per Coincarp.
Source: Pendle TVL by Defillama
The protocol has a TVL of $6.48 Billion which rose from $200 Million. It shows a total trading volume of over $20.8 Billion since its inception. The protocol provides a yield of 4.02% on the stETH, 21.3% on eETH and 20.19% on rsETH as per their website. Pendle has also shown a surge in the overall inflows and reached $35 Million on a daily average basis.
Source: Pendle VC by 0xscope
VCs have not increased or decreased much of their Pendle holdings in the last few weeks. The Falcon X and Spartan Group are some of the biggest holders of the asset. Meanwhile, the daily active entities and users has grown rapidly as per 0xScope.
Is PENDLE Price on the Verge of a Breakout Towards $10?
Source: Pendle Price By TradingView
Pendle has a market cap of $839 Million and is currently ranked 88th in the cryptoverse. It declined 35% in total volume in the last 24 hours. PENDLE price is currently trading near the value of $5.43 with a slight drop in the intraday session. PENDLE is currently forming bullish candles on the daily chart. It is currently trading near 50 and 100-day EMAs and could produce a crossover in the near future.
The upside trend of the asset price can see a halt near the value of $7. Meanwhile, the support of the asset price can be seen near $5. The RSI of PENDLE is currently near 49 with a small negative slope. The overall sentiment of the RSI is bearish in nature.
Conclusion
Pendle TVL has grown steadily in the last few months. The active entities and users of the protocol have surged. PENDLE is currently in a weak bullish trend and could mark a new high in the future.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.