Decentralized platform Pendle Finance is seeing a surge in liquidity crossing the $500 million threshold following a cope with Ondo Finance.
Pendle Finance’s native token PENDLE has risen greater than 18% following a cope with Coinbase-backed protocol Ondo Finance, which revealed in an X-post on January 29 that its customers can now make the most of the “composability of our tokenized money equivalents.”
🌐 Welcome to the Ondo ecosystem, @pendle_fi! We’re excited to assist Pendle in enabling DeFi contributors with yield swaps, leveraging the composability of our tokenized money equivalents! 🌐
🗺 Uncover the Ondo ecosystem: https://t.co/baTEYoe9EQ pic.twitter.com/88VXY6uYq6
— Ondo Finance (@OndoFinance) January 29, 2024
Whereas particular particulars in regards to the partnership aren’t being made public, the announcement has seemingly performed a task in selling optimistic sentiment inside the Pendle group. In accordance with knowledge from DefiLlama, the overall worth (TVL) in Pendle Finance has reached a brand new all-time excessive, approaching the $538 million mark on January 30.
Pendle’s TVL | Supply: DefiLlama
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The PENDLE token has demonstrated vital participation, with almost $60 million in PENDLE quantity on January 30 alone, in line with out there knowledge.
Amid this surge in exercise, the PENDLE token rose to $2.66, surpassing its earlier all-time excessive since launch, as proven by CoinGecko knowledge. Nonetheless, the long-term sustainability of this speedy development stays to be seen.
Based in 2022, Pendle Finance initially targeted on the Ethereum community, offering a platform for tokenizing and buying and selling future returns inside the defi area. Later that yr, the platform expanded its attain to different networks, together with BNB Chain, Arbitrum and Optimism.
Pendle Finance’s method permits customers to tokenize and commerce future returns generated by property throughout numerous decentralized protocols. This function permits customers to commerce these future returns as particular person tokens, apparently representing a brand new approach to deal with and speculate on defi returns.
Learn extra: Sui tops the $300 million defi TVL, surpassing Bitcoin