A soaring altcoin project built on Ethereum (ETH) is picking up support from Binance, the world’s largest crypto exchange by volume.
Binance recently announced the listing of Pendle (PENDLE) in their Innovation Zone.
The platform allows for spot trading pairs with Bitcoin (BTC), PENDLE/BTC, Tether (USDT), PENDLE/USDT, and TrueUSD (TUSD), PENDLE/TUSD.
Binance’s Innovation Zone is a dedicated trading space for crypto assets that could be more prone to rapid price swings.
Pendle is a tokenized decentralized finance (DeFi) yield-trading protocol that enables investors to purchase assets at a discount and access an asset’s future yield for trading and hedging.
Pendle was initially launched in June 2021.
Says Pendle,
“As a yield derivative protocol, we are bringing the traditional finance (TradFi) interest derivative market (worth over $400 trillion in notional value) into DeFi, making it accessible to all. By creating a yield market in DeFi, Pendle unlocks the full potential of yield, enabling users to execute advanced yield strategies.”
According to its website, Pendle is offering ETH at a 6.09% discount at time of writing and liquidity pools promising up to 42% upon maturity.
After Binance announced the listing of Pendle, the token shot up to a 2023 high of $1.21.
At time of writing, Pendle is trading for $0.87, down 7.2% during the last 24 hours. Pendle is putting up more than 100% gains since trading at $0.42 a month ago.
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