Major Changes Ahead: Pendle Ends Earn UI, Focuses on V3

• Pendle discontinues Earn UI to streamline the platform and prioritize Pendle V3 development.
• Whale activity highlights significant PENDLE token movements on Binance after six months of inactivity.

After receiving a lot of attention in recent weeks, Pendle has announced another improvement to its ecosystem. In a recent tweet, their team announced that, in their ongoing endeavor to streamline the platform for an optimal user experience, they have chosen to discontinue the Earn UI.

This move is consistent with their goal of prioritizing and accelerating the development of Pendle V3.

Deprecation of Earn UI

GM Pendies, in our continuous effort to streamline our platform for the best experience, we’ve decided to deprecate the Earn UI. This decision aligns with our goal to prioritize and expedite the development of Pendle V3.

Transition Timeline: Earn isn’t…

— Pendle (@pendle_fi) July 15, 2024

Pendle Announces Earn Transition with New Default Trade Interface

Earn’s transition timeline indicates that he will not be gone immediately. It will be accessible for a limited time via the drop-down menu in the app’s top-right corner.

However, there will be no new listings published to the Earn UI. When you launch the Pendle app, Trade will now be the default page, which represents a big change in the user interface.

Despite the UI change, any deposits made through Pendle Earn will remain accessible via the Pendle UI Dashboard, formerly known as Pendle Trade UI.

Users may be confident that yields will continue to grow and that all existing Earn positions will remain intact. Additionally, external Earn products and integrations will remain accessible via Pendle’s SDK, preserving the ecosystem’s adaptability.

Earlier this month, as we previously reported, Pendle’s Total Value Locked (TVL) in DeFi fell 42% due to the maturing of restaking pools, resulting in decreased returns and ETH shifts.

However, this had no substantial impact on the token’s price. On the contrary, the platform SpotOnChain has highlighted whale activity as the price seeks to recover during the last 24 hours, as of writing.

Whale Activity Highlights Significant Token Movements on Binance

According to the platform, a whale withdrew 851,298 PENDLE (worth $3.73 million) from Binance after six months of inactivity with the token. This whale currently owns 1.703 million PENDLE, valued at $7.51 million, with an unrealized profit of $2.76 million, or a 58.2% increase.

At the time of writing, the token is trading at around $4.59, up 5.55% over the last 24 hours, with a trading volume of $81.28 million. Yesterday, this token led the list of top gainers in the major cryptocurrency market and on the Coinstore platform, outperforming SNX, PEPE, FET, and RSR.

Furthermore, CNF reports that Arthur Hayes, co-founder of BitMEX, believes the PENDLE token has substantial long-term growth potential.