Upbit’s PENDLE Market Support Sparks Investor Interest

• Upbit supports PENDLE markets, boosting token’s visibility.
• Pendle enhances capital efficiency by splitting yield tokens on Ethereum.

Upbit, South Korea’s largest cryptocurrency exchange, just announced support for the PENDLE Won and Bitcoin markets.

This announcement is expected to have a significant influence on the PENDLE token, which uses Ethereum’s staking architecture to increase capital efficiency by dividing yield tokens into principal and interest tokens. This deliberate action by Upbit appears to have fueled a boom in demand for the PENDLE token.

신규 디지털 자산 펜들(PENDLE) 거래지원 안내

지원 마켓: KRW, BTC 마켓
거래지원 개시 시점: 2024-08-06 18:00 예정

공지 바로가기:https://t.co/9LqiRkILJF#Upbit #PENDLE pic.twitter.com/CULy2cSDKy

— Upbit Korea (@Official_Upbit) August 6, 2024

PENDLE: Significant Price Surge Reflects Growing Investor Confidence 

PENDLE is currently trading around $2.77, up 37.02% over the last 24 hours. Trading volume has also increased significantly, rising more than 80% to $194.34 million. This significant increase in both price and volume reflects increased investor interest and confidence in PENDLE’s prospects.

Pendle, the protocol powering the PENDLE token that was initially launched on Ethereum, provides a marketplace for yield-generating tokens. It helps this market by dividing these tokens into principal and interest tokens and creating liquidity pools for trading.

This novel strategy enables consumers to maximize their capital efficiency, establishing Pendle as a significant participant in the DeFi market.

On another side, our recent reports reveal that HashKey, a major player in the cryptocurrency market, bought $2.21 million worth of PENDLE tokens, totaling 583,074 tokens, prior to the market slump.

HashKey has shown a sharp ability to buy PENDLE at low prices and sell it at better values, having previously generated around $9.96 million from PENDLE trades. HashKey’s strategic trading activity demonstrates their belief in the token’s long-term worth and potential for substantial returns.

Additionally, in mid-July, CNF reported that Pendle had temporarily discontinued the Earn UI in order to consolidate its platform and focus on creating Pendle V3.

Despite the UI change, all Pendle Earn deposits are still accessible through the Pendle dashboard, which was previously known as the Pendle Trade UI. This move is intended to reduce user involvement while maintaining continuous access to their deposits.