PENDLE (CRYPTO:PENDLE), an Ethereum-based yield trading protocol, has skyrocketed by 502% since the beginning of the year, becoming a prominent player in the DeFi space.
Its unique approach to yield farming, dividing assets into Principal Tokens and Yield Tokens, offers users yields of up to 47%, attracting a significant user base.
The recent surge in adoption is also fueled by Ethereum (CRYPTO:ETH) restaking activity and airdrops from other DeFi protocols, while the expansion of Ethena’s USDe (CRYPTO:USDE) pool cap to 400 million has led to a surge in total value locked (TVL), surpassing $4 billion.
PENDLE's success has garnered praise from influential figures like BitMEX’s co-founder Arthur Hayes, positioning it as a dominant force in the DeFi ecosystem.