The decentralized platform Pendle Finance has experienced a significant increase in liquidity, surpassing the $500 million mark after forming a partnership with Ondo Finance.

Pendle Finance’s native token PENDLE has seen a rise of over 18% following a collaboration with Ondo Finance, a protocol backed by Coinbase. Ondo Finance recently announced that its users can now take advantage of the composability of their tokenized cash equivalents.

Welcome to the Ondo Ecosystem, Pendle Finance! We’re thrilled to support Pendle in empowering DeFi participants with yield swaps, leveraging the composability of our tokenized cash equivalents!

While specific details of the partnership have not been disclosed, the announcement has generated positive sentiment within the Pendle community. DefiLlama data shows that the total value locked (TVL) in Pendle Finance reached a new all-time high, nearing $538 million as of Jan. 30.

The PENDLE token has seen significant activity, with nearly $60 million in PENDLE volume recorded on Jan. 30 alone. The token price surged to $2.66, surpassing its previous all-time high, according to CoinGecko data. However, the sustainability of this rapid growth remains uncertain in the long term.

Established in 2022, Pendle Finance initially focused on the Ethereum network, offering a platform for tokenizing and trading future yields in the DeFi space. The platform expanded to other networks, including BNB Chain, Arbitrum, and Optimism, later that same year.

Pendle Finance’s unique approach allows users to tokenize and trade future yields generated by assets across decentralized protocols. This feature enables users to trade these future yields as distinct tokens, providing a new way to engage with and speculate on DeFi yields.

For more updates on the latest cryptocurrency news, continue exploring Global Crypto News.

Post Views: 3