Pendle, the native token of the decentralized platform, Pendle Finance, has surged 14% today, making it the top gainer among the leading 100 cryptocurrencies by market cap.

At the time of writing, PENDLE is up 13.5% in the last 24 hours, trading at $4.38. The crypto asset saw its daily trading volume double compared to the previous day, reaching around $77.6 million.

Moreover, PENDLE’s market cap has jumped to $683 million, ranking it 96th among the largest 100 cryptocurrencies. Despite the recent price rally, the digital asset remains 42% down from its all-time high of $7.52, reached on April 11.

The recent price surge follows a security incident over the weekend when Pendle’s domain was hijacked. Attackers exploited a vulnerability after domains migrated from Google to Squarespace, taking control of several domains, including Pendle’s.

The Pendle team responded swiftly, shutting down their app upon detecting a malicious DNS redirect. They regained control of the domain within 40 minutes, assuring their followers that the protocol and funds remained secure throughout the incident.

For context – Squarespace purchased all domain registrations and related customer accounts from Google Domains in June 2023, which forced the migration of domains.

Established in 2022, Pendle Finance initially focused on the Ethereum network, providing a platform for tokenizing and trading future yields within the decentralized finance (DeFi) space. Later that year, the platform expanded to other networks, including BNB Chain, Arbitrum, and Optimism.

This cross-chain expansion aims to facilitate seamless access to Pendle’s services and trading functionalities across different blockchain platforms, thereby increasing its utility and accessibility for users.

Moreover, Pendle has implemented a point distribution system to incentivize user engagement through various campaigns, fostering more active community participation.

Pendle has also enhanced its yield tokenization and trading capabilities by integrating with various DeFi protocols. This enables users to effectively tokenize and trade yield-bearing assets, optimizing their yield management strategies.

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