Pendle Jumps 40% Following Upbit Listing

PENDLE, the native token of Pendle, a decentralized finance (DeFi) platform experienced a remarkable 40% price surge over the last 24 hours. This notable increase follows the token listing on South Korea’s largest cryptocurrency exchange, Upbit. 

Pendle is a DeFi protocol launched in 2021 that allows users to trade future yields on their crypto holdings. Founded by a team of developers and DeFi experts, Pendle aims to create a more efficient market for yield generation. It achieves this through a novel Automated Market Maker (AMM) system for assets with built-in time decay.

Upbit Adds Support for Pendle 

Upbit announced support for Pendle earlier today, which has bolstered the token’s market performance and illuminated its growing importance in the crypto scene. 

According to the exchange, users can withdraw PENDLE for free over the first 24 hours after deposits and withdrawals begin. 

It is important to note that the only supported network for transactions is ERC-20 PENDLE, which lives on the Ethereum blockchain. As such, investors are strongly advised to ensure they choose the right network while depositing or withdrawing bearing in mind that the exchange does not support other networks. 

Furthermore, deposits and withdrawals are only permitted for personal wallet addresses that have completed “ownership verification.”

The listing which includes trading pairs against Korean Won (KRW) and Bitcoin (BTC), has attracted a diverse group of investors and traders, leading to a substantial increase. 

Pendle Gains Over 40%

Following Upbit’s decision to list Pendle, the token surged by as much as 40%, reaching a market cap of $426 million. This performance highlights the substantial impact that a listing on a major exchange like Upbit can have on a crypto asset’s value. The exchange’s extensive user base and market reach have acted as a catalyst for Pendle’s price rally, significantly boosting its visibility and accessibility.

At the time of writing, Pendle is trading at $2.87, reflecting a notable 44.80% increase over the past 24 hours.