A burgeoning altcoin project based on Ethereum (ETH) has received backing from Binance, the world’s largest crypto exchange by volume.
Binance recently announced the listing of Pendle (PENDLE) in its Innovation Zone.
The platform allows spot trading pairs with Bitcoin (BTC), PENDLE/BTC, Tether (USDT), PENDLE/USDT and TrueUSD (TUSD), PENDLE/TUSD.
Binance’s Innovation Zone is a dedicated trading floor for crypto assets that may be more vulnerable to rapid price swings.
Pendle is a tokenized decentralized finance (DeFi) yield trading protocol that allows investors to buy assets at a discount and access an asset’s future return for trading and hedging.
Pendle was first launched in June 2021.
Says Pendle
“As a yield derivatives protocol, we are bringing the traditional financial market (TradFi) for interest rate derivatives (with over $400 trillion notional value) to DeFi and making it accessible to all.” By creating a yield market in DeFi, Pendle unlocks the full yield potential and enables it users to implement advanced ROI strategies.”
According to its website, Pendle is offering ETH at a discount of 6.09% at the time of writing, and liquidity pools are promising a discount of up to 42% at maturity.
After Binance announced the listing of Pendle, the token shot to a high of $1.21 in 2023.
At the time of writing, Pendle is trading at $0.87, down 7.2% over the past 24 hours. Pendle is up more than 100% since trading at $0.42 a month ago.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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