Binance Announces Listing for Pendle in Innovation Zone, PENDLE Price Shoots 50%
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Binance Announces Listing for Pendle in Innovation Zone, PENDLE Price Shoots 50%
In the latest development, the world’s largest crypto exchange Binance announced listing for Pendle (PENDLE), a protocol that enables tokenization and trading of future yield, in the Binance Innovation Zone.
The recent listing for Pendle by Binance validates the protocol’s potential and unlocks new opportunities for investors and traders. Starting from July 3, 2023, at 10:00 (UTC), Binance will enable spot trading for three trading pairs: PENDLE/BTC, PENDLE/USDT, and PENDLE/TUSD. Traders can now deposit PENDLE tokens in preparation for trading, and withdrawals for PENDLE will be possible starting from July 4, 2023, at 10:00 (UTC). It’s worth noting that Binance has waived the listing fee for PENDLE, making it more accessible to users.
To encourage trading activity, Binance has also announced that users will enjoy zero maker fees on the PENDLE/TUSD trading pair until further notice. This means users can actively participate in trading without incurring any fees for adding liquidity to the market. Additionally, Binance will introduce PENDLE as a new borrowable asset with a new margin pair on Isolated Margin. Within 48 hours from July 3, 2023, at 10:00 (UTC), the PENDLE/USDT trading pair will be available for margin trading, allowing users to trade with leverage.
As said, Pendle is a yield-trading protocol that allows the separation of a yield-bearing asset into its principal and yield components. This feature allows users to earn fixed as well as flexible yields on their assets.
PENDLE is the utility token of the Pendle protocol. It also provides liquidity incentives along with fee value accrual, and governance capabilities.
PENDLE Price Shot Up by 50% after the Announcement by Binance
Soon after the news of Binance listing Pendle (PENDLE) emerged, the price jumped by 50%. The PENDLE price shot all the way to $1.40
After #Binance announced the listing of $PENDLE, the price of $PENDLE skyrocketed by more than 50%.
The whale with 3.44M $PENDLE ($2.56M) is currently in profit of $3.4M (+340%).
Whales always start accumulating very early!https://t.co/XlEPFQtALX pic.twitter.com/rX2v8Hv2MM
— Lookonchain (@lookonchain) July 3, 2023
However, Binance listing alone isn’t the reason behind the surge in PENDLE price. PENDLE’s growth throughout this year has been incredible. Starting at a low value of $0.046, it has skyrocketed to $0.76, representing a massive 1,552% increase in its worth. This surge in value cannot be solely attributed to its recent listing. Analyzing the on-chain data provides interesting insights into the factors driving Pendle’s remarkable performance.
It also appears that large-scale investors, known as whales, played a significant role in the price rise of PENDLE. One particular whale with the address “0xc54a” has been consistently purchasing PENDLE from different decentralized and centralized exchanges since February 9. The average buying price for this whale was around $0.2852, resulting in impressive profits of $1.58 million at current prices, indicating a 162% increase.
The significant acquisition of PENDLE by whales demonstrates their belief in the protocol’s future success. Pendle’s unique method of yield farming, which allows users to tokenize and trade future yield, has attracted the attention of forward-thinking investors. The protocol’s innovative Automated Market Maker (AMM) system supports assets with time decay. Thus, it gives users greater control over future yield and creating distinct possibilities for its utilization.
Binance Announces Listing for Pendle in Innovation Zone, PENDLE Price Shoots 50%