Pendle, the native token of decentralized platform Pendle Finance, surged 14% today, the largest gainer among the top 100 cryptocurrencies by market cap.
At the time of writing, PENDLE was trading at $4.38 per crypto.news price, up 13.5% over the past 24 hours. The cryptocurrency asset also saw its daily volume double from the previous day, standing at $77.6 million.
In addition, PENDLE’s market cap has also jumped to $683 million, ranking it 96th among the top 100 cryptocurrencies. Despite the recent price increase, the digital asset is still down 42% from its all-time high of $7.52 on April 11.
The recent price spike comes on the heels of a security breach over the weekend where Pendle Community domains were hijacked. After the domains were transferred from Google to Squarespace, attackers exploited the vulnerability to gain control of multiple domains, including Pendle’s.
The Pendle team responded quickly to the attack, shutting down the app as soon as they detected the malicious DNS redirect. They managed to regain control of the domain within 40 minutes, and assured X’s followers that the protocol and funds remained safe throughout the incident.
Founded in 2022, Pendle Finance initially focused on the Ethereum network, providing a platform for tokenizing and trading future yields in the defi space. Later that year, the platform expanded to other networks, including BNB Chain, Arbitrum, and Optimism.
This cross-chain expansion aims to increase usability and accessibility for users by allowing them to seamlessly access Pendle’s services and transaction features across multiple blockchain platforms.
Additionally, Pendle has implemented a points distribution system to encourage user engagement through various campaigns and to encourage more active community participation.
Additionally, Pendle has integrated with various DeFi protocols to enhance its yield tokenization and trading capabilities, allowing users to effectively tokenize and trade their yield-generating assets to optimize their yield management strategies.