Binance Innovation Lists Pendle (PENDLE), Prompting a Massive Surge

The post Binance Innovation Lists Pendle (PENDLE), Prompting a Massive Surge appeared first on Coinpedia Fintech News

Today, Binance, the global cryptocurrency exchange titan, enhanced its Innovation Zone by enlisting Pendle (PENDLE), a yield-trading protocol. The platform introduced spot trading pairs PENDLE/BTC, PENDLE/USDT, and PENDLE/TUSD, available for trading from 10:00 UTC.

Users Got Ready For Pendle

In anticipation of the introduction of the new asset, Binance users swiftly began depositing PENDLE. Further amplifying the excitement, the exchange announced that withdrawals for PENDLE would commence from 10:00 UTC, July 4, 2023. Encouragingly for traders, no listing fee was charged for PENDLE, making the token even more accessible.

Interestingly, Binance extended a zero maker fee for PENDLE/TUSD trading pair until a future undisclosed date, providing a lucrative opportunity for its users. Additionally, within 48 hours from the listing, PENDLE will be available as a borrowable asset, forming a new isolated margin pair with USDT.

So What’s Pendle?

Pendle presents an innovative approach to yield trading by decoupling a yield-bearing asset into its principle and yield segments. This unique method grants users the flexibility to earn yields in a fixed or adjustable manner. PENDLE, the platform’s utility token, serves a multifaceted purpose by incentivizing liquidity, enabling governance, and accruing fee value.

Listing in the Binance Innovation Zone, known for housing tokens of potentially higher volatility and risk, seemed to work in PENDLE’s favor. At the time of the report, PENDLE recorded an impressive 17% growth within the past 24 hours and a whopping 48% rise over the past week. It now boasts a trading price of $1.10, an incredible testament to the token’s market resilience and growth potential.

It is crucial for users to note that trading in the Innovation Zone carries certain risks due to the higher volatility of the newly listed tokens. Hence, investing in such tokens should be done with due diligence.