- Binance has announced the listing of the highly anticipated PENDLE token.
- Sentiment around BNB improved as the price rose, but the BUSD market cap continued to fall.
The recent lawsuit filed by the SEC against Binance [BNB] caused huge problems for the exchange. Sentiment and usage fell, while both BNB and Binance USD [BUSD] were negatively affected.
Realistic or not, here is the BNB market cap in terms of BTC
However, despite the ongoing legal battle that Binance faces, new developments continue to come into focus. Recently, Binance announced that it will include PENDLE in the Innovation Zone and will soon open trading for these spot trading pairs.
#Binance will list @pendle_fi $PENDL in the Innovation Zone.
➡️ https://t.co/5eOUmqPfLO pic.twitter.com/uPF7ziB3ls
— Binance (@binance) July 3, 2023
What is PENDLE?
PENDLE, which has gained considerable popularity among users in the crypto space, has become a sign of interest in recent months.
For the uninitiated, PENDLE is the official token of the Pendle Finance protocol. Pendle Finance offers a unique approach to trading yield-bearing crypto assets by breaking them down into principal and yield tokens.
Pendle’s bond-inspired solution has led to significant growth in trading volume and total value locked (TVL) on Ethereum [ETH] and Arbitrum [ARB]. Under their ve-tokenomics model, vePENDLE holders earn 80% of the protocol’s generated revenue, while liquidity providers receive the remaining 20%.
This makes the protocol more attractive to users.
Source: Nansen
After Binance announced the listing of PENDLE, two of PENDLE’s institutional addresses transferred 4.6 million PENDLE to Binance, which EmberCN said can be sold post-trade.
币安宣布上线 $PENDL PENDLE with 2 pieces, 460 pieces with PENDLE, and with most options
1. HashKey Capital
2021-2022 归属解锁 271 万 PENDLE，然后转入 Mexico；
2022/11 从Gate 提出 241 万 PENDLE；
The price of 241 pounds PENDLE ($ 2.83 million).my name @LionDEX_CN 赞助 pic.twitter.com/J9fwGC0Q2u
— 余烬 (@EmberCN) July 3, 2023
The announcement of PENDLE on Binance could bring in new users and increase activity on Binance and improve sentiment around the exchange and its protocol.
State of Binance
In the past 24 hours, the number of active addresses on the Binance network has increased by 5.8%. Due to this spike in activity, the revenue generated by the protocol has also grown by 14.1%.
Is your wallet green? Check out the BNB Profit Calculator
Coming to Binance’s native token BNB, the price has risen significantly over the past week due to a decrease in negative sentiment. While BNB could recover, the same could not be said about Binance’s stablecoin, BUSD.
BUSD’s market cap has fallen further over the past month. Coupled with the declining market cap, the stablecoin’s velocity also fell, suggesting little activity with BUSD.
Source: Sentiment