Pendle’s token is rallying to the best degree in seven months after the staking token linked to Kinetiq launched on the yield tokenization protocol.
The PENDLE token is up 19% during the last 24 hours, capping off a powerful 35% achieve on the week. PENDLE is up 97% during the last calendar yr and is up 335% for the reason that starting of 2024.
PENDLE Chart – CoinGecko
The sturdy efficiency during the last week could also be pushed by Pendle’s integration with the Hyperliquid ecosystem, which has birthed a breakout market within the type of KHYPE.
Kinetiq is the most important liquid staking protocol on Hyperliquid’s HyperEVM with $987 million in TVL. The protocol makes use of an automation course of to attain and distribute deposited funds to Hyperliquid validators. KHYPE is the receipt token that customers obtain in return for contributing HYPE tokens to the protocol.
The final market’s energy can also be doubtless contributing to the rally, significantly amongst DeFi tokens and Ethereum-adjacent altcoins, following ETH’s reclaim of $4,000 per token at present. Different DeFi altcoins reminiscent of Aerodrome and Lido are additionally surging, up 26% and 12% respectively.
Pendle built-in with Hyperliquid on July 30, and the KHYPE market has rapidly surged to a complete worth locked (TVL) of $177 million, making it the sixth largest market on all of Pendle, and the most important that isn’t tied to a stablecoin.
Pendle Markets by TVL – Pendle
The KHYPE market can also be main Pendle in every day quantity, with $67 million of buying and selling quantity during the last 24 hours, barely edging out the sUSDe market with $66 million of quantity.
