According to on-chain reports from Spotonchain, DWF Labs (@DWFLabs) has withdrawn 117,563 $PENDLE (valued at $424K) from Binance in the past 24 hours.

Over the last six days, two smart institutions, including HashKey and DWF Labs, have been actively withdrawing $PENDLE from Binance, indicating a strategic move by these major players.

Pendle, a standout in DefiLlama’s Yield category, has demonstrated remarkable growth. In the last six months, its Total Value Locked (TVL) has skyrocketed from $300 million to an impressive $3.5 billion, marking a tenfold increase. This surge highlights the increasing confidence and investment in Pendle’s protocol.

$PENDLE Token Records Massive Price Increase Year-To-Date

Year-to-date, the value of $PENDLE has tripled, underscoring its strong performance and growing appeal to investors. Currently, Pendle holds 44% of the TVL within the Yield category and is on track to collect $22.6 million in annualized fees. This dominant position underscores its significant role in the market.

The recent withdrawals by institutions such as DWF Labs and HashKey suggest a strategic maneuver to capitalize on Pendle’s robust growth and potential. These activities highlight the increasing interest and participation of sophisticated investors in the DeFi yield sector.

Pendle’s rapid ascent and substantial share of the Yield category’s TVL point to its potential for sustained success. As the protocol continues to attract significant investments and generate impressive returns, it is poised to maintain its leadership position in the DeFi yield farming space. The strategic actions of major institutions withdrawing $PENDLE further emphasize the growing confidence in Pendle’s future performance.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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