Pendle, the decentralized finance (DeFi) token, experienced a notable decline of over 7% today, following a surge to an all-time high of $7.5 yesterday. The token is currently trading at $6.69, reflecting a correction after the recent price rally.

Despite the decline in price, on-chain activity indicates positive sentiment surrounding Pendle. Reports suggest that Pendle Real Fire Institutions are actively participating in Pendle liquidity provision (LP) to enhance pledge income.

Notably, Distributed Capital recently transferred 7,000 ETH from Binance and allocated all of them to the Pendle $ezETH pool, providing liquidity with a value of $24.56 million. 

The $ezETH token represents the certificate token for Renzo’s pledge, and liquidity provision enables the earning of transaction fees, Renzo & EigenLayer points, and a small amount of $PENDLE rewards.

Notable Whales Engage In Pendle Staking As They Make Withdrawals From Binance

Additionally, on-chain data from Lookonchain reveals significant activity from whales and institutions withdrawing ETH from Binance and staking it into Pendle and Bedrock.

For instance, 0x1958, potentially related to Fenbushi Capital, withdrew 7,000 ETH ($24.5 million) from Binance and staked it into Pendle. Similarly, Whale “0xaF35” withdrew 6,700 ETH ($23.4 million) from Binance and staked it into Pendle and Bedrock.

The involvement of institutional players and whales in Pendle’s ecosystem underscores growing confidence in the project’s potential. While the recent price decline may be seen as a temporary setback, the continued interest from institutional investors and liquidity providers signals a positive outlook for Pendle’s future.

As the DeFi space continues to evolve, Pendle remains a project to watch closely, with its innovative approach to yield optimization and liquidity provision attracting attention from both retail and institutional investors alike.

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

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: kinomasterskaya/123RF // Image Effects by Colorcinch