Pendle, the native token of Pendle Finance, soared 14% today after recovering from a domain hijack attack. At $4.38, PENDLE is up 13.5% in the last 24 hours with a trading volume of $77.6 million.
Despite being 42% below its all-time high of $7.52, Pendle’s market cap has risen to $683 million, ranking it 96th among the top 100 cryptocurrencies. Over the weekend, attackers exploited a vulnerability following the migration of Pendle’s domain from Google to Squarespace.
The Pendle team quickly regained control within 40 minutes, ensuring the security of their protocol and funds. Established in 2022, Pendle Finance initially targeted the Ethereum network and later expanded to BNB Chain, Arbitrum, and Optimism.
This cross-chain expansion increases the utility and accessibility of Pendle’s services. Pendle also offers a point distribution system to incentivize user engagement and integrates with various DeFi protocols, enhancing yield tokenization and trading capabilities.
These features optimize yield management strategies, making Pendle a robust platform in the DeFi space. This recovery and strategic approach underscore Pendle’s resilience and long-term growth potential.
