As a seasoned analyst with extensive experience in the cryptocurrency market, I have witnessed my fair share of security breaches and price volatility within the DeFi sector. The recent incident involving Pendle Finance, a promising newcomer in the industry, was a stark reminder of the risks and challenges that come with decentralized finance.
Last weekend, there was a significant security breach at DeFi protocol Pendle Finance. After making the transition from Google to Squarespace for their domains, an attacker successfully exploited a vulnerability, gaining control over Pendle’s domains.
In response to the unexpected attack, the Pendle Finance team took quick action by shutting down their app once they identified a harmful DNS redirect. The team successfully regained control of the domain within 40 minutes, and reassured all users that their funds remained secure during the entire incident.
Post Mortem
In June 2023, Google Domains transferred all registered domains and associated customer information to Squarespace, leading to a necessary shift for affected customers.
Recently, attackers exploited a vulnerability in Squarespace, hijacking domains hosted on their…
— Pendle (@pendle_fi) July 12, 2024
With the market recovery gaining momentum, Pendle Finance’s native token, PENDLE, has experienced a significant rebound. At present, PENDLE is trading at $4.40, representing a 14% increase from its previous price. Its market capitalization now stands at an impressive $681 million. Additionally, the daily trading volume for PENDLE has seen a remarkable surge, reaching approximately $85 million – a 120% rise compared to earlier figures.
As a crypto investor, I’m keeping an eye on PENLDE, which currently holds the 97th spot among cryptocurrencies by market capitalization. However, despite its ranking, it’s important to note that the price of PENLDE is 42% below its all-time high of $7.52, a level it reached back in April this year.
About Pendle Finance
Established in 2022, Pendle Finance began focusing on Ethereum‘s network, providing a service for tokenizing and exchanging anticipated returns within the Decentralized Finance (DeFi) segment. Towards the end of that year, the platform broadened its scope to encompass other networks like BNB Chain, Arbitrum, and Optimism.
To provide greater access to Pendle’s offerings and trading functionalities, we are expanding our presence onto various blockchain networks. This move aims to enhance the user experience and add value for our clients by increasing convenience and versatility.
Besides encouraging user involvement through various campaigns by means of a reward system, Pendle Finance has expanded its functionalities. Specifically, it has strengthened its trading and yield tokenization features by collaborating with multiple DeFi platforms. This enables users to efficiently tokenize and trade yield-generating assets, thereby enhancing their yield optimization tactics.
Based on my extensive experience in the financial markets, I am genuinely intrigued by the current price surge of PENDLE and cannot help but wonder if it will persist, eventually reaching its peak levels and possibly even surpassing them. The market dynamics at play here are reminiscent of other significant rallies I have observed throughout my career. However, it is essential to remember that every investment carries risk, and past performance is not indicative of future results. Therefore, while I am optimistic about the potential of this trend, I always advise caution and careful consideration before making any investment decisions.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-07-15 14:28