The recent surge in PENDLE’s price has astounded investors, with the cryptocurrency’s value increasing by 130% in the past month alone. While a variety of factors may have contributed to this rise, one significant catalyst appears to be the exponential growth in Pendle’s total value locked (TVL).

According to DeFfiLlama, Pendle’s TVL has surged from $230 million at the beginning of 2024 to over $4 billion currently, reflecting a significant increase in user engagement and adoption of its yield tokenization services. To be precise, at the time of writing, Pendle’s TVL is $4.1 billion.

At the same time, Pendle’s TVL surge is indicative not only of a growing user base, but also of increased utilization of its ecosystem, with the potential to enhance liquidity and utility within the Pendle network. As confidence in Pendle’s product continues to grow, investors are increasingly attracted to its potential to generate lucrative returns in the decentralized finance (DeFi) space.

The significant rise in PENDLE’s price has not gone unnoticed by prominent figures in the cryptocurrency space. For example, BitMEX co-founder Arthur Hayes recently praised Pendle's surge in a post on the X platform, humorously questioning whether Pendle ignored the concept of gravity.

Notably, Hayes, who is known for his bullish stance on cryptocurrencies, has shown his confidence in PENDLE's prospects by divesting other assets and holding a large amount of cryptocurrencies.

Meanwhile, data from Etherscan shows that Arthur Hayes' wallet address currently holds 1.4 million PENDLE tokens, worth more than $10 million. This significant investment highlights Hayes' confidence in Pendle's potential growth trajectory and further confirms the cryptocurrency's position in the booming DeFi sector.

In the past seven days, PENDLE prices have risen by nearly 60%. In addition, the cryptocurrency hit an all-time high of $7.18 in the past 24 hours. #Meme #WIF #sui #SHIB #PDA