Pendle Finance Ecosystem Fund Deposits 1 Million PENDLE on Binance

Pendle Finance Ecosystem Fund Deposits 1 Million PENDLE on Binance

Pendle Finance's Ecosystem Fund recently made a substantial deposit of 1 million PENDLE tokens, worth approximately $4.04 million, to Binance. This latest transfer brings the total amount of PENDLE deposited on Binance to 4.4 million tokens ($13.10 million) in 2023. According to on-chain data from EmberChain, the transaction occurred approximately 40 minutes ago. At the time of the transfer, the average price of PENDLE was $2.98. The Ecosystem Fund's address currently holds 18.16 million PENDLE, valued at around $73.73 million. This significant deposit suggests that Pendle Finance is actively engaging with Binance, one of the world's largest cryptocurrency exchanges. The move could indicate plans for increased collaboration or potential listings on Binance in the future. Pendle Finance is a decentralized lending and borrowing protocol that allows users to participate in permissionless, trustless, and scalable lending markets for yield-generating crypto assets. Its native token, PENDLE, serves various purposes within the protocol, including governance, staking, and earning rewards. The growing interest in Pendle Finance and the strategic deposit on Binance highlight the potential of decentralized finance (DeFi) and the increasing adoption of crypto assets.