Additionally, Pendle’s market capitalization has risen to $683 million, placing it among the top 100 cryptocurrencies by market cap. Despite this recent rally, PENDLE remains 42% below its peak of $7.52, set on April 11.
The price surge follows a security incident over the weekend when Pendle’s domain was hijacked during a migration from Google to Squarespace. Exploiting vulnerabilities in this process, attackers gained control of several domains, including Pendle’s.
Prompt action from the Pendle team saw the app quickly shut down upon detecting a malicious DNS redirect. Within 40 minutes, they regained control of the domain, reassuring users that both the protocol and funds remained secure throughout the incident.
Founded in 2022, Pendle Finance initially focused on the Ethereum network, offering a platform for tokenizing and trading future yields within decentralized finance (DeFi). Later expanding to networks like BNB Chain, Arbitrum, and Optimism in the same year, Pendle aims to enhance accessibility and utility across different blockchain platforms.
Pendle has further bolstered user engagement through a point distribution system, encouraging active participation in community campaigns. Integrations with various DeFi protocols have also strengthened Pendle’s capabilities in yield tokenization and trading, enabling users to optimize their yield management strategies effectively.
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