Pendle, the native token of the decentralized platform Pendle Finance, has surged 14% today to become the top gainer among the leading 100 cryptocurrencies by market cap. Enhanced security measures and a swift response to a domain hijacking incident have restored community confidence.
Pendle’s market cap has jumped to $683 million, ranking it 96th among the largest 100 cryptocurrencies. Despite the rally, the asset remains 42% below its all-time high of $7.52, reached on April 11.
The recent spike follows a security breach over the weekend when attackers hijacked Pendle’s domain. This exploit occurred during a migration of domains from Google to Squarespace, impacting several domains, including Pendle’s.
The Pendle team reacted promptly, shutting down their app after detecting a malicious DNS redirect. Control was regained within 40 minutes, and the team assured users that protocol and funds remained secure.
The team posted an update on X, clarifying that Squarespace acquired all domain registrations from Google Domains in June 2023, facilitating the attack via a vulnerability in Squarespace’s system.
Launched in 2022, Pendle Finance initially targeted the Ethereum network by offering a platform for tokenizing and trading future yields within the DeFi space. In the same year, the platform expanded to BNB Chain, Arbitrum, and Optimism.
This cross-chain expansion aims to facilitate seamless access to Pendle’s services and trading functionalities across different blockchain platforms, increasing utility and accessibility.
Pendle has also implemented a point distribution system designed to incentivize user engagement through various campaigns, fostering more active community participation.
Additionally, Pendle enhanced its yield tokenization and trading capabilities by integrating with various DeFi protocols. This enables users to effectively tokenize and trade yield-bearing assets, optimizing their yield management strategies.
