Pendles token is rallying to the highest level in seven months after the staking token linked to Kinetiq launched on the yield tokenization protocol.
The PENDLE token is up 19% over the last 24 hours, capping off a strong 35% gain on the week. PENDLE is up 97% over the last calendar year and is up 335% since the beginning of 2024.
PENDLE Chart - CoinGecko
The strong performance over the last week may be driven by Pendles integration with the Hyperliquid ecosystem, which has birthed a breakout market in the form of KHYPE.
Kinetiq is the largest liquid staking protocol on Hyperliquids HyperEVM with $987 million in TVL. The protocol uses an automation process to score and distribute deposited funds to Hyperliquid validators. KHYPE is the receipt token that users receive in return for contributing HYPE tokens to the protocol.
The general market‘s strength is also likely contributing to the rally, particularly amongst DeFi tokens and Ethereum-adjacent altcoins, following ETH’s reclaim of $4,000 per token today. Other DeFi altcoins such as Aerodrome and Lido are also surging, up 26% and 12% respectively.
Pendle integrated with Hyperliquid on July 30, and the KHYPE market has quickly surged to a total value locked (TVL) of $177 million, making it the sixth largest market on all of Pendle, and the largest that is not tied to a stablecoin.
Pendle Markets by TVL - Pendle
The KHYPE market is also leading Pendle in daily volume, with $67 million of trading volume over the last 24 hours, barely edging out the sUSDe market with $66 million of volume.