SHORT ANSWER: To buy PENDLE, create an account on an exchange like Coinbase to purchase ETH, then swap your ETH for PENDLE via Uniswap.
Pendle is a novel protocol in the liquid staking finance sector that has gained popularity from its approach to liquid staking yield. Liquid staking on Ethereum has seen a large influx of users after Ethereum’s Shapella upgrade. The Shapella upgrade, which took place earlier this year, allowed staked ETH deposits to become more liquid. Many protocols in the liquid staking sector have outperformed the rest of the market in 2023. Pendle (PENDLE) stands out among liquid staking token finance (LSTfi) space, with its token price and total value locked (TVL) skyrocketing in 2023.
TN Lee founded Pendle in 2021, and the PENDLE token launched in May of that year. It initially found a price floor of around $0.05 and traded between $0.04 and $0.07 for most of 2022. In July 2023, the token saw a significant increase in value, reaching $0.81. As of Apr. 25, 2024, it has continued to rise, reaching $ 5.79 with a market capitalization of $ 1.39 billion, ranking it within the top 100 coins by market cap.
How to Buy Pendle in 3 Steps
Step 1. Create a Crypto Exchange Account
If you don’t already have a cryptocurrency exchange account, you’ll need to make one regardless of whether you purchase Pendle on a centralized exchange or DEX. The signup process involves inputting Know Your Consumer (KYC) information such as your date of birth, driver’s license photo and home address. The verification process usually requires a few days to complete. Once verified and an account is created, it is important to securely store your login information.
Step 2: Set Up a Wallet (Optional)
The safest way to store cryptocurrency is in a self-custody wallet, out of the hands of any malicious third parties that could potentially misuse your digital assets. You will need a wallet if you use a DEX to trade Pendle. Connect your wallet to the platform to swap crypto assets.
Binance is a great option if you want to purchase Pendle from a centralized exchange, but you can also use Coinbase or Robinhood to purchase ETH and send it to an Ethereum wallet. Once in your wallet, you’ll be able to easily swap your ETH for PENDLE via Uniswap.
Step 3: Purchase PENDLE
If you’ve made an account on Binance, then purchasing PENDLE is the same as purchasing any other cryptocurrency on the exchange. Binance supports USDT and BTC trading pairs, so you’ll need to first fund your account with one of those assets before trading PENDLE.
If you own ETH on an exchange that doesn’t currently support PENDLE, then you’ll need to send your ether to an Ethereum wallet to swap for PENDLE. Send the funds by using your public Ethereum address, and your ETH will appear in your wallet shortly after you approve the send and pay gas fees. After the ETH lands in your wallet, visit Uniswap or Balancer, approve the tokens to be spent, then approve the transaction to be processed.
Once approved, you may need to manually add PENDLE to your Ethereum wallet, using the token’s contract address: 0x808507121B80c02388fAd14726482e061B8da827.
Where Can I Buy Pendle Crypto?
As a relatively new token, Pendle isn’t listed on many cryptocurrency exchanges. However, it is available on Binance, making it accessible to many users across the globe. If you’re comfortable using DeFi, Uniswap and Balancer are solid options.
Here are some of the most popular and reputable exchanges to begin trading PENDLE.
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
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Best Crypto Wallets to Store PENDLE
There are two main types of cryptocurrency wallets: hardware wallets and software wallets. Each type has its own pros and cons, but both are designed to maximize control and security over your digital assets. Hardware wallets are offline devices that store cryptocurrency securely, while software wallets are online applications that are more convenient but more vulnerable to hacking.
- Best hardware wallet: Ledger has sold millions of devices globally, and it has been securing investors’ digital assets since 2014. It's by far the most popular hardware wallet, and it offers tons of great features to keep your assets safe.
- Best software wallet: Coinbase Wallet offers a user-friendly way to store crypto in your own custody. Coinbase Wallet is a separate app from Coinbase, which is a third-party custodian that holds cryptocurrencies on behalf of users. The wallet allows for seamless integrations with DeFi and non-fungible tokens (NFTs), allowing you to manage all your digital assets from one place.
Trade, Sell or Convert your PENDLE
When you’re ready to trade or sell your PENDLE, you can do so on the same exchange you acquired the tokens. Swapping on a DEX requires gas fees, varying based on how many people are using Ethereum’s network. However, centralized exchanges typically charge higher fees, so it may be more cost-effective to convert your PENDLE on a DEX if you’re trading large amounts of tokens.
Is Pendle a Good Investment?
As with any cryptocurrency investment, the risk of investing in Pendle is high. Regulatory, smart contract and custody risks should be considered before investing, and it’s highly recommended to do your own research before making any investment decisions. Pendle has offered outsized returns to investors in 2023, and the liquid staking landscape is quickly growing to be the hottest sector of crypto.
Frequently Asked Questions
Can you buy Pendle on Coinbase?
As of now, Pendle (PENDLE) is not available for purchase on Coinbase, but it can be custodied on Coinbase wallet. You will need the wallet to connect to a decentralized exchange where you can buy ETH, then swap your ETH for PENDLE
How to invest in Pendle?
To invest in Pendle, you can start by doing research on the platform and its offerings. You can then create an account on their website or app and follow the steps to deposit funds and start investing in their available assets. It’s important to do your due diligence and understand the risks involved before making any investment decisions.
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