To buy PENDLE, create an account on an exchange like Coinbase to purchase ETH, then swap your ETH for PENDLE via Uniswap.
Pendle is an emerging protocol in the liquid staking finance sector. It has gained traction due to its innovative approach to liquid staking yield. Following Ethereum’s Shapella upgrade, liquid staking on Ethereum experienced significant user growth. The Shapella upgrade, which occurred earlier this year, increased the liquidity of staked ETH deposits. In 2023, many protocols in the liquid staking sector have outperformed the broader market. Pendle (PENDLE) distinguishes itself in the liquid staking token finance (LSTfi) space, with notable increases in both its token price and total value locked (TVL) this year.
Want to enter the world of Pendle crypto? This step-by-step guide will teach you how to buy PENDLE quickly and easily, ensuring you make informed decisions.
How to Buy Pendle in 3 Steps
Here's a step-by-step guide on how you can buy PENDLE crypto today.
1. Create a Crypto Exchange Account
If you don’t already have a cryptocurrency exchange account, you’ll need to make one using an email address, regardless of whether you purchase Pendle on a centralized exchange or decentralized exchange (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.
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 cryptocurrency 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 directly 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 crypto wallet, you’ll be able to easily swap your ETH for PENDLE via Uniswap.
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 a cryptocurrency 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.
What Is Pendle?
Pendle is a decentralized finance (DeFi) protocol that allows users to tokenize and trade their yield-generating assets, such as cryptocurrencies that earn interest or rewards. By separating the ownership of the underlying asset from its future yield, Pendle creates a new financial primitive called "yield tokens." These tokens enable users to unlock liquidity from their assets, allowing them to trade or use them while still holding onto the original asset.
Pendle aims to enhance the efficiency of capital allocation in the DeFi ecosystem, empowering users to better manage and optimize their returns on investments. With its innovative approach, Pendle attracts both investors and users looking to capitalize on the burgeoning DeFi landscape.
Brief History of PENDLE
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. The token has continued to rise, reaching its all-time high price of $7.52 on Apr. 11, 2024. It has experienced price fluctuations since then. As of Sept. 10, 2024, PENDLE is trading for around $3.10 with a market capitalization of over $490 million, ranking it within the top 150 coins by market cap.
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.
- Best For:A Fast Trading ExperienceVIEW PROS & CONS:securely through Uphold Crypto's website
How to Store PENDLE Safely
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 For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
- 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 digital 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 cryptocurrency 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 in the past year alone, 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.
Can you buy Pendle on Robinhood?
As of writing, PENDLE is not listed in supported cryptocurrencies on Robinhood Crypto. However, you can use Robinhood to buy ETH. You can then use Uniswap to swap your ETH for PENDLE.