Pendle Finance and Notcoin recently experienced roughly 58.6% and 400% price growth, respectively and are thus among the recent top performers.
The altcoin market has recently gained momentum following the approval of the spot ETH ETFs in the U.S. In May, the total altcoin market capitalization surged by around 20%, with ETH responsible for half of this growth.
Upcoming airdrops, which will distribute project tokens worth billions of dollars to DeFi users, have the potential to fuel further excitement in the altcoin market. Major airdrop events from projects with multi-billion valuations, such as LayerZero, Etherfi, Blast, and zkSync, are anticipated by the end of Q2 2024.
The growing hype around liquid restaking has benefitted Pendle Finance in May. Pendle is an interest derivatives multichain protocol that lets users separate yield-bearing token assets into principal and yield components.
