BitMEX founder Arthur Hayes has been noticed on-chain locking up one in every of his altcoin stacks for almost three months.
First reported by blockchain monitoring agency Lookonchain, Hayes locked $8.4 million price of PENDLE tokens until September 5 of this 12 months.
“Arthur Hayes locked 1.65M PENDLE ($8.4M) till Sept 5 once more…”
Pendle, initially constructed on Ethereum (ETH), is a protocol that goals to tokenize yield by enabling markets for it on yield-bearing cash. It additionally permits customers to earn a yield on their fastened belongings.
PENDLE, the platform’s native token, can be utilized to earn rewards by those that present liquidity to the protocol. Locking up PENDLE tokens will be performed for as much as two years and permits customers to vote on governance proposals whereas additionally incomes 3% of all of the yield accrued by its yield-bearing tokens (YT).
Lookonchain additionally noticed a whale depositing $3.83 million price of PENDLE to crypto alternate Binance early on Tuesday to take huge earnings. The whale nonetheless holds over $21 million price of PENDLE cash, in accordance with the agency.
“A whale deposited 755K PENDLE ($3.83M) to Binance for revenue…
The whale withdrew 5.02M PENDLE ($2.73M on the time) from Binance on Aug 18, 2023, when the worth was $0.54.
He at present has 4.27M PENDLE ($21.7M) left, with a complete revenue of $22.8M (+834%)!”
At time of writing, PENDLE is buying and selling at $4.92.
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