BitMEX founder Arthur Hayes has been identified locking up a significant amount of his altcoin holdings on the blockchain for an extended period of time. This move was first brought to light by blockchain tracking company Lookonchain, revealing that Hayes has secured $8.4 million worth of PENDLE tokens until September 5th of this year.
“Arthur Hayes has locked 1.65M PENDLE ($8.4M) until September 5th once again…”
PENDLE, which was originally developed on the Ethereum (ETH) platform, functions as a protocol designed to tokenize yield by establishing markets for yield-bearing coins. Additionally, it provides users with the opportunity to generate yield on their fixed assets.
The native token of the platform, PENDLE, can be utilized by users to earn rewards by contributing liquidity to the protocol. Users have the option to lock up PENDLE tokens for a maximum of two years, enabling them to participate in governance decisions while earning 3% of the total yield generated by its yield-bearing tokens (YT).
Lookonchain also observed a significant whale depositing $3.83 million worth of PENDLE to the cryptocurrency exchange Binance early on Tuesday in order to capitalize on substantial profits. According to the company, the whale continues to hold over $21 million worth of PENDLE coins.
“A whale deposited 755K PENDLE ($3.83M) to Binance for profit… The whale withdrew 5.02M PENDLE ($2.73M at the time) from Binance on August 18, 2023, when the price was $0.54. Currently holding 4.27M PENDLE ($21.7M) with a total profit of $22.8M (+834%)!”
As of the time of writing, PENDLE is trading at $4.92.
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