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BitMEX founder Arthur Hayes has been spotted on-chain locking up one of his altcoin stacks for nearly three months.
First reported by blockchain tracking firm Lookonchain, Hayes locked $8.4 million worth of PENDLE tokens till September 5 of this year.
“Arthur Hayes locked 1.65M PENDLE ($8.4M) until Sept 5 again…”
Pendle, initially built on Ethereum (ETH), is a protocol that aims to tokenize yield by enabling markets for it on yield-bearing coins. It also allows users to earn a yield on their fixed assets.
PENDLE, the platform’s native token, can be used to earn rewards by those who provide liquidity to the protocol. Locking up PENDLE tokens can be done for up to two years and allows users to vote on governance proposals while also earning 3% of all the yield accrued by its yield-bearing tokens (YT).
Lookonchain also spotted a whale depositing $3.83 million worth of PENDLE to crypto exchange Binance early on Tuesday to take massive profits. The whale still holds over $21 million worth of PENDLE coins, according to the firm.
“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 Aug 18, 2023, when the price was $0.54.
He currently has 4.27M PENDLE ($21.7M) left, with a total profit of $22.8M (+834%)!”
At time of writing, PENDLE is trading at $4.92.
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Featured Image: Shutterstock/Redshinestudio/Sensvector
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