BitMEX co-founder Arthur Hayes has been identified on the blockchain locking away a significant amount of his altcoin holdings for an extended period of time, nearly three months to be exact.

As first revealed by blockchain analytics firm Lookonchain, Hayes has secured $8.4 million worth of PENDLE tokens until September 5th of this year.

Reportedly, Hayes has locked up 1.65 million PENDLE tokens, equivalent to $8.4 million, until September 5th once again.

PENDLE, which was originally developed on the Ethereum (ETH) network, serves as a platform designed to tokenize yield by establishing markets for yield-bearing coins. Users can also earn a yield on their fixed assets through this protocol.

The native token of the platform, PENDLE, can be utilized to receive rewards for providing liquidity to the protocol. Users have the option to lock up PENDLE tokens for up to two years, enabling them to participate in governance decisions while also earning 3% of the total yield generated by yield-bearing tokens (YT).

Additionally, Lookonchain has identified a large investor depositing $3.83 million worth of PENDLE tokens to the Binance cryptocurrency exchange earlier this week in order to capitalize on significant profits. The investor currently still holds over $21 million worth of PENDLE coins.

A significant investor deposited 755,000 PENDLE tokens, equivalent to $3.83 million, to Binance in search of profits. The investor withdrew 5.02 million PENDLE tokens, valued at $2.73 million at the time, from Binance on August 18, 2023, when the price was $0.54. Currently, the investor retains 4.27 million PENDLE tokens, valued at $21.7 million, resulting in total profits of $22.8 million, representing an 834% increase.

At the time of this report, PENDLE is trading at $4.92.

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