Arthur Hayes locks 84 million worth of Ethereumbased DeFi altcoin until September Onchain data
Arthur Hayes, the founder of BitMEX, has recently been observed locking up a significant amount of his altcoin holdings on-chain for a period of almost three months. This move was first brought to light by Lookonchain, a blockchain tracking company, revealing that Hayes locked up $8.4 million worth of PENDLE tokens until September 5th of this year.
PENDLE, which was originally developed on the Ethereum (ETH) network, operates as a protocol designed to tokenize yield by creating markets for yield-bearing coins. Users can also earn a yield on their fixed assets through this platform. The native token of Pendle, PENDLE, allows users to earn rewards by providing liquidity to the protocol. By locking up PENDLE tokens for a maximum of two years, users gain the ability to vote on governance proposals and earn 3% of the yield generated by its yield-bearing tokens (YT).
In another development, Lookonchain also identified a whale who deposited $3.83 million worth of PENDLE onto the Binance exchange earlier this week to capitalize on significant profits. Despite withdrawing $2.73 million worth of PENDLE on August 18, 2023, when the price was $0.54, the whale still holds over $21 million worth of PENDLE coins, resulting in a total profit of $22.8 million, representing an 834% increase.
As of the time of writing, PENDLE is trading at $4.92. To stay updated on the latest news and price movements, subscribe to receive email alerts directly to your inbox and follow us on various social media platforms.
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