BitMEX founder Arthur Hayes has been identified in the blockchain locking away a significant amount of his altcoin holdings for an extended period of time. According to reports from Lookonchain, Hayes has chosen to lock up $8.4 million worth of PENDLE tokens until September 5th of this year.

The PENDLE tokens are associated with the Pendle platform, which was originally developed on the Ethereum blockchain. This platform is designed to tokenize yield, creating markets for yield-bearing coins and enabling users to earn a yield on their stable assets.

Those who provide liquidity to the Pendle protocol can use the platform’s native token, PENDLE, to earn rewards. By locking up PENDLE tokens for up to two years, users gain the ability to vote on governance proposals and earn 3% of the yield generated by yield-bearing tokens (YT).

In addition to Hayes’ actions, Lookonchain also noted a significant deposit of $3.83 million worth of PENDLE tokens to the Binance exchange by a whale investor early in the week. This investor later withdrew a portion of their holdings, making a substantial profit in the process. The whale currently holds over $21 million worth of PENDLE tokens, with a total profit of $22.8 million, representing an impressive 834% increase.

As of the latest update, the price of PENDLE is listed at $4.92. Investors are encouraged to stay informed by subscribing to email alerts and following price action on various platforms. It is important for investors to conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Remember that all transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not provide investment advice or recommend the buying or selling of cryptocurrencies or digital assets.