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One of the leading figures in the cryptocurrency exchange BitMEX and former CEO Arthur Hayes has invested $1.28 million in Pendle, a protocol that tokenizes and trades future yields, in its native asset PENDLE. On-chain data shows Hayes purchased 500,000 PENDLE at $2.57 each.
Hayes Withdraws 500,000 PENDLE from Binance Exchange
On-chain data platform Spot On Chain reported that BitMEX’s former CEO Hayes invested $1.28 million in Pendle protocol’s native asset PENDLE. The data indicates that Hayes recently bought 500,000 PENDLE from the cryptocurrency exchange Binance at an average price of $2.57 and transferred them to his personal wallet address.
The former CEO of BitMEX currently holds 1.34 million PENDLE worth $3.54 million. The data reveals that the prominent figure in the cryptocurrency world has an unrealized profit of $1.45 million in the altcoin. Unrealized profit refers to the increase in value of an asset that is bought and held without selling over a certain period.
At the time of writing this article, PENDLE has seen a 3.02% decrease in the last 24 hours, trading at $2.63. It’s worth noting that the altcoin’s price jumped from $2.53 following Hayes’ purchase.
What is Pendle and What Does It Do?
Pendle is a protocol that enables the tokenization and trading of future yields. With the creation of a new Automated Market Maker (AMM) that supports time-decaying assets, Pendle offers users options and opportunities for greater control over future yields.
PENDLE serves as the protocol’s native asset, facilitating governance participation, payment of transaction fees, and other purposes. The maximum supply of the altcoin is 258.44 million, with the circulating supply also at 258.44 million, indicating that there will be no new tokens issued for PENDLE unless there is a change in plan, as all are currently in circulation.
