DeFi
Polychain Capital’s Significant PENDLE Move Amid Market Activity » The Merkle News
A wallet associated with Polychain Capital recently made a notable deposit of $1.71 million PENDLE Tokens (valued at $6.97 million) on Binance, which occurred nine hours ago.
This move follows an earlier withdrawal of the same amount from Binance, valued at $11.4 million, between April 6 and April 22. If the tokens are sold at the current value, Polychain Capital stands to incur a significant loss of approximately $4.4 million.
A wallet linked to Polychain Capital deposited $1.71M $PENDLE($6.97 million) to #Binance 9 hours ago.
The wallet withdrew 1.71 M $PENDLE($11.4 million) of #Binance at $6.67 between April 6 and April 22.
It would lose about $4.4 million if sold.
Address:
0xe6757328394817D4F4a23D6f9ba7817d493D953d pic.twitter.com/qL7gR5ulOA— Lookonchain (@lookonchain) July 24, 2024
In a related incident, Scam Sniffer reported that an individual lost $4.69 million worth of Pendle re-staking tokens due to a phishing attack. The victim fell prey to multiple Permit phishing signatures, highlighting the ongoing risks in the DeFi space.
1 hour ago, someone lost $4.69 million worth of Pendle re-staking tokens.
The victim has signed multiple Permit phishing signatures. Stay vigilant! 🎣🔐 pic.twitter.com/NUnmTqQzO1
— Snorting scam | Web3 Anti-Scam (@realScamSniffer) July 24, 2024
Pendle, known for its focus on yield trading within decentralized finance (DeFi), allows users to lock in or leverage their yields.
Impressive growth data from PENDLE for the protocol
This protocol has shown impressive growth and solid indicators:
– The cumulative volume of yield trading reached $24 billion.
– Pendle’s total value locked (TVL) increased by more than $500 million in just two weeks, from $3.35 billion to $3.85 billion.
– Transaction volume nearly tripled in one week, from $30 million to $84 million.
– 35.5% of PENDLE tokens in circulation are locked as vePENDLE.
– The protocol generates $18.58 million in annual fees.
$PENDLE bull thesis -> Why $PENDLE goes beyond $20 this cycle
—————–Metric
🔹$24 billion in cumulative trading volume
🔹TVL revenue increased by over $500 million in two weeks, from $3.35 billion to $3.85 billion
🔹 Trading volume nearly tripled from $30 million to $84 million in one week
🔹35.5% of banknotes in circulation…
— Defi_Mochi (@defi_mochi) July 22, 2024
These metrics highlight Pendle’s rapid expansion and important role in the DeFi landscape. The protocol’s ability to attract substantial transaction volumes and lock a significant portion of its tokens reflects its strong user base and the trust it has earned within the community.
Despite the unfortunate security breach affecting an individual investor, Pendle continues to demonstrate resilience and growth. Polychain Capital’s recent moves, coupled with the protocol’s impressive metrics, highlight the dynamic and sometimes volatile nature of the DeFi ecosystem.
As Pendle and other DeFi protocols evolve, maintaining robust security measures and vigilance against phishing attacks remains paramount for all participants.
Disclosure: This is not trading or investment advice. Always do your research before purchasing cryptocurrency or investing in any service.
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