Pendle Finance, which is behind the altcoin PENDLE, developed to maximize the returns of cryptocurrency investors, started to rise after transactions made on Binance on February 1, 2024. Here are the details…
Arhur Hayes focused on that altcoin project
Arthur Hayes, founder of the cryptocurrency exchange BitMEX, withdrew 500 thousand PENDLE worth $1.28 million from Binance this morning, according to blockchain data. Before this transaction, Hayes had 1.84 million PENDLE ($4.84 million) in his wallet. Binance’s investment arm, Binance Labs, announced in August 2023 that it had invested in the Pendle Finance project without specifying the amount. After this transaction by Hayes, it is estimated that Binance Labs also invested a significant amount in Pendle Finance.
According to information provided by Spot on Chain, Hayes continues to keep 1.34 million PENDLE ($3.54 million) in his wallet. The unrealized profit of the famous investor is estimated at $ 1.45 million. According to TradingView data, the PENDLE price, which fell overnight, started to rise again after Hayes’ shooting and increased by more than 2% on a daily basis.
The flow of smart money attracted attention
The rise of Pendle Finance was also influenced by the influx of smart money into the Ethereum network. According to Nansen 2 data, the 24-hour capital inflow of smart money in the Ethereum network on February 1, 2024 was $192 million. This has provided significant support to API3, LCX and other cryptocurrency projects in which Pendle Finance is involved. Smart money generally represents institutional investors who play an important role in the cryptocurrency market. These investors generally adopt long-term investment strategies and are known to be more resilient to market volatility.
What is Pendle Finance?
Pendle Finance is a decentralized finance (DeFi) protocol developed to maximize returns for cryptocurrency investors. Pendle allows users to generate income by providing liquidity or renting liquidity from liquidity providers. Pendle uses a mechanism by creating liquidity pools and providing fixed-rate borrowing to these pools. This mechanism allows users to earn interest income at a fixed rate. Pendle Finance was launched in 2022 and quickly became one of the important projects of the DeFi industry. The project stands out with its decentralization, liquidity and user-friendly interface.
Pendle Finance continues to be one of the most popular projects in the DeFi industry. The project is expected to continue to grow and gain new users in the coming period. For the future growth of Pendle Finance, solving the scalability issue of the Ethereum network will play an important role. If the scalability issue of the Ethereum network is resolved, Pendle Finance will be able to reach more users and provide more liquidity.
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