A wallet associated with Polychain Capital recently made a notable deposit of 1.71 million PENDLE tokens (valued at $6.97 million) to Binance, occurring nine hours ago.
This movement follows an earlier withdrawal of the same amount from Binance, valued at $11.4 million, between April 6 and April 22. Should the tokens be sold at the current value, Polychain Capital stands to incur a significant loss of approximately $4.4 million.
A wallet related to Polychain Capital deposited 1.71M $PENDLE($6.97M) to #Binance 9 hours ago.
The wallet withdrew 1.71M $PENDLE($11.4M) from #Binance at $6.67 between Apr 6 and Apr 22.
He would lose ~$4.4M 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 of Pendle re-staking tokens.
The victim signed multiple Permit phishing signatures. Stay alert! 🎣🔐 pic.twitter.com/NUnmTqQzO1
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) July 24, 2024
Pendle, known for its focus on yield trading within decentralized finance (DeFi), allows users to fix or leverage their yields.
Impressive PENDLE Growth Data For The Protocol
This protocol has shown impressive growth and strong metrics:
– Cumulative yield trading volume has reached $24 billion.
– The total value locked (TVL) in Pendle grew by over $500 million in just two weeks, rising from $3.35 billion to $3.85 billion.
– Trading volume nearly tripled within a week, jumping from $30 million to $84 million.
– 35.5% of circulating PENDLE tokens are locked as vePENDLE.
– The protocol generates $18.58 million in annual fees.
$PENDLE bull thesis -> Why $PENDLE is going beyond $20 this cycle
—————–Metrics
🔹$24B Cumulative yield trading volume
🔹Grew TVL by > $500m in two weeks from $3.35B to $3.85B
🔹 Nearly tripled trading vol from $30m to $84m in a week
🔹35.5% of circulating…
— Defi_Mochi (@defi_mochi) July 22, 2024
These metrics underscore Pendle’s rapid expansion and significant role in the DeFi landscape. The protocol’s ability to attract substantial trading volumes and lock a significant portion of its tokens reflects its strong user base and the trust it has garnered in the community.
Despite the unfortunate security breach affecting an individual investor, Pendle continues to demonstrate resilience and growth. The recent movements by Polychain Capital, 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 staying vigilant against phishing attacks remain paramount for all participants.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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