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.

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.

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.

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: nahumam/123RF // Image Effects by Colorcinch