News

Polychain Capital’s Significant PENDLE Movement Amid Market Activity

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.

Related Post

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

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

OKX Wallet Sees Whales Massive Moves; More on Plus Wallet & Coinbase  

Plus Wallet Impresses with its Speedy 15-Min Token Listings While Coinbase Unveils AI Tool &…

7 hours ago

100% Bonus with BlockDAG! Ethereum Eyes Breakout, Sui Plans To Expand

BlockDAG Rolls Out Limited Time 100% Bonus For Community While Ethereum Price Looks Bullish &…

8 hours ago

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

9 hours ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

15 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

1 day ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

1 day ago