Key Points
- BitMEX founder, Arthus Hayes, lost $790,000 selling PENDLE.
- Today, he sold 350,000 PENDLE tokens worth $1.26 million at a loss of 36%.
BitMEX founder and former CEO, Arthur Hayes, lost $790,000 selling Pendle (PENDLE) today.
In a post via X, Lookonchain noted that Hayes sold 350,000 PENDLE tokens worth around $1.26 million at a loss.
He reportedly bought over 392,9 PENDLE worth around $2.2 million at an approximate price of $5.6 via Wintermute trading firm, from May 20 to June 21.
Three months later, the price of PENDLE dropped by over 40%, prompting Hayes to sell at a total loss of about $790,000. This represents a loss of approximately 36%.
According to Lookonchain, he deposited the coins to Binance and Bybit before selling them.
Back on June 19, Hayes shared a post via X, telling followers that he was adding funds to his stash of PENDLE and DOGE.
Today, PENDLE is trading at $3.65, up by over 5% in the past 24 hours. The token currently has a market cap of over $580 million.
Pendle Teams Up With SolvProtocol and Corn
On September 19 the team behind Pendle shared a post via their X account, saying they are teaming up with SolvProtocol and Corn to deliver SolvBTC.BBN on December 26.
SolvProtocol is a project aiming to build the Decentralized Bitcoin Reserve and Corn is an Ethereum L2 that uses BTC as the gas token and redirects network yield back to users and protocols.
SolvBTC.BBN is a liquid staking token that will be integrated with various DeFi protocols, offering flexibility and accessibility for a thriving BTCFi ecosystem.
Its key integrations include:
- DEXs to offer SolvBTC.BBN holders with instant liquidity and access to high-quality yields without requiring KYC
- Lending protocols to allow SolvBTC.BBN holders to lend their tokens, earning extra yield while enabling borrowers to access leveraged yield positions
- Yield-trading protocols to enable users to trade future yields of SolvBTC.BBN, manage yield exposure fluctuations, and optimize returns
What is Pendle (PENDLE)?
Pendle is a protocol within the DeFi ecosystem that enables tokenization and trading of future yield. The protocol introduces a unique approach to handling yield-generating assets by allowing users to separate the ownership of the underlying asset from its future yield.
With this separation, Pendle enables the creation of new financial instruments that can be traded on its platform.
At Pendle’s core is its Automated Market Maker designed to support assets that experience time decay, something that is characteristic to future yield tokens. This design is important as it addresses the challenge of valuing future yields.
