BitMEX’s Arthur Hayes acquired $500K on PENDLE, currently holds over $8M, and intends to buy more.
BitMEX founder Arthur Hayes has recently purchased 500K PENDLE, a permissionless yield-trading protocol where users can execute various yield-management strategies, through Wintermute, a leading global algorithmic trading firm in digital assets.
According to data from Etherscan, Hayes currently holds approximately 1.555 million PENDLE ($8.8 million). The average cost is about $2.02 per token and a current paper gain of $4.89 million. In a blog post, Hayes said that he will acquire more Pendle.
Things To Know About Pendle.
Pendle is an Ethereum protocol that creates a market for the yields of supported tokens by splitting them into principal and yield tokens. It also enables liquidity pools through which these tokens can be traded.
On June 16, 2021, Pendle launched on Ethereum. It allows users to mint YT and OT (now PT) for aUSDC and cDAI, trade, and provide liquidity to YT and OT pools paired with the underlying yield-bearing token. They could also earn yield from both tokens’ LP token pairs and single-sided stake ERC-20 PENDLE.
Additionally, Pendle provides a market for fixed and floating rates of supported yield-bearing tokens. Users can earn fixed and long yields and provide liquidity to Pendle pools for underlying tokens.
On November 4, 2021, Pendle expanded to Avalanche C-Chain, with pools launching on the 11 of the same month. ERC-20 PENDLE was bridged to Avalanche C-Chain as ARC-20 PENDLE via Multichain (formerly Anyswap).
The Launch of Pendle V2 on Ethereum.
On November 29, 2022, Pendle V2 launched on Ethereum, introducing an AMM used as of April 8, 2024. The AMM enables trading of PT and YT through a single liquidity pool pairing SY and PT of the underlying yield-bearing token.
Pendle V2 also introduced auto-routing, which enables users to deposit other supported tokens. These tokens are then swapped via third-party DEX for the underlying yield-bearing token to complete actions on Pendle.
Meanwhile, in March 2023, Pendle V2 launched on Arbitrum with support for GMX’s GLP token. On July 5, 2023, Pendle V2 launched on BNB Smart Chain with support for wBETH and THENA ETH-frxETH.
According to a Medium post on February 26, 2024, the Pendle team expressed interest in collaborating to develop money markets, leverage strategies, index funds, structured products, derivatives, CDPs for PTs, and vaults and autocompounders for YT, PT, or LP positions.
Lastly, as of April 8, 2024, Pendle has plans for a V3 launch, but specific details haven’t been disclosed yet.
