Pendle (CRYPTO: PENDLE), a decentralized finance protocol, has seen significant whale movements, including from a major crypto figure locking up tokens for the short term.

What Happened: Lookonchain data shows a whale depositing 755,000 PENDLE, valued at $3.83 million, to Binance for profit. This whale had previously withdrawn 5.02 million PENDLE, worth $2.73 million at the time, from Binance on Aug.18, 2023, when the price was $0.54.

The whale currently holds 4.27 million $PENDLE, valued at $21.7 million, resulting in a total profit of $22.8 million—an 834% gain.

BitMEX Co-founder Arthur Hayes locked 1.65 million PENDLE, worth $8.4 million, until Sept. 5. This is the second time Hayes has locked Pendle, suggesting strong belief in its future.

Also Read: Crypto Trader Predicts Trump-Themed Meme Coin Will Go ‘Berserk’ Despite Pullback, Says ‘Accumulate S**tcoins’ Until Q4

Why It Matters: Pendle Finance is an Ethereum (CRYPTO: ETH) based yield tokenization protocol that allows speculation and hedging on future yields. With the creation of a novel Automated Market Maker (AMM) that supports assets with time decay, Pendle gives users more control over future yield by providing optionality and opportunities for its utilization.

Pendle has several utilities such as governance, boosting LP rewards and revenue share. Over the past month, Pendle reported gains of 17%.

What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin Trader Who Made $250K Spends It All On Donations, Drugs, Concerts, Tattoos…And Takes Her Last

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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