Pendle Ecosystem Fund Multisig Transfers 600,000 PENDLE to Binance
CryptoNewsTerminal Staff12 Aug, 2024
Pendle Ecosystem Fund Multisig Transfers 600,000 PENDLE to Binance
Pendle Ecosystem Fund Multisig Transfers 600,000 PENDLE to Binance According to Arkham data, the Pendle Ecosystem Fund multisig address transferred 600,000 PENDLE (~$1.64 million) to Binance about 30 minutes ago. This transfer is part of a consistent pattern of deposits from the Pendle Ecosystem Fund to Binance, with approximately 2-1.3 million PENDLE being transferred every month since October 2022. The Pendle Ecosystem Fund received 23 million PENDLE from the Pendle token distribution address in October 2022. The purpose of the Pendle Ecosystem Fund is to support the growth and development of the Pendle ecosystem. The fund has been used to provide grants to developers, fund research, and support marketing and community initiatives. The transfer of 600,000 PENDLE to Binance may be a sign that the Pendle Ecosystem Fund is preparing to sell some of its holdings or that the Fund is moving funds to Binance for other purposes. The Pendle Ecosystem Fund has not yet commented on the transfer.
