DeFi mining, leveraged trading? A deep dive into the on-chain activities of crypto billionaires and moguls

Source: Hoeem Twitter

Compiled by: Baize Research Institute

Crypto researcher Hoeem recently summarized the on-chain activities of some crypto billionaires and trading moguls, involving leveraged trading, DeFi mining, and more. The relevant crypto assets include $GMX, $ARB, $SOLID, $EQUAL, $SNEK, $TRX, and others. The Baize Research Institute has compiled the following:

Andrew Kang: Keen Sense

Mechanism Capital co-founder Andrew Kang has a net worth of over $200 million. Next, we will track his portfolio to understand his on-chain strategies.

By tracking the public wallet address: 0xe8c19db00287e3536075114b2576c70773e039bd, we can see that he bought $ARB, which has consistently outperformed the market, and we can also see his trading on GMX. (Please note that this does not represent Andrew's entire portfolio, just one of his public wallets that we are tracking.)

1. Continuous Profit from $ARB Purchase

He made his first large purchase of $ARB for $1 million on April 4, 2023.

On April 5, 2023, he made two more significant purchases totaling $1.852 million worth of $ARB.

Before the new proposal from the Arbitrum Foundation, he bought a considerable amount of $ARB, outperforming most market participants with a return rate of about 40%.

He has not sold any yet.

Will he hold it long-term?

2. Trading on GMX

• $563,000 long position, 50x leverage
• $198,000 short position, 25x leverage

Leveraged trading is a "dangerous game," often with gains and losses, and is not recommended for experimentation, but you can gain some insights from it.

By observation, Andrew's short position is relatively small and was established recently.

• Is he hedging his long position?
• He has not closed his long position, perhaps anticipating a brief market correction.

But it is important to remember that leveraged trading carries significant risks, and for him, it may just be "gambling entertainment."

Lafa: Putting Eggs in the Solidly ve(3,3) Basket

Lafa has a net worth of over $5 million. Next, we will track his portfolio to understand his on-chain strategies.

Lafa is the founder of the DeFi protocol DEUS, so he is well-versed in DeFi. The wallet address we are tracking is: 0x83b285e802d76055169b1c5e3bf21702b85b89cb

By tracking the address, we found that Lafa has invested in many DeFi tokens, more specifically, Solidly ve(3,3) tokens.

• $2 million in $SOLID
• $560,000 in $THE
• $185,000 in $SNEK
• $372,000 in $RAM
• $35,000 in $EQUAL

Solidly ve(3,3) could be a good narrative; although these protocols have launched well, their tokens have not yet reached all-time highs.

It is well-known that Solidly has a high APR. The tokens he holds are all staked and earn significant yields through bribery, with weekly earnings fluctuating slightly based on the bribery amounts.

In short, Lafa is putting his eggs in the Solidly ve(3,3) basket, and so far, he has been successful.

It is worth noting that many of the protocol tokens he invested in are partners of his DEUS.

But is he steadfast in his belief in Solidly ve(3,3) and these tokens?

Sun Yuchen: DeFi Activities Around Tron Ecosystem

Sun Yuchen has a net worth of over $400 million. Next, we will track his portfolio to understand his on-chain strategies.

The wallet address we are tracking is: 0x3ddfa8ec3052539b6c9549f12cea2c295cff5296

Most of his assets are stablecoins, with little change in recent times.

Let’s take a look at other tokens he holds (worth over $100,000):

• $5 million in $TRX
• $880,000 in $AAVE
• $330,000 in $BTC
• $200,000 in $MULTI
• $170,000 in $COMP
• $170,000 in $MATIC
• $170,000 in $CVX
• $120,000 in $DFA
• $110,000 in $KCS
• $110,000 in $SUSHI

Upon further investigation of his DeFi transactions, we can see that he is providing liquidity in DeFi to earn yields:

• TRX/BUSD: $5.4 million
• BTT/BUSD: $5 million
• WIN/BUSD: $1 million

He is also earning yields by lending assets through Aava:

• USDT: $24 million
• TUSD: $4.2 million

In short, as the founder of Tron, Sun Yuchen is continuously profiting in DeFi through Tron ecosystem tokens TRX, BTT, and USDD.

Arthur Haye: Fond of $GMX

BitMEX co-founder Arthur Haye has a net worth of over $500 million. He bought $GMX at $17 (now $78). Next, we will track his portfolio to understand his on-chain strategies.

The wallet address we are tracking is: 0x534a0076fb7c2b1f83fa21497429ad7ad3bd7587

Most of Arthur's on-chain funds are in DeFi, and the tokens he holds only account for a small part of his portfolio, but let’s take a look (he previously sold $LDO that he held for half a year):

• $80,000 in $ETH
• $48,000 in $BOND
• $17,000 in $PENDLE
• $14,000 in $ARB

Upon further investigation of his DeFi transactions, we can see that he seems to favor the GMX protocol, staking most of his funds in GMX to earn yields:

• Staked $15.7 million in $GMX
• Staked $1 million in $esGMX

$GMX provides Arthur with at least a 4.32% APR, all paid in $ETH:

• $700,000 annually
• $59,000 monthly
• $1,900 daily

In short, Arthur Hayes has outperformed most market participants simply by buying and holding $GMX, which constitutes a large part of his portfolio.

In the future, when Arthur buys tokens with such conviction again, you should take note; you can discover it through on-chain data tools.