Crypto hedge fund Polychain Capital to liquidate $6 million ROOK position via DeFi exchanges rather than risk arbitrage trade for potential $8.7 million payout.

05/11 19:20

Crypto hedge fund Polychain Capital is deciding what to do with its $6 million worth of ROOK tokens, which will lose their value in just over two months. Instead of dumping them on the open market or taking a risky arbitrage trade, the fund is considering liquidating its position via decentralized finance (DeFi) exchanges. This move has changed the calculus of one of the wildest arbitrage plays in today's decentralized finance markets. ROOK Labs, which builds tools to collect MEV on the Ethereum blockchain, has agreed to end their community's right to govern the project. As part of this agreement, the community's governance tokens became tickets to a proportional share of $25 million of ROOK's treasury.

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