Venus Protocol Deposited $91.95 Million in BNB to Binance, Possible Launchpool Participation?

IconCryptoNewsTerminal Staff22 Aug, 2024

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Venus Protocol Deposited $91.95 Million in BNB to Binance, Possible Launchpool Participation?

In the past 24 hours, Venus (XVS), a lending protocol based on the BNB chain (BNB), transferred 157.8k BNB (worth $91.95 million) to Binance. This was revealed by on-chain analyst The Data Nerd via Twitter. The reason for this large transfer is still unknown, but there are speculations that it could be in preparation for a possible launchpool participation. A launchpool is a fundraising platform that allows projects to raise capital by selling their tokens to Binance users. If this is the case, it would be a significant development for Venus Protocol. A launchpool participation would give the project a much wider reach and could help to increase its adoption. We will continue to monitor the situation and provide updates as they become available.

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