Following the listing of the new cryptocurrency Scroll (SCR) on Binance’s Launchpool platform, a prominent crypto whale made headlines with a remarkable move. According to data tracked by Scopescan, the whale borrowed approximately 26.3 thousand BNB (around 15 million dollars) from the decentralized finance protocol Venus and subsequently deposited this amount into Binance.
Borrowing at High-Interest Rates
This significant borrowing from the Venus protocol has gained attention, especially due to the appealing interest rates offered. Currently, the annual supply interest rate for FDUSD on the Venus protocol is set at 63%, while the rate for BNB is at 32%. High-interest rates are encouraging users to invest more assets into the protocol, simultaneously increasing borrowing activities.
Growing Interest in Binance Launchpool
Binance’s Launchpool, designed to support new projects, has gained immense popularity among cryptocurrency investors. The recent listing of Scroll (SCR) on the platform has further heightened this interest. Notably, large investors, or crypto whales, are seen making significant moves hoping for greater profits from newly listed cryptocurrencies. Some market observers view these substantial investments as a vote of confidence in the future of SCR coin.
Impact on the Crypto Market
The activity on Binance Launchpool and the high-interest rates on the Venus protocol continue to lead to notable developments in the crypto market. The price trajectory of Scroll (SCR) following its listing on Binance remains a topic of great curiosity.
The actions of crypto whales following the listing of new cryptocurrencies on Binance underscore their confidence in potential growth and highlight the significant impact such actions have on the market.
