- A whale borrowed 140,000 BNB worth $34 million from Venus and deposited it into Binance.
- Lookonchain suspects the whale intends to stake deposited BNB to farm CYBER and SEI.
- CYBER is the native token of CyberConnect, a newly launched Web3 social network.
According to Lookonchain, the smartmoney on-chain platform, a whale borrowed 140,000 BNB worth $34 million from Venus and deposited it into the Binance exchange. Lookonchain suspects the whale intends to stake the deposited BNB to farm CYBER and SEI.
The whale’s action has raised significant interest among crypto users. Some respondents to Lookonchain’s tweet expressed their curiosity over the event. While one respondent considered the move as ‘a big gamble’, another questioned why the whale did not outrightly buy CYBER and SEI instead of burrowing. The respondent, Vikas Yadav, asked how much interest the whale would pay on the borrowed BNB tokens.
CYBER is the native token of CyberConnect, a newly launched Web3 social network that enables developers to create social applications. In a blog post, the Binance research team explained that the social applications on CyberConnect will allow users to own their digital identity, content, connections, and interactions.
The research team projects the novel CyberConnect social network as a detachment from the current social network landscape dominated by a limited number of profit-driven corporations. It further explained that the primary focus of players in the current social networks industry is their financial interests. Hence, they often exploit user data and manipulate content, communities, and users on a massive scale to maximize revenue.
After Binance announced the launching of CyberConnect, Beng Beng Gaming, an Asia-focused marketing agency focused on NFT games, stated that the project raised $25 million from two rounds of private token sales, where 25,120,000 CYBER tokens have been sold. It also added that CyberConnect raised $5.4 million from public sale on Coinlist, where CYBER sold for $1.80.
CYBER is CyberConnect’s governance token and can be used for several other purposes within the ecosystem of the newly launched project.
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