On-chain data shows that a crypto whale moved a large amount of Polygon (MATIC) altcoins to Binance. Examining the details of the recent transfer transaction, this whale sent 1.10 million MATIC tokens worth $1.21 million to Binance. Prior to this transaction of the wallet, these MATIC altcoins were staked on Lido Finance.
In exchange for MATIC tokens staked on Lido Finance, a coin named stMATIC is given to users as an equivalent. Thanks to stMATIC and stMATIC, users continue to win staking rewards and can use stMATIC tokens indexed to MATIC price in various DeFi applications.
Lido Finance offers a similar application for Ethereum. As it is known, since the Shanghai update has not been implemented yet, Ethereum tokens cannot be removed from the stake when they are staked. Although Whale has thus transferred all his MATIC tokens to Binance, he still holds a large amount of other altcoins.
The whale, which holds a total of $1.9 million in assets in its wallet, has the most Rocket Pool (RPL) coins. The total amount of RPL in the wallet is approximately $875,000. Other coins in the whale’s wallet are Frax Share (FXS) at $372,232, BendDAO (BEND) at $264,040, and DAI at $232,000. Among them, DAI is known as a decentralized stablecoin. However, the whale in question is among those who are entitled to receive a large amount of BLUR airdrop.