Binance has successfully created a self-sustaining growth cycle for BNB through Launchpool. Users of the platform frequently reinvest the “farmed” assets, according to QCP Capital.
Experts explained that platform clients sell tokens obtained from campaigns and increase their BNB holdings for subsequent staking.
They aim to boost returns from participating in new projects. Given the frequency of these projects, reinvestment effectively occurs almost weekly.
Besides BNB, specialists have identified capital rotation into SOL, AVAX, and other high-cap cryptocurrencies.
According to CoinGecko, BNB has risen by more than 40% over the past seven days.
At one point, the asset’s value exceeded $630, with a daily increase of 15.6%. Journalist Colin Wu also noted high demand for tokens of centralized platforms and coins related to the Solana ecosystem.
CEX platform tokens and Solana project tokens saw general gains. BNB once exceeded $630, with a 24-hour increase of 15.64%, and OKB had a 24-hour increase of 9.5%. SOL rose 11.66% in 24 hours, JUP rose more than 15% in 24 hours, and WIF rose more than 20% in 24 hours.…
— Wu Blockchain (@WuBlockchain) March 14, 2024
According to QCP Capital, amid Bitcoin’s stabilization around $73,000, there is a decline in funding rates and premiums on near-term futures.
Amid this trend, analysts have raised questions:
- Could this be a sign of an impending correction?
- Will the reduction in leverage pave the way for a new wave of growth in the spot market?
Experts found it difficult to provide answers. They forecast the continuation of these trends in crypto derivatives.
Earlier, Binance launched the Futures NEXT platform, where users can bet on which tokens will be listed on the USDⓈ-M futures market.