The Whales’ Play: What Happened on Aave, Lookonchian and Rarible with Ethereum, STETH, USDC, and RPLs

04/12/2023 13:41 • Digital Disruptors • 84 views

On April 12th, according to Lookonchian data, a giant whale borrowed 1500 ETHs on the Aave platform and exchanged them for 1503.75 STETHs, while borrowing 300000 USDC to buy 6959 RPLs at an average price of $43.11.

Giant Whale borrowed 1500 ETHs on the Aave platform and exchanged them for stETH, borrowed 300000 U to buy 6959 RPLs

If you’re into cryptocurrencies or DeFi, you must have heard about whales before. These are huge players in the market with significant investments in different tokens or cryptocurrencies. What does it mean when a whale borrows a significant amount of ETHs on a platform like Aave, only to exchange them for STETHs, and borrow USDC to buy RPLs on Rarible? Let’s dive into the details of what happened on April 12th with the data from Lookonchian.

What is Lookonchian data?

Before we get into the details of what happened with the whales, let’s first understand what Lookonchian is. Lookonchian is a blockchain explorer that provides a detailed view of the Ethereum blockchain, including transactions, smart contracts, tokens, and blocks. They also offer data analysis for various Ethereum platforms, which helps in decision-making for traders, investors, or enthusiasts.

The whale’s move

On April 12, a giant whale borrowed 1500 ETHs on the Aave platform and exchanged them for 1503.75 STETHs. This was a profitable move for the whale, as STETH is a token collateralized by ETH, which means it can be traded for ETH anytime. At that point, one STETH was equivalent to 0.998 ETH, which means 1503.75 STETHs were worth around 1500 ETHs. This move could indicate a bullish trend for both ETH and STETH.

Borrowing USDC and buying RPLs

After exchanging the ETHs for STETHs, the whale borrowed 300,000 USDC to buy RPLs on Rarible. Rarible is a decentralized marketplace for non-fungible tokens (NFTs), which can be used for digital art, music, games, and more. RPL is an ERC-20 token on Rarible, and its value depends on the demand for NFTs on the platform.
The whale bought 6,959 RPLs at an average price of $43.11, which means he spent around 299,996 USDC. The RPLs bought could be a speculative move, as the price of NFTs has been skyrocketing lately, and Rarible is a popular platform for buying and selling them.

Implications for the market

The move taken by the whale on Aave, Lookonchian, and Rarible could have implications for the entire cryptocurrency and DeFi market. Firstly, it shows that whales still play a significant role in the market and their moves can affect the prices of different tokens. Secondly, it indicates that STETH is still valuable, and traders or investors can consider it for trading on different platforms.
Finally, it represents the bullish trend of NFTs and their increasing popularity among investors and enthusiasts. However, it’s important to note that investing in cryptocurrencies or DeFi platforms involves risks, and traders or investors should consult their financial advisors before making any decisions.

FAQs

1. What is a whale in cryptocurrency?
In cryptocurrency, a whale refers to a huge player in the market with significant investments in different tokens or cryptocurrencies.
2. What is Aave?
Aave is a decentralized lending platform where users can borrow, lend and earn interest on different tokens or cryptocurrencies.
3. What is Rarible?
Rarible is a decentralized marketplace for non-fungible tokens (NFTs), which can be used for digital art, music, games, and more.

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