BNB holders transferred over $400 million to Binance for portal mining.

PORTAL, the 47th project on Binance Launchpool, transferred over $400 million in BNB from BNB whales to Binance in the last 24 hours in anticipation of high returns.

According to on-chain data analyzed by Arkham, over $400 million in BNB was transferred to Binance from BNB holders to participate in PORTAL mining in the last 24 hours. Over $10 million in BNB was transferred from each of seven individual addresses, with the largest whale sending over $40 million.

Binance announced the portal as the latest Binance Launchpool project starting February 22nd. Launchpool allows Binance users to stake BNB, BUSD, and other tokens to earn the latest Launchpool token rewards.

Portal is a layer 2 aggregator that enables cross-chain transfers between different blockchains. Binance Launchpool staking for Portal mining began on February 22nd at 08:00 UTC, and Portal will be listed on Binance on February 29th at 18:00 UTC.

Large-scale transfers of BNB to Binance wallets indicate that whales expect high demand and rewards for the new portal token distribution. More than $400 million in BNB flooded Binance just before portal mining began, as BNB holders sought to maximize their allocation of limited portal supply.

Portal Mining attracted tremendous attention from the Binance community and became one of the biggest Launchpool events of the year. Due to fierce competition for Portal mining rewards, the Portal token listing is highly anticipated later this month.

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