After Binance Announced Perpetual Contracts, the Blur Token Whales Broke Up

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Last Updated on May 1, 2023 by Bitfinsider

Large investors of the token, also known as “whales,” have shown a mixed reaction to the news that Binance, the top crypto exchange by volume, would introduce perpetual futures contracts for NFT marketplace Blur’s governance token.

On April 27, Binance declared that it would provide a perpetual futures contract that would allow users to leverage up to 20 times when betting on the price of blur relative to the stablecoin Tether. Today at noon UTC, the blur/USDT contract will become active.

At an average price of $0.72 earlier today, one whale bought 1.39 million Blur governance tokens using one million USD Coins. The decentralized exchange aggregator 1inch was used for the swaps.

In contrast, another whale was sold. At an average price of $0.68 per token, a wallet with the Ethereum Name Service domain luggis.eth exchanged 1.77 million BLUR for 1.2 million USDC. As a result, luggis.eth suffered a loss of almost $295,000, according to a lookonchain on-chain analyst who posted on Twitter. Blur governance tokens are no longer held by Luggis.eth.

According to statistics from Etherscan, the governance token for Blur is now trading at $0.72. With some stating that the NFT market targeted at professional traders isn’t very friendly for common NFT traders, Blur itself has experienced dropping volumes over the past few weeks.

One Twitter account remarked, “It’s just been degens PvP’ing each other all year,” in reference to the platform’s temporary incentive program that promotes bidding over organic trading.

The competing NFT aggregator OpenSea Pro saw considerable growth in active addresses and transaction volumes after its launch, as reported previously, taking the lead in transactions in a cutthroat market.

Since then, the percentage of daily active users for OpenSea Pro has only risen. Dune, a data tracking platform, estimates that it presently holds 70% of the market.

To OpenSea Pro’s 46%, Blur has a tiny advantage in 51% daily volume share among NFT aggregators.

How to buy or trade BLUR on ProEX

You can buy or trade BLUR on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade BLUR as a spot pair (BLUR/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade BLUR/USDT at ProEX Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.