Golem, an ICO project from 2016, strategically moves ETH to exchanges
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Golem (GLM), one of the high-profile ICOs from 2016 and among the first projects on the Ethereum (ETH) network, was seen liquidating its treasury. At that moment, Golem managed to raise 820K ETH, making it one of the biggest holders with a long runway for development. The Golem ICO sent a big portion of its funds to several exchanges. Golem sits on as much as $400M, coming from the era of big ICO projects where those hauls were not unusual. Now, the project sent as much as $100M worth of Ethereum to various marketplaces. Just a casual 2016 ICO, Golem, with just under $400m in ETH, slowly moving funds to exchanges 😬 So far, 26k ETH ($78m) has been sent to “ETH millionaire” which then sends to various exchanges like Binance, Bitfinex and Coinbase… First governments, now old ICOs, who’s next? pic.twitter.com/QhDoQF0ZVm — Nansen 🧭 (@nansen_ai) July 8, 2024 The Golem ICO was relatively successful, as the project built a decentralized computation market. The token sale also had significant returns in dollar, BTC and ETH terms. Additionally, the Golem ICO explained it has no desire to quit, and will instead use most of its ETH within the crypto ecosystem. Read: Golem Network’s $115 million in Ethereum move impacts the market The decisions of the Golem team put the spotlight on the fact that the project’s treasury is now larger than the market cap of GLM tokens. GLM is ranked beyond the top 20 of tokens, with a market cap of around $316M. While the ICO has returned 30X to long-term holders, ETH has appreciated by 300X during the same period. Golem turns to ETH staking The Golem team reassured investors that it is not giving up or liquidating its whole treasury. Instead, they announced a readiness to stake some of…
Filed under: News - @ July 9, 2024 8:18 am