In the previous 24 hours, the top 1,000 ETH whales acquired an average of $12,766 worth of Polygon (MATIC) tokens. As the cryptocurrency fell down from its all-time high, the second-largest ETH whale acquired 2,000,000 MATIC tokens for $5.02 million. With an average purchase amount of $4,140; large crypto investors are flocking to decentralized exchange Sushi (SUSHI) and Aave (AAVE).
According to whale-surveying site WhaleStats, the top 1,000 ETH whales are buying millions of dollars worth of metaverse tokens, stablecoins, and ETH-based altcoins. The ETH whale with the 79th highest net worth received a whopping 144,842,922 CHZ tokens worth $45.7 million. The 104th-ranked ETH whale spent $1.05 million on 399,999 MATIC.
Here is the full list of the altcoins where whales allocated their portfolio.
- USD Coin (USDC)
- Chiliz (CHZ)
- Tether (USDT)
- Polygon (MATIC)
- Axie Infinity (AXS)
- Decentraland (MANA)
- Synthetix (SNX)
- yearn.finance (YFI)
- Sandbox (SAND)
- Woo Network (WOO)
The Kintsugi testnet, the latest step in replacing Ethereum’s Proof-of-Work consensus method to Proof-of-Stake, has been deployed. The mainnet and beacon chains are expected to combine in Q1/Q2 of 2022. According to a release from ConsenSys, over 8.4 million ETH has been staked on Ethereum 2.0’s beacon chain.
Ethereum founding member Tim Beiko wrote in his announcement, “The Kintsugi testnet provides the community an opportunity to experiment with post-merge Ethereum and begin to identify any issues,”.
The Kintsugi testnet will help prepare for the “merge” to Ethereum’s 2.0. Following the merge, Ethereum 2.0 will move toward “Phase 2.” This will introduce sharding, a scalability feature that will improve fees and transaction times. Sharding is expected to arrive in late 2022.
Polkadot has unveiled the first of its parachains (or parallelized chain). The goal of parachains is to improve the interoperability of numerous blockchains. The Polkadot team spent five years developing the parachains, which were then auctioned off to teams. The marketplace plans to increase its current parachain slot allotment from five to 100.
According to Gavin Wood founder of Polkadot, the additional Relay Chain helps in coordinating the consensus and communication between parachains:
And as the ecosystem grows, especially with nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.
And he also added that the vision was to have multiple parachain model:
The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this
VanEck, a New York-based investment management firm, has added two new ETNs to its crypto offerings: Avalanche and Polygon. The ETNs will allow investors to profit from the price of Avalanche (AVAX) without having to acquire the cryptocurrency directly. Polygon and Avalanche join the firm’s lineup of ETNs, which includes Bitcoin, Ether, Polkadot, Solana, and Tron.
ETNs (exchange-traded notes) are similar to ETFs in that they are traded on a stock market and track a benchmark index. An ETN is a senior, unsecured debt product issued by a bank, as opposed to an ETF, which owns assets that are the foundation of the ETF’s pricing.
VanEck’s request to launch a spot Bitcoin exchange-traded fund (ETF) was denied by the Securities and Exchange Commission, although the SEC eventually approved VanEck’s Bitcoin futures-based fund. VanEck’s existing crypto products in Europe, which now include seven exchange-traded notes, are continuing to grow.
Developers teams will get incentives in ETH that will be unlocked over time as part of the program. Each client team will receive 144 validators in total, or 4,608 ETH, worth about $17.8 million at current pricing. The program’s structure links teams with the network’s long-term health and guarantees that they are rewarded for developing secure software. The ETH 1 and ETH 2 Beacon chains will be merged sometime in the first quarter of 2022. Since the London update in early August, the network has burned 1.19 million ETH. At current pricing, this is worth over $4.6 billion, which corresponds to around 7,000 ETH (or $27 million) being burned per day.
The incentive program is setup to “ensure that client teams have a strong incentive to maintain the core Ethereum network over the long term.”. The teams eligible for the program include Besu, Erigon, Go Ethereum (Geth), Lighthouse, Lodestar, Nethermind, Nimbus, Prysm, and Teku.
The funds will be available immediately but withdrawals will be vested over several years.
Deel, a fintech company that specializes in payroll, has added two additional coins to its crypto portfolio. Contractors can now get their payments in USDC or Solana, the proof-of-stake blockchain’s native asset. Salary payments in bitcoin, ether, and XRP were previously supported on the site. In October, Deel secured $425 million in a Series D funding round.
Contractors will need a coinbase account in order to take advantage of the new functionality. Deel, according to their statements that cryptocurrencies offers a faster way for people to get paid with lower processing fees.
Deel’s clients include the likes of Coinbase, BlockFi, and Rarible.
Vulcan Forged, the Vulcan Forged platform, was hacked and its customers made about $140 million poorer. A hacker exploited the Polygon-based platform to get hold of the private keys to 96 crypto wallets and grab roughly 4.5 million PYR tokens. The company has vowed to make affected users whole with money from its treasury and claimed that half of the stolen funds have already been repaid.
According to Jamie Thomson the CEO of the company, “What’s happened is someone’s exploited our servers, got the Venly credentials, and used it to extract the private keys of the MyForge users”. (MyForge is an asset management tool that displays users’ crypto and NFT holdings.).
Due to the hack the company vowed to transition to decentralized wallets for greater security.
The launch of Cardano’s first-ever ERC-20 converter has been announced. With the support of IOG, the Cardano developer, the project that had been in the works had now reached its launch milestone. The converter is currently available on the testnet, allowing users to transfer AGIX tokens from Cardano to Ethereum and vice versa. AGIX transactions will be possible on a network with better transaction capacity and lower costs as a result of this.
One of the first DEXs in Cardano, was just launched. On Monday, SundaeSwap was launched to considerable excitement, allowing people to experiment with the project, which is currently live on the testnet.
Cardano is witnessing what is turning up to be an exciting start to decentralized finance on its network, but there are still some problems to sort out. The developer expressed his gratitude to the community.
Shiba Inu ($SHIB), a meme-inspired cryptocurrency that saw its price explode earlier this year, has been added to the Avalanche Bridge. The bridge will allow users to transfer their SHIB onto the Avalanche blockchain. Wrapped ether can be locked in the ChainBridge contract so an equivalent token on Avalanche can be minted. Shiba was listed for a spot trading pair on one of the world’s largest cryptocurrency exchanges this week, ByBit.
Avalanche has detailed that the Avalanche-Ethereum Bridge is a “two-way token bridge that enables seamless ERC-20 and ERC-721 transfers between Avalanche (via the C-Chain) and Ethereum.