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.
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.