Where It All Started.

Where It All Started.

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Tag: eth

Total Crypto Market Cap Will Reach 5 Trillion USD In 2022 According To AvaLabs CEO

In 2022, John Wu, the CEO of Ava Labs, a blockchain business that creates the software for the Avalanche (AVAX) blockchain, offered a lot of fascinating forecasts for the cryptocurrency industry.

Wu began by presenting Avalanche in an interview with Kelly Evans, anchor of CNBC’s “The Exchange,” on December 31, 2021:

Avalanche is the fastest blockchain. It’s Ethereum compatible and it’s the fastest growing blockchain based on usage.

After that, Wu was pressed to explain why Ethereum has outperformed Bitcoin in 2021, and here’s what he had to say:

Oh yeah. From a price action perspective, sure. And from a usage perspective. I mean Bitcoin was up 65% and I think Ethereum was up 500%. So, yes, from that perspective and market dominance, Ethereum definitely gew, but that’s because there was more usage there on Ethereum.

Wu then went on to discuss how far the cryptocurrency business may expand in 2022:

I think when I come back in 2022, the asset class, which is roughly about 2.3 to 2.5 trillion [dollars], we’ll be talking about [how] the biggest story in 2022 is how the crypto asset class doubled and went to five trillion and it’s going probably be the only asset class that could withstand the headwind from the macro factors of Fed tightening and geopolitical issues that are out there.

And I think the reason is very simple because from where I sit, what I see is basically a massive inflow of talent, capital, and usage and listen, I’m almost embarrassed to say that that’s a prediction because I’m just reporting what I see on a daily basis.

Top Ethereum (ETH) Wales Buy Polygon (MATIC) And Other DeFi Coins Despite Market Pullback

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).

Ethereum Whales Load Up Altcoins

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)

Kintsugi Merge Testnet For Ethereum (ETH) Is Now Live

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.

Ethereum (ETH) Client Incentive Program To Reward Developers

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.