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November 27, 2022
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Ethereum whales are depositing more ETH into the Ethereum 2.0 contract amid protocol updates

CryptoQuant’s on-chain data shows that whales are bullish on Ethereum in the long term, depositing more ETH even after last week’s price increase.

Ethereum Whales are depositing more ETH into the Ethereum 2.0 contract amid protocol updates, more than 95,000 ETH or over $287 million.

It appears that the number of new depositors is lower compared to the number of deposits, which, according to Young Ju, CEO of CryptoQuant, is a firm sign that the whales are bullish on ETH for betting more chips on the contract.

  • Ethereum whales are depositing more ETH into the Ethereum 2.0 contract amid protocol updates.

This number adds to the 5 million ETH bet in early June, which now exceed 6.5 million coins. To date, this has a dollar appreciation of $20 billion. At that time, the number of validators on the ETH 2.0 network was around 152,000, but it quickly increased to 200,000 after the latest news about the protocol update.

The Ethereum update not only attracts the attention of the crypto community, but also of various institutions around the world. As CryptoPotato reported a few weeks ago, Switzerland-based Sygnym Bank announced that its clients could use its institutional-grade banking platform to bet on ETH for Ethereum 2.0 from their existing wallets.

London Hard Fork Defines a Big Change for Ethereum

London’s hard fork, activated on Aug. 4, restructured the fee mechanism by creating a base fee, which is designed by algorithms to decide transaction costs based on the workflow on the network. This means that the network chooses a uniform gas price that, in theory, should avoid big spikes in gas costs, rather than relying on miners to prioritize transaction fees.

Network fragmentation will increase scalability, thus increasing the amount of work you can handle as the workload is distributed among validators on different shards. Ultimately, reducing grid congestion lowers gas rates.

These updates are a significant milestone for Ethereum and could crown its blockchain as the undisputed leader of the DeFi industry. Since the new rate engine was announced, at least 3.25 ETH has been burned every minute, and 60k has been burned so far on various platforms such as OpenSea —428 ETH, UniSwap V2 —326 ETH, Tether —245 ETH and Axie Infinity —227 ETH .

Source: CryptoPotato

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