Smart Contracts Hold Nearly 23% of Ethereum Supply
- ETH supply at leading digital exchanges is plunging.
Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, the world’s second-largest digital currency, has now increased by more than 400% since the start of 2021. One of the main reasons behind the latest surge in ETH price is the growing popularity of DeFi products.
According to the latest data published by Glassnode, a leading on-chain market analysis firm, smart contracts now hold 22.8% of the total Ethereum supply. The percentage of ETH supply held by smart contracts jumped from 16% to 22.8% within the first four months of 2021.
On the other hand, Ethereum’s supply at leading cryptocurrency exchanges has reached its lowest level in years. Digital exchanges now hold nearly 12% of the total ETH supply, compared to 17% in September 2020.
“This week a relatively large volume of Ethereum was removed from known Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term wallets, spiking to over 200k ETH in a single day. Not only are ETH coins being withdrawn from centralized exchanges, but they are also undoubtedly finding their way into smart contracts and DeFi applications,” Glassnode mentioned in its latest report.
As of writing, Ethereum is trading near $3,400 with a market cap of over $390 billion. The world’s second-most valuable digital currency crossed the market cap of the US-based financial services giant, Mastercard earlier this week.
Ethereum's Institutional Inflows and Network Activity
Ethereum-related investment products attracted massive institutional inflows this year. According to the latest report published by CoinShares, ETH attracted $30 million worth of institutional inflows last week as the total Ethereum investment products under management reached a record high of $13.9 billion. Grayscale, the world’s largest digital asset manager, recently published the total value of its cryptocurrency assets under management. The company now holds more than 3.1 million ETH with a total value of over $11 billion.
The deposit contract of Ethereum 2.0, the network upgrade of ETH, crossed 4.3 million staked ETH today as its value touched nearly $15 billion. Despite the latest jump in the transaction fees of Ethereum, its overall network activity has increased substantially over the last few months.
Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, the world’s second-largest digital currency, has now increased by more than 400% since the start of 2021. One of the main reasons behind the latest surge in ETH price is the growing popularity of DeFi products.
According to the latest data published by Glassnode, a leading on-chain market analysis firm, smart contracts now hold 22.8% of the total Ethereum supply. The percentage of ETH supply held by smart contracts jumped from 16% to 22.8% within the first four months of 2021.
On the other hand, Ethereum’s supply at leading cryptocurrency exchanges has reached its lowest level in years. Digital exchanges now hold nearly 12% of the total ETH supply, compared to 17% in September 2020.
“This week a relatively large volume of Ethereum was removed from known Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term wallets, spiking to over 200k ETH in a single day. Not only are ETH coins being withdrawn from centralized exchanges, but they are also undoubtedly finding their way into smart contracts and DeFi applications,” Glassnode mentioned in its latest report.
As of writing, Ethereum is trading near $3,400 with a market cap of over $390 billion. The world’s second-most valuable digital currency crossed the market cap of the US-based financial services giant, Mastercard earlier this week.
Ethereum's Institutional Inflows and Network Activity
Ethereum-related investment products attracted massive institutional inflows this year. According to the latest report published by CoinShares, ETH attracted $30 million worth of institutional inflows last week as the total Ethereum investment products under management reached a record high of $13.9 billion. Grayscale, the world’s largest digital asset manager, recently published the total value of its cryptocurrency assets under management. The company now holds more than 3.1 million ETH with a total value of over $11 billion.
The deposit contract of Ethereum 2.0, the network upgrade of ETH, crossed 4.3 million staked ETH today as its value touched nearly $15 billion. Despite the latest jump in the transaction fees of Ethereum, its overall network activity has increased substantially over the last few months.