The second-largest cryptocurrency of the global crypto market has been sailing the rough tides, ever since its London hard fork upgrade. Which has slandered the price projections of the alt star to narrow bandwidths.
While Ethereum maximalists are optimistic of situations stabilizing with the merger to ETH 2.0. The delay in the update going live has been tormenting traders in the business.
In succession, whales and retailers have been diversifying their portfolio, with high-yielding digital assets, by opting for a multichain strategy. On the other hand, users of the protocol have staked over 9 Million ETH, tallying to about $30 Billion in ETH 2.0.
Ethereum’s Loss Is Alts Gain?
As aforementioned, Ethereum whales have been diversifying their portfolio, with high-yielding digital assets, by opting for a multichain strategy. Consecutively, numerous retailers have been aping the tactics of deep-pocketed investors.
The 1000 largest addresses on Ethereum have been accumulating alternative cryptos such as MATIC, LINK, SHIB, UNI, FTX amongst others.
In view of the business exhibiting signs of recovery
According to sources, the most traded token amongst the top-1000 Ethereum wallets for 24-hours is “LINK”. While the most widely-held token is UNI, the biggest token position by dollar value is SHIB.
Amongst the top-10 held tokens by highest average USD value by the top 1000 ETH whales. Are ETH, SHIB, FTX token, Stablecoins, OKB, BEST, GALA, CRO, and MATIC.
The holders have been increasing their share at a constant rate, SHIB which held the share at about 14%, is now 15.09%. Next comes FTX Token with 14.87%, USDT with 7.28%, USDC at 6.35%, MATIC at 3.23%, and LINK at 2.51%.
In contrast, 9 out of the top 10 DeFi protocols by TVL are on Ethereum. The network’s absurdly high gas fees, lower TPS, and scalability have been persuading traders to look elsewhere.
Has ETH 2.0 Seized Billions From Mainnet?
The ETH 2.0 deposit contracts presently hold over 9 Million ETH that tally to more than $30 Billion. The deposit contracts enable consumers to transfer funds from Ethereum Mainnet to Beacon Chain, which is a parallel PoS network. Consecutively, users have staked 9 Million ETH in ETH 2.0, which sheds light on the belief users have over ETH 2.0.
The Ethereum community has been longing for the merger, as the absurd gas fees, low TPS, scalability, and the rate of burn have been tormenting users.
About 1,480,828 ETH have been burnt since the launch of EIP-1559, with a burn rate presently at 11.40 ETH/min. On the other hand, the average gas fee is at 127 GWEI, which has been limiting users from making transactions and buying other digital assets.
Concluding, the space is witnessing an increase in multichain strategies with a host of applications working on L-1’s and L-2’s. The move by deep-pocketed investors will bring virtues to emerging protocols.
However, the merger to ETH 2.0 is what the industry is looking forward to. With the upgrade going live, we can expect fortunes making way towards ETH diamond hands. That said Ethereum is a potential coin to bag for the long term.
