HomeNewsEthereum Whales Tighten Their Grip: zkEVM Protocol Scroll Steps In

Ethereum Whales Tighten Their Grip: zkEVM Protocol Scroll Steps In

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  • Ethereum billionaires now possess 32.3% of ETH’s supply, a control rate not seen since 2016.
  • Ethereum witnesses a technological leap with the mainnet launch of the layer-2 zkEVM protocol Scroll.

The Ethereum Billionaire Club Expands

In a revelation by Santiment, a renowned crypto analysis entity, Ethereum (ETH) addresses boasting a minimum of 1 million ETH now command 32.3% of the circulating supply. Intriguingly, this level of concentration in Ethereum’s landscape hasn’t been observed since the year 2016. Furthermore, transactions surpassing the $1 million mark recently experienced their second peak day in a span of five weeks.

Data derived from IntoTheBlock reveals a 0.15% growth in ETH concentration, with a staggering 45% of Ethereum’s total supply now residing in large wallet addresses. Whether these expansive transactions had any tangible influence on Ethereum’s market dynamism remains ambiguous. Market metrics show a 0.9% appreciation of the coin over the past week, though it experienced a 0.8% dip in the last day.

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In terms of holder sentiment, 48% are navigating a loss, 49% are cruising in profit, and a mere 3% stand at a breakeven point.

zkEVM Protocol Scroll: Ethereum’s New Ally

Augmenting Ethereum’s narrative of progress is the monumental mainnet launch of the layer-2 zkEVM protocol Scroll. What Scroll brings to the table is a layer-2 compatibility for contracts formulated on the Ethereum Virtual Machine (EVM). Having been under rigorous development for over two years, Scroll’s launch is hailed as a transformative move, catalyzing broader Ethereum adoption.

It’s impressive to note that the Scroll testnet has been a hub of innovation, hosting more than 100 projects ranging from Decentralized Finance (DeFi) platforms to avant-garde Web3 gaming initiatives.

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Haichen Shen, Scroll’s esteemed co-founder, illuminated the project’s commitment to uncompromising security standards. He emphasized that Scroll has always embraced a comprehensive outlook on security, benefiting from the insights of a specialized in-house team, conducting exhaustive audits, and cherishing the open-source ethos since its inception.

In a complementary perspective, Sandy Peng, another pivotal figure and co-founder at Scroll, highlighted their aim to empower developers. The focus is to craft blockchain solutions that solidify web3’s footprint in real-world scenarios, driving a surge in user adoption and fostering collective progress.

Post its mainnet launch, Scroll has successfully attracted deposits amounting to 2,030 ETH, underscoring the community’s confidence and anticipation in its potential.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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