Large participants in Ethereum's initial coin offering (ICO) received a staggering 254,908 ETH totaling $79,000 at the cryptocurrency's launch, but recently received 3,000 ETH worth approximately $7.64 million. was sold.
The huge Ethereum whale’s total ICO investment exploded from $79,000 to over $645 million, and the whale continued to sell the cryptocurrency and realize its profits over time.
According to popular on-chain analytics service Lookonchain, the last time a crypto whale sold ETH was back in July, when the whale moved 7,000 ETH worth about $24.28 million.
Whale still holds 37,070 ETH worth $93.8 million.
As reported by CryptoGlobe, Golem (GLM), an Ethereum-based project that raised funds through an ICO in July, began staking funds by moving 40,000 ETH worth approximately $124 million. They effectively became verifiers on the network, ensuring safety and yield. that.
The move comes after Golem deposited 3,000 ETH, worth about $9.3 million, to major crypto exchanges Binance, Coinbase and Bitfinex, presumably to sell the tokens, according to data from on-chain analytics firm Lookonchain. It became the second-largest cryptocurrency by market capitalization earlier this month after amassing sales worth approximately $100 million.
According to Coinbase, Golem is a decentralized computing network that aims to distribute surplus computing power to those who need it through a peer-to-peer network where participants can exchange computations.
GLM, the protocol's native token, facilitates exchange on this marketplace and sets the amount of GLM that users are willing to pay for tasks completed on their behalf. Those who complete these tasks will be given those tokens.
Golem addressed the Ethereum staking movement in a blog post, stating that a “significant but small portion of its reserves will be used to launch an “ETH staking test” to support future project growth and development. ” was used.
The project plans to generate revenue by staking a portion of its ETH reserves, which it plans to generate through “operational activities, ecosystem development, and the realization of the potential enabled by the Golem Network's decentralized computing platform.” It added that it will be used for “construction”.
Golem added that he will stake alone, without using a third-party service or another validator, to show support for Ethereum's decentralization efforts.
Featured image via Unsplash.
