The decentralized financial platform Gnosis is now the third largest holder of the Ether coin offering (ETH). Gnosis’s multi-signature storage vault received a deposit of 1,500,000 ETH on Thursday, worth more than $ 1.7 billion at the time of the transaction.
Although its foray into the storage industry began just over a month ago, a large majority of the ETH in the Gnosis Vault has appeared in the past 24 hours. Until a few days ago, the address contained only 250,001 ETH. But a 600,000 ETH ($ 677 million) trade on Wednesday, followed by Thursday’s, dropped Gnosis from 32nd to third among Ethereum’s largest depositories.
These two deposits brought the number of ETH in Gnosis’s vault to over 2.5 million, which equates to a total dollar value of over $ 2.9 billion. This pushed Gnosis up the list of rich Ether, making it the third largest holder of the ETH coin supply, behind only Binance and Ethereum itself.
Although 16.7% of the ETH coin supply is held by just 10 addresses, all of them are either storage addresses used by cryptocurrency exchanges or function as smart contracts on the Ethereum blockchain.
The most dense buildup of ETH is currently in the Wrapped Ether (WETH) contract, which contains 5,222,572 ETH, or 4.57% of the total supply, worth $ 6.2 billion. . Wrapped Ether makes it easy to transfer ETH into an ERC-20 compatible token for use in DApp and DeFi applications.
The second largest holder of ETH is Binance. The 2,897,785 ETH ($ 3.4 billion) held by the exchange represents the sum of all clients’ deposits stored in that particular wallet.
Gnosis announced his arrival on the cryptocurrency scene in 2017 by closing an initial coin offering of $ 12 million in just 10 minutes – a world record at the time. Originally billed as a blockchain-based prediction marketplace, the project has since spread to many corners of decentralized finance.
While no individual has any of the rich addresses above, many cryptocurrency enthusiasts adhere to the ‘not your keys, not your coins’ currency. These people would say that cryptocurrency exchange clients who give up their private keys are essentially giving up control of their funds.
The line between the crypto owner and the crypto custodian is not always clear, but most major cryptocurrency exchanges now claim to use security measures such as multi-signature wallets, which require the presence of multiple private keys before parts can be moved.