According to data from blockchain analytics firm Nansen, highly successful traders are depositing their Ethereum (ETH) (ETH) staking network while unloading the Ethereum Name Service (ENS). Here are the details…
$1.3 million worth of ETH flowed into smart money wallets
In the last 24 hours, wallets classified as “smart money” by Nansen are worth $1.37 million worth of rETH, more than any other token tracked by the firm. flowed. rETH is an ERC-20 token that people receive in exchange for depositing ETH on Rocket Pool’s decentralized Ethereum staking protocol. Rather than stake all 32 ETH required to run an ETH Proof-of-Stake validator, participants can contribute as little as 0.01 ETH to the Rocket Pool and earn a share of the validator rewards. Smart inflows on
rETH reflect the popularity of ETH staking among crypto traders, investors and institutions. Of the 12.31 million ETH locked in the Beacon Chain staking contract, 169,216 ETH comes from Rocket Pool, while 3.97 million ETH comes from Rocket Pool’s main competitor, Lido. During the same 24-hour period, ENS had the biggest breakout among Nansen-tracked tokens, with around $5.9 million. To many, exits are considered bearish signals. ENS has dropped 14.1 percent in the last 24 hours.
What is the role of Ethereum Name Service (ENS)?
As we have also reported as Kriptokoin.com, ENS is the management token for the Ethereum Name Service, where one token represents one vote. Token holders are encouraged to use the token and join the community by choosing a representative to control their vote or using their ENS to vote directly on a particular proposal. Ethereum Name Service (ENS) is a distributed, open and extensible naming system based on the ETH Blockchain.
ENS converts human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes that you know from cryptocurrency wallets like Metamask. Reverse conversion is also possible, which associates metadata and machine-readable addresses with human-readable ETH addresses.