‘Smart Money’ Is Staking ETH on Rocket Pool and Selling ENS, Nansen Data Suggests.

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Highly fruitful cryptocurrency dealers have been staking their ether (ETH) on the Rocket Pool decentralized hub operator arrange and offloading ENS, agreeing to information from blockchain analytics firm Nansen. In the past 24 hours, $1.37 million worth of rETH has streamed into wallets categorized by Nansen as “smart money,” more than any other token followed by the firm. Nansen considers a wallet to be “smart money” if it meets at slightest one of a few conditions, including: It is known to have a place to an investment fund It has made at slightest $100,000 by providing liquidity to decentralized fund (DeFi) conventions, SushiSwap and Uniswap, barring so-called impermanent loss It has made numerous profitable exchanges on a decentralized exchange (DEX) in a single transaction, through mechanisms such as “flash loans.

ETH is an ERC-20 token people get for storing ETH into Rocket Pool’s decentralized Ethereum staking convention. Instead of staking the total 32 ETH required to run an Ethereum proof-of-stake validator, members can contribute as small as 0.01 ETH to Rocket Pool and win a share of its validator rewards. Savvy Cash inflows of rETH reflect the popularity of staking ETH among crypto traders, investors and institutions. Of the 12.31 million ether locked within the Signal Chain staking contract, 169,216 ETH comes from Rocket Pool, while 3.97 million ETH stems from Lido, Rocket Pool’s key competitor. CoinDesk’s Sam Kessler has written that Lido “might be on track to control over 50% of all staked ether,” which for a few may be a good reason to raise alarm chimes given the risk of centralization. With rETH entering shrewd cash addresses, the competition in the fast-growing fluid staking market is rising

An excerpt coindesk.com

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