The report ‘The State of Crypto in Singapore Report 2021’, conducted by cryptocurrency exchange Gemini in collaboration with CoinMarketCap and Seedly, revealed that more than two-thirds of Singaporeans who have financial investments currently own cryptocurrencies. Likewise, the study revealed that Ethereum is more popular than Bitcoin in Singapore.
The report, which took a sample of 4,348 Singapore-based adults who self-identify as having or interested in personal finance. And, investment products, shows that 67% of respondents currently own crypto assets.
While one in five crypto holders are women, the study profiles the median Singapore crypto holder as a “29-year-old man with a median annual household income of about Singapore $ 51,968 ($ 38,456) per year.”
Regarding the distribution of crypto assets in the hands of Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, takes a clear lead with 78% as the most popular cryptocurrency. While 69% of crypto holders own Bitcoin (BTC). Cardano (ADA) and Binance Coin (BNB) follow the top two with 40% and 31%, respectively. One in four investors owns XRP and Tether (USDT), according to the survey.
Eth2’s share contract ranks as Ethereum’s biggest hodler at $ 21.5 billion
According to blockchain analytics provider Nansen, the Eth2 participation contract has overtaken Wrapped Ethereum (wETH) to become the largest holder of ETH. Unlike Ether, Wrapped Ether adheres to the ERC-20 standard. Which makes it the preferred representation of ETH among decentralized finance protocols that use ERC-20 tokens.
The findings were posted on Twitter by Alex Svanevik, CEO of blockchain analytics company Nansen, on Tuesday. Data shows that Beacon Chain’s escrow contract has 6.73 million ETH, worth approximately $ 21.5 billion at current prices.
By contrast, Nansen’s data suggests that the Wrapped Ethereum contract has 6.7 million ETH ($ 21.4 billion). Followed by Binance with 2.29 million ETH ($ 7.3 billion).
Ledger Live integrates an “accessible” Ether staking option
In a recent blog post, popular cryptocurrency hardware wallet Ledger announced a new partnership with Ethereum 2.0 staking solution Lido Finance, in a move calling for greater accessibility and liquidity for independent players in the market.
Staking is a niche investment method within the cryptocurrency ecosystem that allows users to independently or collectively stack their crypto assets. Collecting passive income in return, as well as actively contributing to the sustainability of the blockchain network.
Users who have tried staking their Ether (ETH) in the past have faced huge financial hurdles. The current cost to become an Eth2 network validator is around $ 100,000. A figure that many investors in this market simply cannot afford.
Centralized ETH staking options are available on exchanges such as Coinbase or Kraken. But they come with a hefty entry fee and obvious trust concerns. Not ideal for investors who maintain the industry core value of free asset autonomy.
CyberKongz Mass Coinage Burns $ 4 Million worth of Ether in 5 Hours
The latest craze for animal-themed non-fungible tokens (NFTs) has been such a huge hit. Which has become the main responsible for the burning of Ethereum transaction fees in the last 24 hours.
CyberKongz, which started as a collection of 1,000 unique NFTs in early March 2021, has recently gained popularity. So much so that today it has usurped the NFT OpenSea market and the world’s most popular decentralized exchange, Uniswap, in terms of burning Ethereum fees.
The achievement was signaled by Chinese blockchain outlet Wu Blockchain, which reported which had burned 1,240 in Ether (ETH). Or, about $ 4 million in just five hours.