Ethereum Whales Accumulating Polygon (MATIC), Loopring (LRC) and Two Low-Cap Altcoins, According to WhaleStats

Deep-pocketed crypto investors are snapping up Ethereum scaling solution Polygon (MATIC), Loopring (LRC) and two other small-cap altcoins amid the rebound across the digital asset market.

New data from WhaleStats shows that Polygon has replaced LINK as the number one traded token among the richest Ethereum holders in the last 24 hours as MATIC enjoys healthy price rallies.

Ethereum whales were spotted on Friday buying up MATIC periodically in million-dollar purchases. One Ethereum whale, ranked as the fourth biggest in existence, bought 2,838,000 MATIC for approximately $4.73 million. In another transaction, one whale bought $2 million worth of MATIC tokens. A third whale purchased $1.5 million worth of MATIC in a separate transaction.

Looking at the list of the top tokens that Ethereum whales have bought the most in the last seven days, MATIC sits at number five with an average purchase amount of $41,220.

Ethereum whales are also going after Loopring (LRC) with an average purchase amount of $7,865 to take the seventh spot. Loopring is an Ethereum token that aims to allow anyone to build non-custodial, order book-based exchanges on the Ethereum network using zero-knowledge (ZK) proofs.

Render Token (RNDR) comes in at number eight with an average purchase amount of $7,197. RNDR aims to allow anyone with a modern GPU to contribute their rendering power in exchange for tokens, in turn increasing the scale and availability of GPU compute for artists, designers and researchers.

Grabbing the ninth spot is Sushi (SUSHI), the native asset of decentralized exchange SushiSwap. On average, ETH whales purchased $6,735 worth of SUSHI in the last seven days.

Other coins on the list include Ethereum itself and a number of stablecoins.

Source: WhaleStats

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Terra (LUNA) Holders Approve New Sports Sponsorship Deal

It’s not often that we see a DAO vote on a multi-year, $40M protocol spend on a sports sponsorship. Terra holders have been voting on just that this week, however, in what’s seemingly a first-of-its-kind event.

Terraform Labs founder Do Kwon presented a new proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5M sponsorship with an unnamed team across one of the ‘big four’ sports leagues in the U.S. (MLB, NBA, NFL, NHL). It is seemingly the first time in sports sponsorship history that a DAO (or similarly structured organization) has had a collective vote to engage in a sponsorship.

The proposal is the second of three major announcements that have fallen under the latest campaign for Terra, referred to as “[REDACTED].”

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Terra & It’s Three Serialized Announcements… What We Know

The first piece of the three-part announcement came just a couple weeks ago, with Terra’s ‘Luna Foundation Guard,’ or LFG, announcement.

The proposed funding is from the community pool, and the proposal itself pillars it’s pitch on a few major pieces: the first being the narrative, the idea that the leading decentralized stablecoin machine securing a sponsorship of this pedigree is emblematic of a broader “DeFi to the masses” movement. The second being the idea that being bold is essentially for growth. And the final justification is arguably best stated in the proposal itself: “inspiring the creativity of DAO governance to realize its full potential.”

A club in the NBA is the likeliest target, with the MLB and NHL certainly being possibilities, and the NFL being a non-zero, but slim chance of featuring the team that this deal is with.

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Related Reading | McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet

Luna is the mechanic behind the UST stablecoin, and now looks to chew a big piece of exposure with the latest sports sponsorship deal. | Source: LUNA-USD on

Decentralization Discussion

The proposal has led to a heightened debate about the degree of centralization between the Terra network and the Terraform Labs team. The Terraform Labs wallet holds a substantial amount of LUNA, however Do Kwon and the TFL team has been doxxed, giving the community strong reason to believe that Kwon’s eventuality of full decentralization is a vision well on it’s way.

Kwon has mentioned a ‘killswitch,’ commonly known as ‘Armageddon,’ that can send the Terra ecosystem into a fully-decentralized mode with no attachment from Terraform Labs required. It’s generally believed that these remaining funds in the aforementioned TFL wallet will be burned once that mode is in place. While today’s state of Terra might not be “as decentralized” as other players in the space, it’s clearly on it’s way – and it will be interesting to see how moves like this one impact this decentralization in the long run.

Related Reading | Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any

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The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.


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What is Harmony (ONE) blockchain and why it is getting so much traction?

Harmony is getting a lot of traction because it addresses core blockchain concerns, is energy-efficient, has cross-chain capabilities, offers lower gas fees and has a huge potential for nonfungible tokens (NFTs).

Maintain decentralization and security

Harmony thinks its network can scale while maintaining decentralization and security because it uses sharding, which divides validators into multiple groups and allows them to approve transactions and new blocks simultaneously. Harmony can now process 2,000 transactions per second (TPS), which is comparable to Visa, ONE of the world’s largest payment networks. Harmony believes it will process 10 million TPS in the long run.

On the other hand, Harmony does not compromise security or decentralization even as it scales. For example, the network assigns nodes or computers that join the network and validate transactions, to distinct shards via a distributed randomness generation mechanism. Harmony also keeps the minimum number of ONE tokens required for nodes to join the network as validators and preserve decentralization at a low level.


Many blockchain networks are now adopting the proof-of-stake model, which Harmony has employed since its inception. As a result, nodes put up existing tokens as collateral in this procedure to have a chance to be chosen at random to validate transactions. For a block to be approved, several validators must check transactions. Harmony stands out from other networks because its architecture and proof-of-stake consensus method allow it to complete blocks in under two seconds.

Cross-chain capabilities

Additionally, Harmony introduced Horizon, a cross-chain interoperability bridge with Ethereum, allowing assets to be exchanged between the two networks. This innovation can revolutionize cross-border payments and make cryptocurrency exchanges more convenient. Harmony has also established connections with other blockchains, such as Binance.

By allowing nodes on other blockchain networks to validate transactions, Harmony’s platform can transfer data across various blockchain networks, regardless of whether they use proof-of-stake or proof-of-work governance. 

Lower gas fees

Harmony’s network seldom becomes clogged, thanks to its high TPS and usage of proof-of-stake validation. As a result, it does not have high gas fees, which are now a fraction of a penny per transaction on Harmony. 

On the other hand, a network like Ethereum sees far more overall demand and transactions than Harmony. Still, Harmony claims that it can alleviate congestion issues by simply adding additional shards, even if the network is fully utilized and witnessing exceptionally high demand.

Huge potential for NFTs

The network’s cross-chain capabilities open up some exciting possibilities for NFTs, which are secure digital art, video and audio assets that may be transmitted on a blockchain network. Moreover, cheaper gas expenses may make the network appealing to developers interested in minting NFTs.

According to Harmony, bridging NFTs from ONE network to another may be costly at first, but subsequent transactions will be inexpensive. Harmony also announced on Twitter that it is working on NFT lending, NFT verification and fractionalization, among other features.


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Cryptocurrency Investors Are More Attractive on The Dating Scene (Study)

According to a recent survey conducted by the trading platform eToro, many single men and women are seeking partners who are not only financially stable but also knowledgeable about cryptocurrencies. 33% of the American participants admitted they are more likely to go on a date with someone who deals with digital assets.

Crypto Makes Individuals More Desirable

Apart from diversifying one’s portfolio and granting potential for higher returns, cryptocurrencies could also make investors look more attractive on the romance scene, eToro research revealed.

Every third participant said they are more likely to go out with a crypto holder rather than a person who has not delved into the digital asset space. Furthermore, nearly 75% admitted they would go on a second date with an individual who paid the bill in bitcoin (BTC).

There are numerous restaurants and cafeterias in the States which accept the primary cryptocurrency as a payment method. Such examples are the Colorado-based Quiznos and the multinational chain of coffeehouses – Starbucks.

People delving into the non-fungible token universe also have their chances. According to the survey, 20% of singles would be more interested romantically if their admirer sets an NFT as a profile picture on a social platform or a dating site.


According to Pew Research Center’s estimations, 16% of Americans have already allocated some of their wealth in the crypto market. Younger men between 18 and 29 years old (most active on the dating scene) are the most interested in the asset class. 43% of them have already dipped their toes in the digital asset industry. In comparison, only 19% of women under 30 years old invest in bitcoin or the alternative coins.

The overall cryptocurrency awareness among American citizens is also on a high level. 86% of the survey participants admitted they have basic knowledge about the asset class.

Every Fourth US Investor Owns BTC

According to another survey conducted by the world’s largest digital asset manager – Grayscale – 26% of the American investors hold bitcoin. Moreover, 60% of the participants admitted they are interested in cryptocurrency investments.

Subsequently, Grayscale estimated that 55% of the current BTC holders in the States have hopped on the bandwagon in the last 12 months.

The crypto exchange Huobi went further, stating that 7 in 10 of the holders entered the market in 2021. Per the company’s research, only 9% started investing in the asset class more than four years ago.

Nearly every second investor revealed allocating $1,000 or less in crypto, while 25% said they have invested between $1,000 and $10,000.


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Lost Bitcoin may be a ‘donation,’ but is it hindering adoption?

Cryptocurrency custody solutions have become a big business over the last few years. Independent storage and security systems meant to hold large quantities of crypto on behalf of clients can bring in institutional capital and retail investors waiting on the sidelines simply because they remove a major fear: losing access to funds that become unrecoverable.

Because of the decentralized nature of major blockchains like that of Bitcoin or Ethereum, whenever a user loses access to their wallet and doesn’t have a backup of their private keys, the funds within it cannot be recovered. There’s no central entity to turn to, and no one can control the blockchain to give anyone access back to their funds.

Storing a private key can be challenging, as it needs to be kept away from bad actors, yet close enough for the user to access it when necessary. Dealing with the challenges associated with managing cryptocurrency has seen many simply leave their funds on cryptocurrency exchanges, creating a massive demand for crypto custody services, to the point where America’s fifth-largest bank is offering a solution.

While keeping cryptocurrencies with a third party is often seen as a security risk because that third party can itself get hacked, experts told Cointelegraph that custody services are the best option out there when it comes to lost coins.

Early cryptocurrency adopters have lost cryptocurrency in numerous ways, including exchange hacks. These security breaches have seen Bitcoin academic Andreas Antonopoulos popularize the famous slogan “not your keys, not your coins.”

How much crypto has been lost?

Cryptocurrencies can be lost in a number of ways, although unless someone admits that they have lost access to their funds, it’s impossible to tell from data on the blockchain. More often than not, users lose access to a wallet’s private key, which allows them to access the funds within it.

There have also been cases in which users send cryptocurrency to the wrong address. Once again, because of the decentralized nature of the blockchain, there’s no remedial action to retrieve these tokens. Finally, users can pass away without leaving anyone else access to their funds.

Speaking to Cointelegraph, Kim Grauer, director of research at blockchain forensics firm Chainalysis, noted that an estimated 3.7 million Bitcoin (BTC) (today worth over $140 billion) has been lost. Grauer said the estimate is a “bit old” and is set to be updated with further research later this year.

Crypto assets are often considered lost after remaining dormant for a specific number of years. While this method does point to coins that are effectively not currently in circulation, it is flawed. In 2020, for example, a wallet with 50 BTC first mined in February 2009 moved its funds to two addresses.

Michael Fasanello, director of training and regulatory affairs at the Blockchain Intelligence Group — which helps government agencies, cryptocurrency businesses and financial institutions address fraud — told Cointelegraph it may be difficult to approximate the monetary value of lost coins because “those who suffered losses would not always be interested in sharing such information.”

The figure of 3.7 million represents close to 20% of Bitcoin’s circulating supply, which, to Grauer, likely has an “economic impact that will affect the long-term price” of the cryptocurrency. Grauer added:

“There is also a more psychological impact. It’s possible people will be more hesitant to invest in Bitcoin out of a fear of losing it, at which point it is not recoverable.”

The Chainalysis executive added that this quality isn’t unique to the cryptocurrency ecosystem and “should not be prohibitive to further adoption,” as there are “many ways to custody your cryptocurrency safely either in your own possession or on an exchange.”

Speaking to Cointelegraph, Chris Brooks, founder of cryptocurrency recovery business Crypto Asset Recovery, noted that in his experience, people should be more worried about leaving their seed phrase or private keys in paper wallets that can be mistakenly thrown out, rather than about hackers or scammers. Brooks said:

“You have a far greater chance of moving to a new apartment and losing your crypto password in the process than you do of getting hacked.”

In March 2011, a user on the Bitcointalk forum started a thread, trying to add up the known lost BTC. While the thread derailed with time, it did show just how many users have lost access to cryptocurrency over the years.

These losses, as Chainalysis’ Grauer said, can have a significant economic impact on the cryptocurrency ecosystem.

Should lost crypto be considered a donation?

Bitcoin creator Satoshi Nakamoto has famously said that lost coins “only make everyone else’s coins worth slightly more” and that they should be thought of as a “donation to everyone.” The Blockchain Intelligence Group’s Fasanello said that when it comes to coins with a limited supply, Satoshi may be right, but those with an infinite supply could see the reverse be true.

Fasanello said that just as fiat currency loses value with inflation, so do cryptocurrencies. If a cryptocurrency doesn’t have a finite supply, the value of the lost coins is simply going to erode over time.

Speaking to Cointelegraph, Yuriy Kovalev, CEO of crypto trading platform Zenfuse, said that lost coins represent a hidden cost of security in the cryptocurrency space that benefits everyone else:

“The amount of lost crypto only shows that decentralized networks like Bitcoin are extremely secure, so much so that trivial mistakes can cost millions. Wallet hunters are seldom only able to help in cases of lost passwords, further proving the blockchain is immutable.”

Indeed, most cases in which lost tokens are recovered involve lost passwords used to unlock wallets and not the private keys used to recover them. A recent case saw a computer engineer and hardware hacker crack a Trezor One hardware wallet that was locked because its owner had forgotten its security PIN.

Asaf Naim, founder and CEO of blockchain application developer Kirobo, told Cointelegraph that Satoshi’s words may be true for “minor and occasional instances of losing crypto,” but Naim added that the “law of scarcity only holds if people have confidence in the underlying system. If too much cryptocurrency is lost, people will stop believing in its use and its intrinsic value.”

Lost crypto and mass adoption

Early stories from the cryptocurrency space about lost crypto have made headlines over the years, pointing to how hard it may be to recover lost funds. One such example is that of James Howells, who threw away a hard drive containing 7,500 BTC (almost $285 million today) while cleaning his house in 2013.

Wallet recovery services have gained popularity over the last few years but often charge large percentages of the funds they recover. Grauer said that there are industry solutions meant to reduce the chances of accidental losses, which include “storing your cryptocurrency on a known and trusted exchange, or hot wallet, similar to what you do with a bank.”

The approach contrasts those who argue that if a user does not control the private keys to their wallet, they do not actually own the coins within it. Speaking to Cointelegraph, Crypto Asset Recovery’s Brooks seemed to agree with Grauer, adding, however, that “crypto can be extremely complicated,” and as such, he believes “new investors are better off with custodial wallets.”

To Brooks, if a user suddenly passes away or suffers a serious accident, it’s easy for loved ones to claim their crypto from a custodial wallet, but it’s hard to do so through the use of a private key. Kirobo’s Naim believes the cryptocurrency recovery industry may be important but is part of a backward approach:

 “The main effect of so much crypto being lost is that it stands in the way of mass adoption. If people don’t feel safe using crypto, they just won’t use it. It’s not acceptable that forgetting access credentials is irreversible.”

He added that credit cards wouldn’t be as popular as they are if “there was a high chance of irreversibly losing money every time you used one.” The solution could be related to cryptocurrency platforms and their user experience, which could, for example, implement whitelists the same way online banking platforms do to prevent common errors.

To the executive, it’s “amazing that writing down words on a piece of paper or memorizing them is the best practice for security in 2022,” as it shows “crypto has lacked a safety net for human error.”

The free market has attempted to come up with better solutions over time, which include the creation of titanium sheets where users can write down their seed phrases or private keys. These sheets are harder to throw away by accident and can often survive natural disasters. Some wallets, including Coinbase Wallet, allow users to back up their private keys on Google Drive or iCloud.

While cryptocurrency custody services may offer institutional investors the security they need to enter the market, for users looking for an uncensorable form of money, lost crypto may continue to be a problem for the foreseeable future.