Seven New Stakers Occurred on MATIC Network, but There Is Catch: It's All Owned by One Entity

1 year ago 95

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Arman Shirinyan

Number of wallets staking MATIC increases, but not fig of existent users

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Polygon Network precocious saw a surge successful the fig of staked and locked successful astute contract coins. More than $110 cardinal worthy of MATIC were staked by 7 addresses astatine astir the aforesaid clip yesterday, reports Lookonchain. However, determination is simply a catch.

If we leap deeper into the on-chain information shared, we tin intelligibly spot that the 7 addresses beryllium to the aforesaid entity, which is either an highly ample retail capitalist oregon an instauration that operates a respectable magnitude of MATIC.

A full of ~140M $MATIC ($110.5M) was staked by 7 addresses astatine the aforesaid clip yesterday.

These 7 addresses look to beryllium to the aforesaid whale (institution).

They each get $ETH from the code "0xa863" arsenic a state fee. pic.twitter.com/RxOK3aeOFY

— Lookonchain (@lookonchain) January 6, 2023

The funds originated from seven wallets from 3 platforms: Amber, Coinbase, FalconX. The happening that allowed the expert to find the imaginable proprietor of these wallets is the root of a gas fee. All entities get their Ethereum from the code "0xa863" arsenic a state fee.

In bid to support the funds much manageable and distributed, the entity astir apt decided to make galore wallets for staking a ample magnitude of tokens. Previously, MATIC was an entity of involvement to whales and ample retail investors. The biggest magnitude received by the anonymous entity is 57 cardinal MATIC.

MATIC show on market

Despite the surge successful buying powerfulness connected the market, MATIC is not performing amended than the bulk of different integer assets. The terms of the token returned to the aforesaid level we saw three months agone contempt the monolithic terms spike successful November.

After reaching the $1.2 threshold, an tremendous magnitude of tokens got injected into the market, the terms of the token tumbled by implicit 36% successful nary time, causing a surge of liquidations and losses.

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