2 November 2024
Crypto Whale Transferred $1.1 Billion SNX For Just $7.45 Fees
A crypto whale transferred billion dollars worth of an Ethereum-based asset between two addresses in a single transaction.
As per the Ethereum blockchain explorer Etherscan, the whale moved 74.6 million Synthetix Network Tokens (SNX) worth $1.1 billion for a fee of 0.0061254 Ether – which amounts to just $7.45. Within 30 seconds the transaction was confirmed.
Synthetix is an Ethereum-based derivatives trading protocol for synthetic tokens. Its coins allow users to have exposure to different assets such as commodities and equities.
Nick de Bontin, the Coinbase institutional sales manager said the low transfer fee, saying it shows promise of what the future holds for the second-largest cryptocurrency by market cap.
“$7 fee to transfer $1 Billion, in less than a minute, on a completely public trustless network. Just imagine what Ethereum will be capable of in 10 years.”
The whale was able to relocate billions of dollars worth of SNX. However, Nansen CEO Alex Svanenevik unveiled that in May last year that the majority of transactions on Ethereum are worth less than $120.
“55% of all ETH transactions are smaller than 0.1 ETH. It’s 58% when including internal transactions – not a huge difference.”
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