Analyst Gives Three Reasons Why $1.6 Billion in ETH Just Left Exchanges
We get to the bottom of what happened to the $1.6 billion ETH drained from exchanges.

Ethereum is both a cryptocurrency and a decentralized computing platform. Developers can use the platform to create decentralized applications and issue new crypto assets, known as Ethereum tokens.
Ethereum is a decentralized blockchain platform founded in 2014 by Vitalik Buterin. Like Bitcoin, Ethereum is an open-source project that is not owned or operated by a single individual. This means that anyone, anywhere can download the software and begin interacting with the network.
Unlike the Bitcoin network, the primary purpose of Ethereum is not to act as a form of currency, but to allow those interacting with the Ethereum Network to make and operate 'smart contracts' without having to trust each other or use a middleman. Smart contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third party interference - a smart contract will work exactly the same every time it is used.
Ethereum uses a 'virtual machine' to achieve all this, which is like a giant, global computer made up of many individual computers running the Ethereum software. The virtual currency unit that allows this system to work is called ether. People interact with the Etherum network by using ether to pay the network to execute smart contracts.
Ethereum aims to take the decentralization, security, and openness afforded by blockchains and extend those to virtually anything that can be computed.
We get to the bottom of what happened to the $1.6 billion ETH drained from exchanges.
Polychain's Olaf Carlson-Wee shared his view on the growth of the DEX ecosystem during the latest episode of The Scoop podcast. The post Polychain’s Olaf Carlson-Wee breaks down the maturation of the DEX market appeared first on The Block.
Get the latest headlines on your favorite cryptocurrencies.