A crypto whale is flexing its muscles after transferring over a billion dollars worth of an Ethereum-based asset between two addresses in a single transaction.
According to Ethereum blockchain explorer Etherscan, the lone 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. The transaction was confirmed within 30 seconds.
Synthetix is an Ethereum-based derivatives trading protocol for synthetic tokens, which are coins allowing users to have exposure to different assets such as commodities and equities.
Coinbase institutional sales manager Nick de Bontin hails 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.”
While the whale in question was able to relocate billions of dollars worth of SNX, Nansen CEO Alex Svanenevik revealed 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.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Tithi Luadthong