Last Week in Review: The Ethereum Foundation sold 1,700 ETH, and Avalanche made a move

The highlights from last week’s headline grabbers. All the important news, numbers and events from the world of crypto in one place

News from the block

The Ethereum Foundation sold 1,700 ETH

• The Ethereum Foundation recently sold 1,700 ETH, according to data by Arkham Intelligence.  A few hours later the price of ETH was down by more than 1.4%.
  
  
• The reason for the sale is yet to be confirmed.
  
  
• The Ethereum Foundation is a non-profit organisation that supports the development and advancement of the Ethereum blockchain by funding research, projects, and community initiatives to promote its growth and adoption. 
  

Cardano topped developer activity in past 30 days

• According to Santiment, Cardano saw development of 611.47 in the past month. Polkadot landed the second spot with a score of 500, as reported by AMB Crypto.
  
  
• The metric tracks the number of unique development activity contributors, the count of all events for a project, and the number of unique GitHub activity contributors.
  
  
• Developer activity in a cryptocurrency project’s codebase can be an indicator of its ongoing health, innovation, and commitment to improvement.
  

Activity surged on Avalanche after SocialFi launch 

• Stars Arena, the new SocialFi platform on Avalanche, led to a dramatic spike in network activity, BeInCrypto reported.
  
  
• “Stars Arenas’ Total Value Locked (TVL) grew from $33,000 to $1.17 million between September 27 and October 2. This implies that capital flowing into the Avalanche’s own monetized SocialFi platform has grown by 3,400% within its first-week post-launch,” the crypto publication noted.
  
   
• What is SocialFi? The term is a mashup of social media and finance, and aims to allow social media users to monetise their actions and interactions on a decentralised social media platform.
  
  
• AVAX, the native cryptocurrency of Avalanche, was up more than 7% following the launch. 
  

Ripple secured Singapore license

• Ripple obtained a major payments institution license in Singapore, a strategic move to expand its presence in the Asia-Pacific region, CNBC reported.
  
  
• With the full license, Ripple can continue offering regulated crypto payment services in Singapore, a significant market for the company with over 90% of its business being outside of the US.
  
  
• XRP, Ripple’s native crypto, was up 4.6% following the news.
  

What is the US government shutdown everyone’s talking about? 

• It doesn’t happen often, but the US government sometimes shuts down due to a failure to pass a budget or appropriations bills in Congress, which provide funding for government operations. When there’s a deadlock or disagreement among lawmakers regarding government spending priorities, and a budget or continuing resolution isn’t approved by the start of the fiscal year, typically 1 October, certain non-essential government services and agencies may temporarily cease operations until a budget agreement is reached.
  
  
• Congress recently avoided a shutdown by passing a stop-gap spending bill that will keep the government running for another 45 days, the BBC reported.
  
  
• The federal system in the US allows different branches of government to be controlled by different parties. “The parliamentary system used by most European democracies ensures that the executive and legislature are controlled by the same party or coalition,” the BBC explained.
  
  
• The US Government has shut down 10 times in the past 40 years.
  

---

TL;DID read

The October Crypto Calendar: Economic events to note down in your calendar 

---

Crunching the numbers

? $2.7 million – The value of 1,700 ETH in US Dollar terms. The Ethereum Foundation recently made headlines after reports surfaced that it sold a large amount of ETH. 

? 50 – The Fear and Greed Index has hovered in Neutral over the past week, a sentiment also reflected in the minimal price movements of bitcoin over the same timeframe. 

⏳ 24 hours 21 minutes – The current waiting time for stakers on Ethereum before their ETH becomes active in the staking pool. 

---

Crypto trivia

What is Polygon?

---

Protect your crypto 

The first step to protecting yourself against scams is staying up to date with the various ways criminals can get access to your crypto investments. 

Read below how to avoid falling prey to scams on social media. 

What are the red flags? 

*This information should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary for information purposes only and is not investment advice or recommendation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.