A whale transferred nearly 630,000 ETH Compound, and the locked value is approaching the milestone of 10 billion US dollars

"A whale transferred 630,000 ETH to the Compound protocol contract address, bringing Compound's total locked value (TVL) to $9.5 billion, setting a new record for a DeFi protocol."

An anonymous whale has just transferred more than 629,000 ETH (worth more than $1.3 billion at Ethereum’s current price) to the DeFi lending protocol Compound contract. This made the locked value of the Compound protocol break through 9 billion US dollars, reaching 9.5 billion US dollars, creating a new history of DeFi protocols, ranking first among all DeFi protocols, and approaching 10 billion US dollars.

The whale made the transaction from an unknown wallet on April 3 at 7:53AM UTC.

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The payee wallet is a smart contract for Compound, a decentralized finance (DeFi) protocol that allows traders to earn money in cryptocurrencies they deposit, similar to depositing money into an interest-bearing bank account.

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But the identity of the sender remains a mystery. Since this wallet is untagged, and the Ethereum blockchain is pseudonymous, it is difficult to tell who this person (or group of people) is.

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Coinciding with the whale action, the price of Ethereum surged above $2,000 and hit an all-time high of $2,152. To complete this massive transaction, the whale paid a gas fee of only 0.0205 ETH — a little over $43 at the time.

The gas fees paid to Ethereum miners to execute transactions are dynamic, operating in an auction-style market. Network congestion and the availability of miners determine the fees quoted at any given time, not the value of transactions.

The $43 that this whale paid to transfer $1.3 billion in ETH is a drop in the ocean.

The Compound contract also received 298.7 ETH, or just over $627,000, from another unknown wallet yesterday, and 13,000 ETH (over $27 million) four days earlier. the

The whale’s address transaction information shows that it usually trades stablecoins, not ETH. The wallet now also has a balance of 333 ETH, which is close to $700,000.

Stablecoins are widely used in DeFi. DeFi is a loosely connected collection of non-custodial financial protocols, most of which are built on top of Ethereum.

Whales love DeFi protocols. There’s even a tracker that tracks whales making waves on DeFi. Launched last September, UniWhales sends live updates via Telegram about big trades on decentralized exchange Uniswap.

Occasionally, mysterious whales make sudden appearances.

When Beeple’s artwork was sold for $69.3 million to a whale going by the pseudonym “Metakovan,” crypto journalist Amy Castor later revealed his identity as crypto entrepreneur Vignesh Sundaresan.

Earlier this year, multiple ancient Bitcoin whales awoke after a decade-long hibernation. On February 24, one hundred bitcoins that had been dormant since June 2010 were transferred to another unknown wallet for the first time.

Ancient Bitcoin whales have sparked curiosity, as the owners of the old wallets are often believed to have known or been connected in some way to Bitcoin's mysterious creator, Satoshi Nakatomo.

In the past, their actions have also sent the price of Bitcoin plummeting, as the value of the tokens they hold has accumulated so much that any major sell-off would shake the market.

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