Gnosis Safe, a smart contract-based Ethereum wallet now holds 2-2.5% of ether’s (ETH) entire supply. The project, which takes pride in being the most trusted platform to store digital assets on Ethereum, unveiled this news through two tweets. The first one was on January 13, where the firm disclosed that it held 1% of ETH’s total supply.
About 20 hours later, the firm posted another tweet saying,
Make that 2-2.5% of the ETH supply, after another 1.5 Million ETH made its way over to Gnosis Safe today!
Make that 2-2.5% of the ETH supply, after another 1.5 Million ETH made its way over to Gnosis Safe today! 🔥 https://t.co/WVlInZQKuT
— Gnosis Safe (@gnosisSafe) January 14, 2021
Reportedly, the firm achieved this feat after it received a single transaction of 600,000 ETH on January 13, followed by the 1.5 million ETH transaction on January 14. While Gnosis’ custodial services target large crypto holders such as investment funds and crypto exchanges, it remains a mystery as to who made the transactions.
Significant growth in a month
Through unlocking this achievement, Gnosis Safe now holds more than 2.5 million ETH. At the moment, ETH’s current total supply is 114,257,927. At the time of writing, ETH is changing hands at £871.4, meaning that Gnosis Safe holds ETH worth about £2.178 billion. This development has seen Gnosis Safe become the third-largest Ethereum custodian after Ethereum itself and Binance, the world’s largest crypto exchange.
The Gnosis protocol went live a fully decentralised exchange, seeking to maximize liquidity and facilitate the creation of new market mechanisms for DeFi. Since its launch in 2017, several DeFi projects have leveraged Gnosis’ multi-sig storage safe. With the increased use of its services, the firm decided to dip its toes in the custody space a month ago, promising to improve the facilities used to store cryptocurrencies.
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