Ethereum News: Exchange Supply Hits Decade-Low, Price Recovery Uncertain

Ethereum’s supply on crypto exchanges has reached its lowest level in nearly a decade, sparking discussions about the cryptocurrency’s future price trajectory and the underlying factors driving this trend.

Ethereum Supply on Crypto Exchanges Hits Decade-Low; Price Recovery Uncertain

Ethereum’s supply on exchanges has hit its lowest level since November 2015, with just 8.97 million ETH available. According to a Mar. 21 analysis by Santiment, this decline is due to the growing popularity of decentralized finance and staking. Sell pressure has decreased as more holders lock up their assets. Ethereum’s exchange supply has decreased by 16.4% in the last seven weeks, indicating a long-term accumulation trend. However, this supply squeeze hasn’t benefited Ethereum’s price yet, as ETH has plunged 47% from its December high of $4,105 to its Mar. 21 price of $1,990.

DTCC Joins ERC-3643 Association to Advance Ethereum-Based Tokenized Securities

The Depository Trust and Clearing Corporation, the main U.S. clearinghouse for securities transactions, has joined the ERC-3643 Association to promote Ethereum’s ERC-3643 standard for permissioned securities tokens. ERC-3643, also known as the T-REX protocol, is an open-source smart contract standard designed for issuing and managing permissioned tokens. It ensures that only authorized users can hold these assets by using a decentralized identity framework. Over 40 tokens have been developed and managed using the standard, tokenizing $28 billion worth of assets across more than 180 jurisdictions.

Consensys Challenges CFPB’s Rule on Unhosted Wallets

Ethereum software firm Consensys has opposed a proposed rule from the Consumer Financial Protection Bureau (CFPB) that seeks to regulate unhosted blockchain wallets, such as MetaMask, under the Electronic Funds Transfer Act (EFTA). The rule, introduced in January, would hold developers accountable for fraudulent or unauthorized transactions and enforce traditional financial institution regulations on decentralized wallets. Consensys called the rule a ’radical departure from current law’ and argued that the regulatory regime would be detrimental.

Ethereum DeFi Platform Zoth Hit By $8.85 Million Hack

Ethereum real-world asset platform Zoth has suffered an attack resulting in the loss of $8.85 million. Security experts believe the hack, the second suffered by the company in a month, came about due to a private key leak. On Friday morning, a Zoth proxy contract was upgraded by a suspicious address, and $8.85 million worth of stablecoin USD0++ was transferred out and later swapped for 4,223 ETH ($8,300,800). Zoth’s team is actively investigating the situation alongside security partners.