Ethereum prices remained high for most of last week before profit taking set in towards the end of the week. The token is now trading above $ 3,600, a positive change of 6% over the past 7 days. Elsewhere, here are the latest developments around Ethereum.
Ethereum launches bounty program to find bugs in the network
Ethereum shared a announcement with her community regarding an experimental bug bounty rewards program. The Ethereum Foundation team has pledged to reward members of its community up to $ 50,000 if they discover vulnerabilities and issues in the ecosystem before the launch of the Altair upgrade scheduled for the 27th. October.
The program offers different levels of rewards depending on the extent of the severity of the bug discovered. These categories are defined by the impact and likelihood of the bug and range from low to critical. The lowest level has a maximum of 1,000 points, while the highest reaches 25,000 points.
It should be noted that the program crosses over all the bugs found in ETH 2.0, but the vulnerabilities related to the next Altair upgrade are doubly rewarded. The rewards follow a points-based system, with each level of severity having a specific number of points. Employees of the Ethereum Foundation are exempt from participating in the program.
Ethereum is still king in the DeFi space
The DeFi market has grown significantly over the past few months, and despite some hard knocks along the way, the industry has kept pace. More and more protocols have found their way into space, and users have continued to flood the industry as well, with entries like Solana and Cardano as alternatives. Solana, in particular, has impressed lately, gaining the attention of many. Cardano, which recently introduced the smart function capability, hasn’t been left out either.
Even with increasing competition, Ethereum has maintained its leading position in the market. Analysis platform data Lama DeFi shows that the network accounts for nearly 70% ($ 142 billion out of $ 206 billion) of the total locked-in value. Solana, in second place, holds 5% ($ 10.69 billion) of the total blocked value.
Data suggests Ether is leaving centralized exchanges
Unlike moves during the bull market, investors move Ether away from centralized exchanges in search of better returns. Ethereum’s trade balances have generally been declining since May.
Analysts argue that most of the coins move into DeFi, which has become an attractive investment. In the middle of last month, the crypto intelligence platform Into the Block reported record volumes of Ethereum exit trading. The platform shared a post on Twitter revealing that a record $ 1.24 billion worth of ETH was taken off trade on September 16.
Auto1 FT becomes the first auto financier to adopt Ethereum in auto finance
German auto finance partner company Auto1 FT revealed on Thursday that it is introducing auto finance on the Ethereum blockchain. This is the second major step the company has taken in regards to blockchain, having issued blockchain security worth around $ 4.8 million with iVE.ONE in June.
The company now intends to eliminate all manual forms of paperwork by using smart contracts to host all records involved in auto financing. Via a press release, Auto1 FT confirmed that smart contracts would be adopted to facilitate the entire funding process. It also leverages the transparency and efficiency of technology to help reduce errors and the expense involved.
Ethereum market performance
Ethereum traded at a high level during the first full week of October, peaking at $ 3,668, according to coinmarketcap The data. The token steadily rose to $ 4,000, but did not break above the $ 3,700 level after breaking through a few resistance levels on Monday and Tuesday. The uptrend faded towards the end of the week as profit-taking intensified among short-term traders.
A sharp drop yesterday saw Ether drop over 150 points to fall below $ 3,480 for the first time in four days. The token has since rebounded and is currently trading at $ 3,555.92. The bull volume appears to be swelling and if the bulls manage to hold their position, the chip will have a better chance of going above $ 3,700.