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BlackRock’s Ethereum ETF on Fire: $1B Target Set

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BlackRock’s iShares Ethereum Trust is on the cusp of making history as the first US spot ETH fund to amass $1 billion in net inflows. Data from Farside Investors showed that the ETHA ticker has garnered around $901 million in net capital just three weeks after its launch. Experts have predicted that the ETF is well poised to hit the coveted $1 billion mark this week.

The ETF’s popularity has been underscored by its previous record-breaking performance. In particular, BlackRock’s iShares Ethereum Trust logged its highest daily influx of $109.9 million on August 6, despite the broader market downturns. This surge in interest was attributed to the then BlackRock and Nasdaq having filed a proposal to introduce options for ETHA, further expanding investment possibilities.

While ETHA has been a standout performer, the overall Ethereum ETF market experienced net outflows today, totaling $15.8 million. Fidelity’s ETH Fund, iShares ETH Trust ETF, Grayscale ETH Trust, and Grayscale Ethereum Mini Trust all contributed to the outflow.

Despite the mixed daily performance, the overall trend for Ethereum ETFs remains bullish, with BlackRock’s fund leading the charge.

Ethereum Rebounds, Bulls Eyeing Breakout

Having said that, market observers anticipate a huge capital influx similar to the events that followed Bitcoin ETF. However, a supply crisis looms large. Experts have noted two notable trends. One, the exchange balances have shrunk to just 10.2% of the total supply. Secondly, a whopping 40% of ETH is currently locked in smart contracts, significantly reducing the circulating supply available for trading.

On the price front, Ethereum is displaying strong signs of recovery after a period of consolidation. The leading cryptocurrency is currently bouncing off a key support level, indicating potential bullish momentum.

Ethereum
Image Source: ImNotTheWolf

Analysts are closely watching the downtrend resistance line, suggesting that a decisive break above this level could trigger a significant price surge. The recent approval of ETH ETFs is expected to pour further liquidity into the market, potentially fueling a rally.

With the digital asset market showing signs of renewed optimism, Ethereum is well-positioned for a potential breakout.

Ethereum’s L-2s Threatens Deflationary Narrative

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Ethereum’s “ultrasound money” meme sees the altcoin as an increasingly deflationary asset due to transaction fees being burned on the mainnet. The idea was that this would reduce the overall ETH supply making it scarce and valuable over time. However, an expert believes the token’s current dynamics have challenged this narrative mainly due to the arrival of Layer 2 solutions in the network’s scaling strategy.

Especially since Dencun’s launch in March 2024, a significant migration of users to L2s has altered the landscape. These include capturing the execution rewards, handling a large portion of transactions, and leveraging blob space to process transactions at a fraction of the cost. All these have led to a reduced volume of transactions on the mainnet.

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Ethereum's L-2s Threatens Deflationary Narrative 3

“Why do I say this? Because it’s unlikely we see a point where L2s recapture sustained ETH burn at pre-Dencun (March ’24) levels now that users have been asked to migrate away from mainnet.“

However, this shift was envisioned in Ethereum’s modular roadmap, which predicted a drop in mainnet activity as users moved to L2 solutions. Initially, this would have been balanced by an increasing number of L2s vying for blockspace, potentially driving ETH burn rates back up. However, the current situation is different. Dominant L2s are absorbing a lion’s share of transactions, often without increasing costs to Ethereum.

“Singular L2s are eating up more and more transactions and throughput while keeping their costs to Ethereum relatively static.“

One such example is Base, one of the leading L2s, which saw a 75% increase in transactions and a 100% rise in throughput over the past 90 days, while payments to Ethereum have remained static.

Ethereum’s Modular Path Forward

This development calls into question the sustainability of the ultrasound money narrative. If dominant L2s continue to expand without driving up ETH burn rates, Ethereum’s inflationary pressure may persist. This isn’t necessarily detrimental, as a certain level of inflation could support broader ecosystem velocity and user adoption.

Looking forward, Ethereum developers should continue advancing the modular roadmap and refining the network’s scaling solutions, rather than reverting focus solely to L1 scaling. Meanwhile, the introduction of Ethereum ETFs represents a significant structural shift, likely overshadowing these ongoing debates about ETH’s deflationary status.

Ethereum (ETH) Eyes Key Levels: $2,222 Support and $2,333-$2,465 Liquidation Zones

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Ethereum (ETH) has been through a period of notable volatility. Recently, it reached a significant low at $2,112, a price that marked a crucial moment for the digital asset. However, this drop wasn’t the end of the road for Ethereum; it quickly rebounded, entering a recovery phase that has captured the attention of the market.

As of the latest data, ETH is trading at $2,437.61. This price reflects a modest decline of 0.30% in the past 24 hours. Despite this minor decrease, Ethereum remains a dominant force in the cryptocurrency market, boasting a 24-hour trading volume of $37.28 billion and a market capitalization of $292.85 billion.

ETH 1D graph coinmarketcap 8
Ethereum (ETH) Eyes Key Levels: $2,222 Support and $2,333-$2,465 Liquidation Zones 6

Ethereum Potential Upside Volatility Amid Key Price Levels”

Ethereum’s price action is poised for significant volatility, according to a recent analysis by a crypto expert known as TheKingfisher. This forecast comes on the heels of a detailed examination of Ethereum’s market indicators, suggesting that traders should brace for possible price swings.

The analysis highlights the GEX+ indicator, a tool that signals potential price movements by analyzing market conditions. Currently, the GEX+ suggests that Ethereum (ETH) is in a volatile phase, with a notable probability of upward price movement. A key stability point identified by this indicator is around $2,222. This level could act as a critical support, potentially limiting downward moves while offering a launchpad for upward momentum.

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However, the GEX+ doesn’t just point to stability; it also hints at potential volatility. This dual signal is essential for traders to consider, especially those involved in leverage trading. The potential for rapid price fluctuations requires close monitoring, as sudden moves could result in significant gains or losses.

Adding another layer to the analysis, TheKingfisher points to Ethereum’s liquidation map, which highlights price levels where leveraged positions, both long and short, are concentrated. The key areas identified are around $2,333 and $2,465. These levels are crucial because when the price of ETH hits these zones, it could trigger a wave of liquidations.

Liquidations occur when traders’ positions are forcibly closed due to insufficient margin, often leading to sudden price movements. If the price of Ethereum reaches these levels, the liquidation of positions could create additional buying or selling pressure, further amplifying the volatility.

The real insight comes from combining the signals from the GEX+ indicator with the liquidation map. When these tools are used together, they provide a clearer picture of Ethereum’s potential price trajectory.

For instance, if the GEX+ shows upward momentum while a cluster of short positions is identified near the current price level, the likelihood of an upward price move increases. This is because the liquidation of short positions would require buying back Ethereum, driving the price higher.

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Ethereum Shows Signs of Bullish Reversal After Recent Market Crash

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Thе rеcеnt mаrkеt crаsh hаs shаkеn thе crypto world, with Ethereum (ETH), thе sеcond-lаrgеst cryptocurrеncy, fаcing а significаnt dеclinе. Howеvеr, а rеnownеd аnаlyst, Crypto Titаn, offеrs hopе with his compеlling аnаlysis postеd on X. Hе highlights criticаl support lеvеls аnd potеntiаl rеcovеry trаjеctoriеs for ETH.

Titаn obsеrvеd а notаblе bouncе from thе trеndlinе support, coinciding with а significаnt horizontаl dеmаnd zonе. This аscеnding trеndlinе, еstаblishеd sincе mid-2022, hаs consistеntly bolstеrеd ETH’s upwаrd journеy. It hеld firm еvеn during thе rеcеnt mаrkеt turmoil, dеmonstrаting potеntiаl undеrlying strеngth in Ethereum.

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Ethereum Shows Signs of Bullish Reversal After Recent Market Crash 10

Furthеr bolstеring this support is thе grееn-highlightеd аrеа bеtwееn $2,150 аnd $2,250, which hаs historicаlly sееn substаntiаl buying аctivity, mаking it а criticаl juncturе for ETH’s futurе pricе аction. Although Ethereum did еxpеriеncе а shаrp dеclinе, dipping to а low of аpproximаtеly $2,124, thе quick rеcovеry to $2,470 dеmonstrаtеs rеsiliеncе аnd buying intеrеst аt thеsе support lеvеls.

Crypto Titаn еmphаsizеs thе significаncе of this rеcеnt bouncе from thе trеndlinе support аnd thе horizontаl dеmаnd аrеа. Hе sееs this rеbound аs еssеntiаl for Ethereum to аvoid furthеr downsidе risks. Dеspitе rеcognizing thе mаrkеt crаsh’s sеvеrity, Crypto Titаn bеliеvеs thе subsеquеnt rеcovеry hints аt а potеntiаl rеduction in immеdiаtе thrеаts.

Ethereum Upward Momentum Key

Ethereum must mаintаin thе upwаrd momеntum stаrtеd by thе rеcеnt bouncе to solidify its position аnd confirm а bullish rеvеrsаl. Holding аbovе $3,000 would signаl а brеаk from thе currеnt dаngеr zonе.  A stеаdy rаlly towаrds $3,000 would boost mаrkеt confidеncе аnd rе-еstаblish а bullish structurе.

Thе rеcеnt pricе аction offеrs hopе, but Ethereum’s currеnt stаtе is fаr from idеаl. Sеvеrаl tеchnicаl indicаtors pаint а concеrning picturе, rеflеcting thе prеvаiling bеаrish sеntimеnt. Thе Awеsomе Oscillаtor, а momеntum indicаtor, is dееply nеgаtivе аt -437.09. Thе rеd bаrs signify incrеаsing bеаrish prеssurе, confirming thе currеnt downtrеnd аnd thе dominаncе of bеаrish forcеs in thе mаrkеt.

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Ethereum Shows Signs of Bullish Reversal After Recent Market Crash 11

Thе EOM (Eаsе of Movеmеnt) vаluе stаnds аt -2.845K, furthеr strеngthеning thе аrgumеnt for а strong downtrеnd. This indicаtor suggеsts thаt sеllеrs аrе pushing thе pricе down with minimаl rеsistаncе.

Similаrly, thе Moving Avеrаgе Convеrgеncе Divеrgеncе (MACD) indicаtor shows both thе MACD аnd signаl linеs in nеgаtivе tеrritory. Thе rеd bаrs on thе MACD histogrаm solidify thе bеаrish momеntum. Thе еаrliеr crossovеr, whеrе thе MACD linе dippеd bеlow thе signаl linе, confirms thе downtrеnd. Thе widеning gаp bеtwееn thе two linеs suggеsts еscаlаting bеаrish prеssurе.

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Ethereum Shows Signs of Bullish Reversal After Recent Market Crash 12

Howеvеr, thе Stochаstic RSI (Rеlаtivе Strеngth Indеx) indicаtor offеrs а rаy of hopе. This indicаtor suggеsts thаt Ethereum is in ovеrsold conditions, somеtimеs prеcеding pricе rеvеrsаls or consolidаtion pеriods. Thus, it offеrs а potеntiаl lifеlinе for bulls looking for а turnаround.

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Peter Schiff Criticizes Ethereum as ETH Dips to $2,100, Forecasting Further Decline

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Ethereum (ETH) experienced a dramatic plunge, marking its worst trading day in over a year. The cryptocurrency’s value plummeted by more than 22% within a single day, with ETH trading around $2,100 earlier today. This sharp decline has drawn significant attention, including criticism from Bitcoin skeptic Peter Schiff.

ETH 7D graph coinmarketcap
Source: CoinMarketcap

In a rece­nt X post, Schiff pointed out Ethere­um’s swift decline, mentioning its drop to $2,100 just two days following his pre­diction. He also highlighted a 15% decre­ase in Ethereum ETFs, introduce­d to the market mere­ly two weeks ago, suggesting Ethe­reum’s impending dip below $2,000. Additionally, Schiff contraste­d this with a 2% uptick in gold values and a 10% slump in Bitcoin, asserting gold’s supremacy in the­ financial arena.

Ethereum (ETH) Volatility Soars Amid Market Turmoil

Amidst the marke­t turmoil, a report from QCP highlighted that aggressive­ selling by Jump Trading and Paradigm VC played a significant role in the­ sharp decline of Ethere­um. This selling frenzy was exace­rbated by market makers scrambling to re­align their positions when Ethere­um’s front-end volatility spiked from 30% to 120%.

Despite­ the turmoil, both forward basis and funding rates have manage­d to hold steady. The situation was likene­d to a “perfect storm” in the re­port, attributing the drop in Ethereum and Bitcoin price­s to heightened se­lling pressure and liquidations during the Asian trading se­ssion, resulting in new lows of $2,116 and $49,000, respe­ctively.

The increasing instability can be attributed to the general macroeconomic environment as well. The recent unemployment data from the US proved disappointing and resulted in increased volatility across various asset classes. VIX, a measure of market volatility, rose to 50, a level that is usually only reached during major crises such as the global financial crisis in 2008 and the COVID-19 pandemic. Moreover, USDJPY 1-month at-the-money volatility jumped to 16%, suggesting more market instability.

The situation has been worsened by global events. Over the weekend, Israel killed a Hamas leader, which escalated tensions while Iran threatened to hit back, and America sent troops into the Middle East. Thus, this geopolitical unrest has further heightened the risk-off mood prevailing throughout global markets.

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Ethereum Bounces Back, Hits $2,451 After Drop: Analyst Highlights $2,000 is Key Support Level

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Ethereum has dropped significantly over the past week to a low of $2,122 recently before recovering. In the last seven days, ETH has shed nearly 28% of its value and seen a huge outflow of $146 million from the cryptocurrency. All this is due to a confluence of factors such as increasing fears of a US recession and rising geopolitical tensions.

As of now, Ethereum Price stands at $2,451.28. In the past 24 hours, its trading volume reached $109.91 billion With a market cap of $294.49 billion, securing a market dominance of 15.25%. Despite its recovery from the weekly low, Ethereum still saw a 10.49% decrease in price over the last day.

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Ethereum Bounces Back, Hits $2,451 After Drop: Analyst Highlights $2,000 is Key Support Level 17

The sharp decline in Ethereum’s price mirrors broader economic anxieties and market trends. Mounting is the US recession fears as much as economic indicators suggest that growth is slowing, while geopolitical concerns, especially pertaining to key regions, add to uncertainty.

Analyst Identifies $2,000 as Prime Buy Zone For Ethereum

Ethereum has hit a critical support level, around $2,000, according to a popular crypto analyst, Crypto Yapper. The support level is strong, and Ethereum has had a big bounce from it, indicating possible short-term stability.

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Crypto Yapper has highlighted this area as the ‘sweet spot’ for accumulation, which is marked with a green box. The analysis shows that it is not afraid of the current price level in Ethereum and looking to be a strategic entry point for new and existing investors alike..

Furthermore, data by Etherscan indicates that as Ethereum’s price approached $2,100, the maximum Ethereum gas fee surged to a stunning 710 gwei at this moment, while the average stands at 350 gwei. This spike in gas fees shows heightened network activity, generally attributed to huge market movements.

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However, the situation is still not clean. if Ethereum’s price drop to $1,950, then it is estimated that roughly $92.2 million worth in crypto assets in decentralized finance protocols would face liquidation.

The stakes further surge if the price of Ethereum touches $1,790, putting an estimated $271 million in DeFi assets at risk of liquidation. Such large-scale potential liquidations could further increase overall volatility and make the performance of Ether more paramount for traders and investors alike.

Related Reading |  Crypto Assets Face $528M Outflow Amid Market Chaos and Recession Fears

Ethereum Bleeds: $370M Liquidated in an Hour

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Ethereum, the second-largest crypto has been caught in the crossfire of a market downturn over the past 12 hours. A whopping $370 million in liquidations were recorded in just one hour, depicting the extreme turbulence gripping the digital asset space. This crypto crash comes on the heels of the seismic shift in traditional markets.

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Ethereum Bleeds: $370M Liquidated in an Hour 19

The Nikkei index recorded its biggest two-day drop in history, eclipsing the infamous Black Monday. The event has sent shockwaves affecting investor confidence. Adding to the broader market turmoil is, that Jump Trading, a leading crypto market maker, is reportedly exiting the business after unstaking a staggering $500 million worth of Ethereum over the past two weeks. This abrupt departure from a key market participant could further fuel market volatility in Ethereum and other cryptocurrencies.

Markey experts also took note of the escalating geopolitical tensions amidst a potential Iranian strike on Israel within the next 24 hours. Such a conflict would undoubtedly impact financial markets across the globe.

Furthermore, Warren Buffett’s Berkshire Hathaway has been aggressively dumping shares, fueling fears of a looming recession. This bearish sentiment is casting a long shadow over investor confidence and contributing to the overall market downturn.

In the US, the political landscape is undergoing a major shake-up, after presidential hopeful Kamala Harris emerged as a strong contender over Donald Trump in the latest Polymarket predictions. The change in the political wind can significantly influence market sentiment and investor behavior.

Elsewhere, the unexpected unwinding of Yen carry trades is creating a huge liquidity crunch, impacting asset prices, including US Treasuries and cryptocurrencies.

Ethereum: Death of the Yen Carry Trade

In a yen carry trade, investors borrow money in a low-interest rates currency like the yen to invest elsewhere [assets with higher returns, like US Treasuries]. Now, they’re selling those investments to repay the loans. This reduces the overall supply of money available for investment, pushing up interest rates, and causing asset prices to fall.

Finally, the Korean financial authorities are investigating potential price manipulation of the AVAIL token during its Bithumb listing. This could mean increased scrutiny from regulators and fewer crypto listings on Korean exchanges, impacting the overall market dynamics.

Considering the current market conditions, market experts caution investors from overtrading and sticking to a well-defined investment plan.

Chainlink & Ethereum Hit Historic Lows: Opportunity In Market Pain?

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Renowned analytical platform Santiment reported that both Chainlink and Ethereum have reached an all-time low in the 30-day and 365-day average of trading returns. In a recent post on X, the platform highlighted this considerable decrease in return, pointing out the current trends in these large cryptocurrencies.

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According to Santiment analysis, Chainlink and Ethereum trading returns have gone extremely low in the short-term and long-term trading. This trend portrays a declined performance over the last one month and year for this company.

Such trends were typically viewed in the past as a signal of buying opportunities. According to Santiment’s statistics, it is possible that the famous Wall Street phrase “blood in the streets” is true in this case, which means significant trading losses, and, therefore, the right time to perform a strategic stake. This view stems from the experience of analyzing the existence of favorable entry times which come with negative feelings to other players in the marketplace.

Chainlink  And Ethereum’s Volatile Swings

However, the more recent analysis done by Santiment for the trading intervals does the opposite of the earlier trading periods of highlighting the problems that Chainlink and Ethereum traders are faced with. These fluctuations highlight the random and unpredictable nature of cryptocurrency markets where large swings can be expected in both short term and long term periods.

Insights from Santiment offer a useful angle from which one could analyze the current market trends. Santiment also pointed out at the present paltry rates of chain link and Ethereum indicating that there are market changes which might impact future trading.

Such data is crucial to traders and investors for the purpose of their decision making especially when markets are extremely volatile. The recent report on Chainlink and Ethereum served as an excellent example of how the digital asset markets are constantly evolving, and how crucial it is to pay close attention to market trends.

The recent research report of Santiment provides insights into Chainlink and Ethereum trading profitability, which displays the lowest value of short-term and long-term average rates. This situation calls for the review of trading strategies since investors weigh the prospects of the market at the time they are deciding on the action to take.

Solana Tests All-Time High Against Ethereum Amid ETHE Outflows: Report

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Popular crypto analyst Daan Crypto recently pointed out certain interesting pattern in the market of cryptocurrencies. In a recent X post, the analyst highlighted that the SOL/ETH ratio is at the highest level ever with the fourth attempt at the current market cycle. This trend highlights Solana’s resilience, even as Ethereum experiences a vulnerability observed in massive redemptions of the ETHE.

Daan Crypto’s signal directly provides a basis for visualizing a transition of positions between these two primary cryptocurrencies. The downfalls of Solana have been resisted thus putting the platform as a strong contender in the crypto-market. On the other hand, Ethereum has had issues mainly because there are large redemptions from ETHE that influenced the market negatively.

Solana Surges As Ethereum Struggles

To be more specific, the analyst explained the consequences of these outflows stating that the latter negatively influenced Ethereum’s recent downturns in the market. The outflows from the ETHE represent an indication of lower trust from investors or a shift in portfolios within the cryptocurrency space.

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Daan Crypto believes in the Ethereum cryptocurrency; yet, he keeps his expectations moderate. He believes that the moment ETFs’ flows start to recover, Ethereum could claw back some of the losses in market share. This is expected due to the probability that with institutional adoptances and renewed interest from investors the position of Ethereum in the markets could stabilize and even increase.

This situation is suitable for Solana’s market presence since it leveraged its advantages to compete directly with Ethereum. The capabilities of Solana’s network have captured immense popularity among users due to its elevated transaction speed or cost.

Conversely, problems with Ethereum’s scalability and comparatively pricier transaction costs have been troublesome for the project and its followers. However, having a large number of developers and being the leading platform for decentralized applications (dApps) may serve as future potential for Ethereum’s recovery.

Through the observations of the analyst, it becomes apparent that one needs to keep an eye on both the macro and the microeconomic conditions that shape the crypto market. Market players and investors are advised to keep abreast with the market trends and changes and should be flexible in order to maximize on the opportunities while at the same time avoiding or minimizing on the risks.

Polkadot’s 7x Gaming Boom: Ethereum & Solana Shook?

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Polkadot logged a staggering 7x surge in transactions recently, sparking excitement among the community. The culprit behind the abrupt spike is attributed to a popular mobile game with over 5 million players, hosted on the Polkadot blockchain. Amidst high-profile competitors like Ethereum and Solana, this development could potentially be the turning point for the network.

PlayMythical, a gaming powerhouse that has consistently been in the top-6 position in NFT sales, has settled down on the DOT chain after experimenting with EOS and a custom Ethereum sidechain. The single mobile game has over 5 million players and 1 million active wallets. As per one analyst, the network’s stability, high throughput potential, and robust governance model were key factors in their decision.

The unexpected partnership showcases how blockchain technology can be leveraged to enhance gameplay and the user experience, rather than being the primary focus. It also highlights Polkadot’s potential as a gaming powerhouse. With a massive influx of transactions and the backing of a major player like PlayMythical, Polkadot could be poised for a significant resurgence.

Polkadot
Polkadot's 7x Gaming Boom: Ethereum & Solana Shook? 25

Additionally, PlayMythical is more like a pro gaming studio and consists of industry veterans from the real gaming world, such as Call of Duty, Marvel Strike Force, Skylanders, etc. Their primary targets are real gamers, not savvy crypto traders. Therefore, the core strategy of these major gaming firms is to prioritize the user experience of average gaming enthusiasts. 

Gaming Titans Choose Polkadot

This involves immersive gameplay, engaging stories, and the satisfaction of progression. So, the focus is to abstract the complexities of blockchain technology, making a seamless transition from traditional gaming to a blockchain-powered experience. In a nutshell, players can enjoy their games without the need to understand the underlying technology.

PlayMythical has implemented a two-tier wallet system: First is the guest/temporary wallet, which is initially assigned to players. Second is the on-chain wallet, where the players are prompted to create an on-chain wallet if they decide to engage in marketplace activities or sell items. By converting temporary wallets to on-chain wallets, PlayMythical is streamlining the user journey while ensuring the security and ownership of in-game assets.

Furthermore, the upcoming migration from EVM to Substrate/PolkadotSDK is a strategic move. Market observers expect this transition to significantly increase the number of Polkadot wallets, as millions of players will be introduced to the blockchain.