Daily Digest 9/23

Insight on the biggest news and charts that provide context for whats going on in the market today.

Creating a bridge to bring together multiple networks or chains is one of the hottest topics in crypto. Being able to move seamlessly from one chain to the other will not only make using DeFi products easier but also cheaper and more efficient.
Bitfinex is using this idea to bridge together their centralized exchange and they decentralized exchange Deversifi.
To start this feature will only be capable with Tether but will also be made available for ERC-20 tokens as well.
Will Harborne, CEO of DeversiFi, believes that layer-2 solutions will be the future because of the low-cost and speed like lightning network does for BTC.

At the same time last year there was about 24 million ETH on exchanges but as of now that total is down to 18.5 million.
The price has also gone up significantly and that could be due to supply and demand shock.
The more ETH or any cryptocurrency that comes off exchanges creates more scarcity and in theory will cause the price to increase due to a higher demand of a lower supply.
The total value locked on ETH 2.0 staking is also up to 7.75 million and they have also burned 352,000 ETH since the launch of the London hard fork.

Cardano has had a strong couple months of growth leading into and after the launch of their Alonzo hard fork which brought smart contract capabilities to the network.
One of Cardano's main focuses is decentralization and to do that they need as many people to stake and run nodes to reach that goal.
Now the number of active staking wallets has gone right back to where it was before the crash and even hit a new ATH in the process.
Staking is one of the biggest features on Cardano currently as it gives people a way to contribute to the future of the network and earn a passive income in the process.

Ethereum Balance On Exchanges Falls to New Lows