The protocol was one of the first ICOs on Ethereum, raising $8.6 million in ETH in 29 minutes and setting a precedent for thousands of other ICOs in the years that followed.

Golem, one of the earliest Ethereum ICOs, has transferred over $115 million in ETH to exchanges over the past month, potentially creating selling pressure in the market. ICOs are a popular method of raising capital to build cryptocurrency projects, with billions of dollars raised between 2016 and 2019. However, they have lost their appeal to investors. in the years that followed, due to legal battles and a general lack of demand.

Data tracked by Arkham shows that Golem's main wallet transferred millions of ETH to other wallets, which were then sent to exchanges like Binance, Bitfinex, Coinbase, and others. Most of these transactions are under $10 million and are sent daily.

Source: Arkham

Golem's X account did not immediately respond to requests for comment, and the project has not publicly revealed any major upcoming products on its X account. According to a roadmap published in May, Golem is developing tools based on artificial intelligence (AI) as the sector attracts interest from traders.

Depositing coins to cryptocurrency exchanges often implies the intention to sell the asset, for security reasons, no project keeps its coins on the exchange. Golem raised more than $8.7 million in ETH in 2016 when the ETH price was around $10, becoming one of the biggest beneficiaries of the ICO craze of those years as the story of distributed computing grew. it spread on social networking sites. It positions itself as a marketplace for computing power, where users can rent out their unused computing resources in exchange for Golem's GLM tokens.

But popularity has since declined, with the GLM token currently trading at just $0.30 with a market capitalization of $300 million, down from an all-time high of $1.32 in November. 1 year 2018. GLM price has also increased 70% in the past year thanks to the AI ​​fever.

GLM price chart over the past 1 year | Source: CoinMarketCap

What is Golem Network (GLM)?

Golem Network is a blockchain-based software that allows users to buy and sell computing power for a variety of purposes, including artificial intelligence (AI), cryptocurrency mining, CGI rendering, and other calculations. Other complexities require large computing power. Golem represents a version of traditional services of the same type that are controlled by users, and are therefore decentralized and independent of central authorities and third parties.

Golem allows users to sell their excess computing power to those who lack the resources to work on complex projects that require massive computing power to execute. Users who sell their resources will be rewarded with GLM tokens in exchange for their services, which are paid by buyers on the network. Pricing depends on the amount of computing power rented.

Golem provides a P2P marketplace for computational resources by breaking tasks into smaller parts so that the system can scale properly and form a single user-based marketplace. GLM is the utility token of the Golem network and it serves as the main store of value on the network. The GLM token incentivizes sellers to rent out their computing power in exchange for payment in GLM provided by buyers.

Source: https://tapchibitcoin.io/du-an-ico-tu-nam-2016-nay-da-chuyen-len-san-hon-115-million-do-la-ethereum-trong-month-past. html