ETH Weekly | Istanbul upgrade may be postponed until November; USDT additional issuance causes Ethereum network congestion (8.26-9.1)

Author | Qin Xiaofeng

Author | Qin Xiaofeng

secondary title

1. Overall overview

1. Overall overview

Wei Tang, developer of the ethereum client Parity, said that ethereum's Istanbul upgrade plan has been delayed.

Second, the secondary market

Second, the secondary market

1. Spot market

image description

(picture from OKEx)

(picture from OKEx)

image description                                                

(data from AIcoin)

(data from AIcoin)

In terms of funds, the fluctuation of funds this week is relatively small, with the largest net outflow of funds on Wednesday, exceeding 57 million US dollars; the net inflow of funds on Saturday is relatively high, exceeding 22 million US dollars.

(data from Tokenview)                                                          

(data from Tokenview)

Tokenview dataIt shows that the number of transfers on the chain has decreased slightly this week, among which the number of "above 5,000 ETH" has decreased by 17% month-on-month; the number of transfers of "above 10,000 ETH" and "above 50,000 ETH" have increased by 15% and 300% respectively.

image description

3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

Ethereum developers have raised concerns about the Istanbul upgrade implementing EIP-1884 (proposed by Holst Swende), which proposes to increase the gas cost of opcodes. Wei Tang, a Rust developer at Parity Tech, said the protocol would "break at least a few deployed contracts," and said the blockchain should be backward compatible.V GodV God

Tweeted in favor of EIP 1884 (and hopes for a higher repricing), but this still needs to be explored further. (AMBCrypto)

(2) V God: Now is not the best time to increase the gas limit

V God, the co-founder of Ethereum, said, “If people want to increase the gas limit (note: the gas limit is the maximum amount of gas allowed in a single block, which can be used to determine how many transactions can be packaged in a single block), now Not the best time. Better yet, the gas limit will be dramatically increased at the same time as the Istanbul fork, as the opcodes with the most risk will see their gas cost go up significantly, so a higher gas limit will become safer ” (Trustnodes)

(3) Parity releases an update to its Ethereum node software

Blockchain software development firm Parity has released an update to its ethereum node software that fixes a bug in some cases. (Parity)

(4) Optimistic Rollup, a new architecture for Ethereum smart contracts, is released, supporting the deployment of OVM smart contracts on the second layer

Karl Floersch, the core researcher of Ethereum Casper, released a new architecture, Optimistic Rollup. This architecture draws heavily on the design of Plasma and zkRollup, and is developed based on the shadow chains (shadow chains), the predecessor of Plasma proposed by Vitalik. It supports Layer 2 ) to deploy OVM autonomous smart contracts. (Medium)

(5) Istanbul upgrade may be postponed to November due to Parity implementation delay

Wei Tang, developer of the Ethereum client Parity, said that Ethereum’s PoW upgrade plan has been postponed. He said: “Parity needs to be implemented until September 6th. Not only because we are late in accepting EIPs (Ethereum Improvement Proposals), but also happen to be doing a large-scale code base refactoring now, we may want to merge in Istanbul. Merge them before EIP." (Trustnodes)

The expansion community under the Ethereum state channel chain issued a standardization declaration, and multiple state channel projects including Celer and L4 will jointly design a set of unified specifications based on the Ethereum state channel, laying the foundation for an interoperable state channel application ecology , aiming to provide the best user and developer experience for all state channel projects. In the future, all wallets, clients, and applications that use state channels will be compatible with each other.

2.DEX

according toDAppTotal.com DEXThe data on the special page shows: 17 DEX projects based on the Ethereum network have been counted, and the transaction volume on the chain in the past week totaled 211,600 ETH (approximately 35.97 million US dollars), an increase of 46% month-on-month.

image descriptionDAppTotal.com DEX）

according to

3.Dapp

according toDappreview dataDappreview dataLucky-Strike, Dapps on the ETH chain added 12 Dapps this week, and the total number of developments reached 2,334;Lucky-Strike", with 27 daily active users in seven days, and a seven-day transaction volume of 16.8 ETH.

image description

(data from etherchain.org)

etherchain.orgThe data shows that the current average mining difficulty is 2251 T, a month-on-month increase of 5%; the average computing power has dropped by 4%, and is temporarily reported as 176TH/s; with the decline in currency prices, the activity of miners has declined, and the number of new addresses has dropped by 15% month-on-month.

secondary title

(Mining difficulty changes)

4. News

4. News

1. The additional issuance of USDT has caused the congestion of the Ethereum network, and the utilization rate of the Ethereum network has soared to 90%

According to data from Ethgasstation.info, a data research organization, in the past 30 days, Tether fees generated by processing Ethereum transactions have reached as high as $260,000, and the network utilization rate of Ethereum has soared to 90%. As Tether takes up more capacity, There is even less capacity left for other developers to use. (Bloomberg)

2. Telegram Open Network will be compatible with Ethereum

Telegram's new blockchain project, Telegram Open Network (TON), will be compatible with Ethereum. The company is expected to release code to run a node on TON on Sunday, allowing users to try out its project ahead of the project’s mainnet launch on Oct. 31. (CoinDesk)

3. Report: At present, DeFi projects lock 2.77 million ETH, a new high in the past year

According to a recent report, over 2.77 million ETH is currently locked in DeFi applications, the highest level since it began in October 2018. (AMBCrypto)

4. The Ethereum client becomes the first public blockchain project on Hyperledger

Hyperledger has officially adopted its first public blockchain project, ConsenSys’ Pantheon. Pantheon includes a suite of Ethereum-based services built by PegaSys, ConsenSys' engineering team. These services can run on top of Ethereum's public, private and test networks. (CoinDesk)

5. Islamic scholars have determined that Ethereum complies with Islamic law, which may stimulate the demand for ETH purchases

A prominent Muslim academic and financial advisor has released a white paper declaring that Ethereum is “halal,” meaning allowed, under Shariah law. For Muslim buyers, this clarity could spur additional demand for ETH. (CryptoSlate)

6. The Enterprise Ethereum Alliance publishes a collection of use cases for blockchain technology in the telecommunications field

The Ethereum Alliance (EEA) recently announced a collection of application cases of blockchain in the telecommunications field, including detailed use cases of many telecom blockchain solutions, and documented how blockchain technology can simplify telecommunications business transactions and internal operations data of. (Cointelegrap)

7. The Ethereum Foundation announced the development team that has won the grant to promote the development of ETH 2.0