Ethereum reborn
Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: JX kin, Editor: Wen Dao, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
, Author: JX kin, Editor: Wen Dao, reproduced by Odaily with authorization.
In mid-September, Ethereum went out of the independent market, with an increase of nearly 20% within a week. "Bitcoin has not moved, what is the reason for the rise of Ethereum?" After the price of the currency broke through 200 US dollars, some investors couldn't help asking?
Since the beginning of this year, Tether has used Ethereum as the main position for issuing USDT. Not long ago, it transferred 300 million USDT originally issued based on the Omin protocol to Ethereum.
Decentralized finance became the trend in the second half of the year, and it also brought new traffic after the ICO to Ethereum. As the transaction volume of Ethereum increases, the gas consumed increases accordingly. In principle, increased demand is the driving force for currency prices to rise.
Recently, the founder of Ethereum, Vitalik Buterin (V God), revealed that Ethereum 2.0, which has been delayed for many times, has been developed and will be launched in the near future. ~25 raised to around 3000".
Mainstream currencies such as Ethereum and EOS have been rising in September, which is regarded by industry insiders as a precursor to the rise of the broader market.
Stablecoins Contribute Large Transaction Volume
After entering September, Ethereum gradually climbed from a low of $165 to a peak of $215 on September 18, while Bitcoin was still hovering on the edge of $10,000. After getting out of the independent market, the industry began to look for answers on the platform construction of Ethereum.
From the data point of view, multiple indicators of the Ethereum network reached new highs during the year at the end of August. According to the data of Gikee, a blockchain data query platform, especially around August 20, the number of single-day active accounts of Ethereum reached 380,000, and the number of accounts participating in transactions was 430,000, both of which hit new highs in the year.
As of September 19, the total number of Ethereum accounts was 68 million. At the same time, the total number of accounts of EOS was 5.6 million, which happened to be the number of new accounts of Ethereum since August.
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A number of Ethereum data hit new highs during the year
The increase in the stablecoin scene is one of the factors driving the rise in the above data.
At noon on September 12, 300 million USDT appeared on Ethereum. In the afternoon, Tether explained that the funds were transferred from Omni to the ERC20 protocol, and the total supply remained unchanged. The data shows that the USDT issued based on Ethereum has reached 1.9 billion, accounting for 45% of the total.
Ethereum has become the home of stablecoin issuance. Except for USDT, seven of the top ten stablecoins by market capitalization are issued based on Ethereum. Stablecoins are one of the most liquid currencies in the cryptocurrency market, and their transfers fuel transactions on the Ethereum chain.
At present, the highest TPS of Ethereum is only 20~25. The increase in transaction volume has brought about the congestion of Ethereum, and the consumption of Gas (fuel) has increased accordingly. Correspondingly, the market demand for Ethereum has also increased.
In this regard, V God tweeted on September 15 that Gas exceeded 8.1 million for the first time, and almost 50% of the miners are agreeing to increase the gas limit.
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Defi applications are more inclined to Ethereum
In addition to the stablecoin scene, the prosperity of decentralized applications such as Defi and DEX in the second half of this year also contributed to the vitality of Ethereum’s on-chain transaction data.
In the second half of last year, DApps did not go on. Developers chose gaming applications. EOS and TRON, two public chains known for their "high performance", were ridiculed as "gaming chains". The low-performance Ethereum has not found new application scenarios after the ICO.
At the beginning of this year, some media wrote that Ethereum was besieged on all sides and was on the verge of death.
At that time, ETH was worth about $100, with a drop of more than 90% at a high point, and later even fell to $80, and the Ethereum crisis emerged.
Under the article "Ethereum is dying", V God left a comment, "I agree with some points, but we have done a lot of things to promote development, just wait and see (Just wait and see)".
In the second half of this year, the prosperity of DEX and Defi has become an opportunity for Ethereum. Some projects that cannot build their own public chain choose Ethereum as the development platform.
DAppReivew shows that among the 22 Defi applications, 20 are developed based on Ethereum. At present, the total number of Ethereum DApps is 1951, and the second-ranked EOS has only 618.
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DAppreivew shows that 5 of the 6 lending DApps come from Ethereum
There are not only a large number of DApps on Ethereum, but the activity of a single DApp is generally higher than that of the two public chains EOS and TRON.
Newdex, a decentralized exchange in the EOS ecosystem, believes that the pain point of Ethereum is that it cannot create a good experience for DApps. "Delays in public chain transfers, or data loss in blocks will affect the experience of DEX." However, financial applications such as Defi With higher security requirements, most projects still choose the more decentralized Ethereum.
The ecology is prospering, and Ethereum itself has accelerated its iteration. Recently, Vitalik publicly revealed that Ethereum 2.0, which has been delayed many times, will be launched soon. In the first development stage of Ethereum 2.0, except for the security audit that is still in progress, everything has been "finalized" and will be released in the near future. Posted later.
After the version 2.0 upgrade, Ethereum will switch from POW to POS consensus, adding technologies such as sharding, and the TPS can reach 3000. Such performance will attract developers.
The Newdex team is also looking forward to the launch of Ethereum 2.0. "After the upgrade of Ethereum, Newdex will take the lead in considering access." The experience of DEX is very dependent on the performance of the public chain. Under the premise of ensuring user experience, transaction asset data is stored in The chain can increase the power of DEX to counteract centralized exchanges.
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"Detonate" a new round of bull market?
Finance Magnates reported on September 15 that at the Ethereal Summit held in Tel Aviv, Israel, Ethereum co-founder Joseph Lubin and Vitalik discussed the possibility of cooperation with Facebook's cryptocurrency Libra. V God said that Ethereum should cooperate with Facebook, "I think we should reach out to a system that expects a more decentralized system."
The positive news continues, the price of Ethereum rises, and investors and analysts are also active.
Analyst Chen Chuchu believes that in terms of the overall situation, ETH has gone through three stages in the first three quarters of this year. It will also form a stage where shocks and upward movements dominate.
Quantitative analyst Kick Mahe holds a conservative view. He told Honeycomb Finance, "According to our trading system, the theoretical position of ETH is large now, but there is still a possibility of a big correction in ETH, which provides a good opportunity to enter the market again."
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Ethereum weekly K has shown a downward trend
