ETH Weekly | The difficulty bomb of Ethereum has been launched, mining rewards have been halved; the transaction volume on the DEX chain has increased by 2 times from the previous month (11.18-11.24)

Author | Qin Xiaofeng

Produced | Odaily

Produced | Odaily

1. Overall overview

1. Overall overview

On November 20, the official Ethereum blog posted that the Ethereum network will be upgraded at block height 9069000 as planned. The event is expected to happen on Saturday, December 7, 2019. The specific upgrade date and time may change due to the speed of block generation. Additionally, the article recommends upgrading nodes by Sunday, December 1st.

Second, the secondary market

Second, the secondary market

1. Spot market

image description

(ETH daily chart, picture from OKEx)

(ETH daily chart, picture from OKEx)

2. Fund flow

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(data from AIcoin)

In terms of funds, the funds fluctuated greatly this week, with the largest net outflows on Thursday and Friday, both exceeding US$75 million; the net inflows on Wednesday were relatively high, exceeding US$7 million.

(data from Tokenview)

(data from Tokenview)

Tokenview dataimage description

(more than 50,000 ETH transfers)

3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) Official Ethereum: The Istanbul upgrade will be carried out as planned at block height 9069000 (expected on December 7th)

On November 20, the official Ethereum blog posted that the Ethereum network will be upgraded at block height 9069000 as planned. The event is expected to happen on Saturday, December 7, 2019. The specific upgrade date and time may change due to the speed of block generation. Additionally, the article recommends upgrading nodes by Sunday, December 1st.

(2) The data shows that the Ethereum difficulty bomb has been activated, the supply has decreased, and the block generation time has been extended by 1 second

On November 22, the "difficulty bomb" of the Ethereum blockchain was launched. According to data, the overall reward for miners dropped from about 13,600 ETH per day to 7,600 ETH. Decreases with increasing block time. There hasn’t been much increase in block times (about a second), supply has decreased, and the difficulty bomb has now started.

According to the analysis of the Trustnodes article, at the beginning, the difficulty bomb started very slowly, but eventually it became an exponential growth; it can be estimated that it will take about 6 months (block time) to reach 30 seconds, which is around May; and then Probably less than six months, but probably closer to 1 minute per block by next fall. The article stated that this time the difficulty bomb may not be delayed at all. (Trustnodes)

(3) Data: There are more than 12.39 million contract accounts on the Ethereum mainnet

Ethereum core developer Péter Szilágyi tweeted that there are already 12,393,986 contract accounts on the Ethereum mainnet, and the only deployed bytecode (number of contracts) is 226,256. It explains, "It's a bit like software installation. You have some independent shared libraries and services. But, in countless instances, you will install the same thing on everyone's machine."

(4) Developers: There are currently three teams following up the second stage of Ethereum 2.0

Will Villanueva, a developer of the Ethereum development team Quilt, revealed in a recent podcast that the progress of Ethereum 2.0 phase zero (the beacon chain) is "very positive."

Will Villanueva also said that his Quilt team is working on Phase 2 (execution layer) of Ethereum 2.0. While the transition from phase zero to phase one (sharding) is fairly quick, phase two takes a while as it is not a simple task. As the community gets closer to Phase One, Villanueva suggests doing more work on Phase Zero. In addition, he also revealed that there are currently three teams working on the progress of Phase 2 of Ethereum 2.0. (AMBCrypto)

ETH researchers said that the BLS standard has finally been finalized, and BLS signatures no longer hinder mortgage contracts. At the IETF meeting, Carl Beekhuizen, an eth2 researcher at the Ethereum Foundation (EF), said that an agreement has been reached on this, and if no issues are raised by the IETF standards committee, it will be considered final. There is an ethereum developer conference in two weeks, and the deposit contract should be available soon. Because everything else has been settled, it's just the BLS standard that has delayed the mortgage contract until now. (Trustnodes)

2.DEX

according toDAppTotal.com DEXimage description

(picture fromDAppTotal.com DEX）

according to

3.Dapp

according toDappreview dataDappreview data

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(data from etherchain.org)

etherchain.orgThe data shows that the current average mining difficulty is 2452 T, a decrease of 0.24% month-on-month; the average computing power increased by 0.06% month-on-month, temporarily reported at 181.2 TH/s. However, due to the launch of the Ethereum difficulty bomb this week, the block generation time was extended, and the number of blocks was greatly reduced, down 4.24% month-on-month; starting from November 23, the mining revenue was halved sharply.

(block diagram)

(Mining revenue graph)

(Mining difficulty changes)

4. News

4. News

1. The data shows that the total amount of ETH locked in DeFi applications has reached 2.7 million, a record high

According to DeFi Pulse data, the total amount of ETH locked in DeFi applications has reached 2.7 million, a record high. However, due to the slump in the market, this figure is about 405 million US dollars in US dollars, which is lower than the previous high (2.4 million). Among the 2.7 million ETH, 74% (nearly 2 million) are locked on the Maker platform, and its ETH lock-up volume ranks first; Compound ranks second with 317,000. (Decrypt)

2. The blockchain game Gods Unchained officially launched the card trading market

The Ethereum-based trading card game Gods Unchained officially launched its trading market. According to a recent post, users who have downloaded the game client can now access the marketplace, which provides a series of filtering tools to help users find the cards they need. Gods Unchained’s trading volume has surged recently, with 6.6 million game cards traded within a week, far surpassing the once-popular CryptoKitties. (Sludge feed)

3. Vitalik revisited the Ethereum incentive proposal

Previously, V God published an article on the Ethereum Research Forum, proposing a new scheme to motivate developers. When a developer creates a smart contract, any other user who uses the contract pays a part of the transaction fee (for example, 33 %), will be sent to the creator of the contract as an incentive, and two algorithms for rewards are proposed, namely linear and super-linear.

4. Ethereum co-founder: Bitcoin and Ethereum don't have to deal with regulators

Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, said in a recent interview that he divides new encryption projects into two categories: good marketing projects and good competitors. The wave field belongs to the former. He added: “There are some excellent marketing projects in the market that are also very high-quality technical projects, such as Polkadot and Dfinity, Tezos and NEAR, Algorand and Avalanche. These projects are all technically impressive.”