ETH Weekly | JPMorgan Chase is discussing merging its blockchain department with ConsenSys; Ethereum Gas usage hits a four-month high (2.10-2.16)

Author | Qin Xiaofeng

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Produced | Odaily

1. Overall overview

1. Overall overview

Second, the secondary market

Second, the secondary market

1. Spot market

According to OKEx market data, the price of ETH went up strongly last week and successfully broke through 280 US dollars, but experienced a sharp correction on Saturday and Sunday, closing at 258.89 US dollars within the week, an increase of 14% in a week.

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The ETH daily chart shows that the current price has fallen below the 10-day moving average ($248), and may continue to pull back in the short term. The resistance range is $280-285, and the support range is $240-250.

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(data from BiNuNiu)

(data from BiNuNiu)

(data from Tokenview)

3. Large transaction

(data from Tokenview)

Tokenview dataIt shows that the number of transfers on the chain dropped sharply last week, and the number of transfers of "above 5,000 ETH", "above 10,000 ETH" and "above 50,000 ETH" decreased by about 37.5%, 32.95% and 66.7% month-on-month respectively.

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3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) Early prototype leak of ETH 2.0 mortgage contract interface

On February 10, the ETH 2.0 mortgage contract interface leaked. The leaked screenshots show step-by-step how 32 ETH is sent from the proof-of-work (PoW) chain to the new proof-of-stake (PoS) beacon chain. The process starts with a quick description of the stake and rewards, and then generates a key pair for verification. There will be two keys for the validator in the hot and cold wallet setup. One key is used only to verify the identity of the staker, which is the hot wallet key. Another key controls the movement of ETH, this is the cold wallet key or now the private key.

The above content was revealed by the designer team Deep work Studio. It's an old version, and in fact, you can tell that the reward is a bit lower than Ethereum co-founder Vitalik Buterin's current estimate.

（2）Carl Beekhuizen, an Ethereum 2.0 researcher at the Ethereum Foundation, said in reference to the slides that "this is an early prototype and there is still a lot of work to be done." Danny Ryan, the Ethereum 2.0 coordinator, said Beekhuizen is leading the deposit. On the user interface side of the contract, this work is in progress. "We're signing that design team up and putting it into production. I think that's a teaser." (Trustnodes)

V God proposes to solve the 51% attack problem through timely detectors

• Vitalik Buterin, the founder of Ethereum, believes that the 51% attack problem can be solved by timely detectors (timeliness detectors). The new concept proposed by Vitalik addresses three challenges as it allows active blockchain users to agree on three crucial issues:

• whether a "severe enough" 51% attack has occurred;

• what is the "correct" chain to aggregate;

Which validators are responsible for the attack.

This analysis will be performed with randomly selected validators. Someone checks the timestamp of each block to see if it came out "on time". Therefore, only those blocks produced "on time" will be re-broadcasted to the mainnet with the validator's signature. (U. Today)

(3) The Ethereum Raiden Network releases a new version of the client

On February 10, Raiden light released the latest development progress of the project on Reddit. The content shows that Raiden is currently testing the infrastructure, and a new version of the Raiden client has been released.

(4) The Arbitrum Rollup test network of the Ethereum expansion program is launched and open source

On February 12, Offchain Labs announced that the Ethereum expansion program Arbitrum Rollup test network was launched and open sourced. Arbitrum Rollup runs the Rollup system running on Ethereum, optimizing general-purpose smart contracts for high security, high throughput, and strong censorship resistance. Arbitrum Rollup has no restrictions on the types of contracts that can be written, and does not require developers to rewrite applications using unfamiliar abstractions or programming languages. Arbitrum has complete smart contract support and comes with a Solidity compiler, allowing developers to port existing contracts or develop new ones.

Arbitrum Rollup plans to launch the Ethereum mainnet in the future, and is expected to launch the Arbitrum sidechain and state channel at the end of the year, because in the case of multiple types of contracts, migration to off-chain can achieve higher scalability and lower costs.

(5) tBTC, a project based on Ethereum and anchored to Bitcoin, may launch its mainnet in March this year

tBTC, a project based on the Ethereum network and anchored to Bitcoin, has currently frozen its code and is undergoing code audits, and may launch the v1 mainnet in March this year. Matt Luongo, head of the tBTC project, said that tBTC is an ERC-20 token that is fully collateralized by Bitcoin and can be exchanged at any time. The team plans to integrate with lending platforms like Compound immediately after launch, but low liquidity may prevent tBTC from becoming a collateral option in the near future. (The Block)

(6) Status 1.0, a decentralized chat tool for Ethereum, is officially launched on iOS and Android

The Ethereum mobile browser Status 1.0 is officially launched on iOS and Android. In the V1 version, Status has added multiple functions, including sharing a Status account with Ethereum wallets, a new private key encryption process, ENS username settings, etc. The official reminds users that before downloading the V1 version of the mobile app, please save the mnemonic phrase of the Beta version to avoid asset loss.

James Simpson, co-founder of mStable, wrote an article to introduce mStable, an Ethereum-based stablecoin aggregation protocol, which is a smart coin that can cast stablecoins (such as mUSD) in the mStable protocol by injecting other stablecoins (such as DAI, USDT, USDC). In the contract system, users can also destroy mUSD to redeem other stablecoins and pay a part of the redemption fee. The mStable protocol also includes the governance token Meta. Users can use Meta to pledge, propose, and vote. They can also charge redemption fees and restore the value of unanchored assets. mStable will go live in the next few months. (Medium)

2.DEX

according toDAppTotal.com DEXimage description

(picture fromDAppTotal.com DEX）

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3.Dapp

according toDappreview dataDappreview data

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(data from etherchain.org)

etherchain.orgThe data shows that the average computing power has increased by 3.2% month-on-month, temporarily reporting 174.3TH/s; the difficulty of mining has increased by 3.2% month-on-month, temporarily reporting 2196 T; the activity of miners has increased significantly last week, and the number of new addresses has increased by 34% month-on-month.

(Mining difficulty changes)

4. News

4. News

1. JPMorgan is in talks to merge its blockchain unit with ConsenSys

JPMorgan Chase & Co is in talks to merge its blockchain unit Quorum with ethereum developer ConsenSys, according to people familiar with the matter. It is reported that the deal is likely to be formally announced within the next six months, but the financial terms are unclear. About 25 people around the world currently work on the Quorum team, and it is unclear whether they will join ConsenSys after the merger.

The merger with ConsenSys will not affect JPMorgan's other Quorum-based projects, one of the people said. JPMorgan has been considering spinning off Quorum for nearly two years and has evaluated options including creating an open source foundation, creating a new company or merging with another, the person said. Since both organizations work with Ethereum and have participated in joint operations in the past, a merger with ConsenSys was chosen as the best option. (Reuters)

2. Ethereum gas usage hits a four-month high

Crypto analytics firm Glassnode noted that ETH has doubled in value since the start of the year. At the same time, Ethereum's network usage is also rising, and Gas usage has soared to the highest level since September 2019; analysis points to strong fundamental factors that may continue to push prices higher. (AMBCrypto)

3. Bloomberg: Technical indicators show that Ethereum is at its highest overbought level in 9 months

4.According to Bloomberg, Ethereum is at its most overbought level since May 2019, according to the GTI Global Strength Indicator, which measures the rise and fall of consecutive closing prices. In addition, Ethereum's gains this year have also pushed the Bloomberg Galaxy Crypto Index into the overbought range. The index tracks some of the largest digital assets, with Ethereum accounting for nearly 30% of the index. [Original link]

Report: Ethereum Continues to Dominate the DApp Ecosystem in 2020 with 82% YoY Growth

5.On February 11, DappRadar released the latest monthly report on the DApp industry. The report pointed out that compared to January 2019, Ethereum had a good start in 2020, with an 82% increase in the number of daily active independent wallet users; in January 2020, the largest Ethereum category game and market Compared with January 2019, it increased by 163%.

Ethereum Naming Service ENS Completes Registry Migration

On February 14, according to ENS official news, the Ethereum domain name service system ENS completed the migration of the registry and released an updated manual. This time the registry has migrated all .eth second-level domain names (such as ceshi.eth), and users do not need to perform additional operations immediately.

6. The number of downloaded users of the Ethereum light wallet MetaMask APP exceeded 1 million