ETH Weekly | Antminer E3 may be eliminated, and it is expected that the computing power of the entire Ethereum network will be greatly reduced; MakerDAO successfully conducted its first debt auction (3.16-3.22)
Author | Qin Xiaofeng
Author | Qin Xiaofeng
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1. Overall overview
1. Overall overviewMakerDAOSuccessfully launched the first debt auction. The auction is a reverse auction, where bidders commit to buying a decreasing amount of MKR at a bidding price of 50,000 DAI, with each batch starting at 250 MKR and decreasing by 3% for each subsequent bid. The first batch of auction items will be listed at 10:38 ET on March 19th, and the second batch of auction items is expected to be listed on March 22nd. Notably, all 33 auctions to date have beenMaker FoundationMaker Foundation
Second, the secondary market
Second, the secondary market
1. Spot market
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(ETH daily chart, picture from OKEx)
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2. Fund flow
(data from BiNuNiu)
(data from BiNuNiu)
In terms of capital, capital fluctuated greatly last week, with a net outflow of nearly US$100 million on Monday and a net inflow of more than US$55 million on Thursday.
(data from Tokenview)
(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 38%, 44%, and 50% month-on-month, respectively.
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3. Ecology and technology
3. Ecology and technology
1. Development and technology
(1) Work progress of Ethereum 2.0: v0.11.0 has been released, aiming at stabilizing the multi-client testnet
Danny Ryan, the coordinator of Ethereum 2.0, updated the progress of the development work on the official blog. According to Ryan, Eth2.0 looks good - phase 0 is stable, and some promising research has been published:
v0.11.0 has been released, aiming to stabilize the multi-client testnet;
Publish the joint GHOST and Casper paper for public review;
polynomial promises look promising for statelessness;
(2) FundsDLT, a blockchain technology platform, completed its A round of financing, with Credit Suisse participating in the investment
Last weekend, the Ethereum network encountered performance bottlenecks due to the sharp drop in ETH prices and on-chain liquidation. Austin Griffith, head of Gitcoin R&D, believes that the community needs a network dedicated to testing the pressure of DeFi, and that the network should have some value, such as the Ethereum side. Chain xDai. The xDai official responded that they fully support this idea and welcome all DeFi projects that want to test their applications in a lower-risk environment. Note: xDai is a side chain of Ethereum, which applies POA Network cross-chain bridging technology and bridges the stable currency Dai as a pass. Its founder, Igor Barinov, once served as the technical director of POA Network. In addition, xDai has received investment from NGC Ventures. (Twitter)
2.DEX
according toDAppTotal.com DEXaccording to
according to
3.Dapp
according toDappreview dataimage description
4. Mining
(data from etherchain.org)
etherchain.orgThe data shows that the average computing power increased slightly by 0.11% month-on-month, temporarily reported as 174.8 TH/s; mining difficulty increased slightly by 0.69% month-on-month, temporarily reported as 2197 T; newly added addresses increased by 77% month-on-month; The average daily mining revenue decreased by 6.5% month-on-month.
(Mining difficulty changes)
4. News
1. MakerDAO successfully conducted its first debt auctionMakerDAOOn March 20, to fill a multi-million dollar gap in DAI collateral,
As the first phase of MakerDAO’s debt auction enters its final stretch, bidders have pledged to buy MKR for a total of $2 million. It is reported that in the first stage of the debt auction, a total of 40 separate batches were released, each worth 50,000DAI. These batches have received bids, which means that last week because of the Ethereum network problem, about $ 4 million in MakerDAO in debt$2 million$2 million
Notably, all 33 auctions to date have beenMaker FoundationMaker Foundation
win. The foundation said it had been providing “technical assistance” to some bidders to help facilitate their participation in the auction, stressing that it was not “buying MKR at the auction.” It also stated: "This assistance in no way includes providing information or funding for bidders." This move is similar to the Auction UI released a few days ago, which is to help those who do not have the necessary technology to participate in the auction.
However, the Foundation's Trading Desk appears to have received all of the auctioned MKR, at least for now. All completed auctions were won by three addresses. These addresses have subsequently sent these MKR back to the Foundation’s Trading Desk addresses, which are directly funded by one of the multi-signature addresses controlled by the Foundation. These addresses spent a total of 1.65 million DAI in exchange for 6226.41 MKR at an average price of 265 DAI per MKR.
2. Some users who were damaged by the $0 auction plan to initiate a lawsuit against the Maker Foundation
On March 19, the law firm Beasley Law Office is soliciting information about MakerDAO users whose interests have been damaged due to the $0 auction, hoping to initiate a lawsuit against the Maker Foundation on their behalf. The Beasley Law Office said the move was not intended to harm Maker, but to bring procedural justice to the victims of the matter.
3.In addition, Twitter user DeFi Dude also tweeted: "At least 12 users who were damaged by the $0 auction (losses totaling more than 2,000 ETH) are also collecting all relevant information to file a lawsuit. These investors know that MakerDAO is centralized. Yes, but they believe that the main responsibility for the above situation lies with the Maker Foundation.”
Analysis: The number of ETH transferred to the exchange exceeds the high point in 2018, or indicates that investors want to sell ETH
4.CryptoSlate issued a document stating that as of the publication, the amount of ETH transferred into the exchange has exceeded its previous high point, that is, in December 2018, when the price of ETH dropped to $89. Across all major cryptocurrency platforms, the total inflow of Ethereum increased to 14.5 million, which may indicate that investors are interested in selling their ETH. It could also suggest that investors are hedging their portfolios as prices trend further down amid the coronavirus shock.
Antminer E3 may be eliminated, and it is expected that the computing power of the entire Ethereum network will be greatly reduced
Kristy-Leigh Minehan, the proponent and researcher of the ProgPow algorithm of Ethereum, said that as the Antminer E3, a dedicated mining machine for the Ethash algorithm launched by Bitmain in 2018, will be obsolete, the computing power of the entire Ethereum network may drop by 20% to 30% next year. She also said, "With the increase in the size of the DAG file of the Ethash algorithm storage data set used by Ethereum, some Ethereum mining machines including Antminer E3 will fail, and it is expected that the computing power of the entire network will gradually decline." Investoon. com data shows that the current Ethash DAG file size is 3.52 GB. According to the data of F2Pool mining machine, Antminer E3 is still in a profitable state based on the current electricity cost of 0.38 yuan per kWh, accounting for about 51% of the electricity cost.
