ETH Weekly | V God believes that "Ethereum's sky-high fee transfer" may be extortion; the MakerDAO community supports the acceptance of real assets as collateral (6.7-6.14)

Author | Qin Xiaofeng

Author | Qin Xiaofeng

Produced | Odaily

1. Overall overview

1. Overall overview

Second, the secondary market

Second, the secondary market

1. Spot market

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(ETH daily chart, picture from OKEx)

(ETH daily chart, picture from OKEx)

image description                                                                           

(data from BiNuNiu)

(data from BiNuNiu)

In terms of capital, capital fluctuated greatly last week, with the largest net inflow on Tuesday, exceeding US$30 million; and the largest net outflow on Thursday, exceeding US$60 million.

(data from Tokenview)      

(data from Tokenview)

Tokenview dataTokenview data

It shows that the number of transfers on the chain decreased slightly last week, the number of large-value transfers of "above 5,000 ETH" and "above 50,000 ETH" decreased by 13% and 60% month-on-month respectively, and the number of transfers of "above 10,000 ETH" increased slightly by 5% month-on-month ;The frequency of giant whale account transactions has decreased, and the main force is in a wait-and-see state.

Last week, there were a total of 4 transfers of "more than 50,000 ETH", the largest transfer amount was 110,000 ETH, which was transferred from an unknown address to a smart contract; there was a transfer of 66,000 ETH from an unknown address to the top 150 addresses on the rich list, suspected of being a large Hoard coins; there is a transfer of 50,000 ETH, which is between Binance internal wallet addresses; another transfer of 70,000 ETH is between the top 500 addresses on the rich list.3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) Ethereum 2.0 client Lighthouse released the latest progress

On June 13, Sigma Prime, the Ethereum 2.0 client Lighthouse development team, released the latest progress of the project, as follows:

Eth2 specification v0.12.1 progress; best-in-class memory consumption; Raspberry Pi support; Discv5 complete rewrite; external security review update. (Twitter)

(2) The latest version of the Ethereum client Geth has implemented all the improvement proposals of the "Berlin" hard fork

According to official news, Geth, the official client of Ethereum, has released the latest maintenance version 1.9.15. In addition to routine bug fixes, this update has implemented all the improvement proposals planned for the next hard fork upgrade "Berlin" , the temporary testnet Yolo for these EIPs has gone live. (Reddit)

On June 13, the Ethereum-based financial contract infrastructure UMA officially announced that the first synthetic token ETHBTC had completed its first liquidation without disputes. UMA launched the first synthetic token ETHBTC two weeks ago to track the relative value of ETH and BTC, aiming to verify whether the no-feed price design mechanism can be established in actual situations. (Messari)

2. Voice of the Community

2. Voice of the Community

(1) V God: It is expected that the community proposal EIP 1559 can reduce the occurrence of huge transfer fees

In response to the recent frequent occurrence of huge transfer fees on the Ethereum network, V God said that EIP 1559, a proposal that can reduce manual input fees, can reduce such situations. EIP 1559 is a community proposal that aims to change the current charging model by adjusting the basic network fee according to network demand. The current charging model allows users to choose their own fees after initiating a transaction, which will lead to higher transfer fees when the network is busy. (EWN)

(2) V God: "Ethereum sky-high fee transfer" may be extortion

In response to the recent successive transfers of sky-high fees on Ethereum, V God said that these "millions of dollars in fees may actually be extortion." His theory posits that the sending address belonged to a cryptocurrency exchange and that hackers gained partial access to the exchange's keys. Since they don't have the full keys, they can't withdraw, but can send invalid transactions at any gas price. Essentially, the hackers demanded a ransom by threatening to "destroy" all funds via transaction fees. (CryptoPotato)

(3) V God: Block expansion will lead to fewer people who can run nodes

V God said on Twitter that the cost of block expansion includes the following points. First, higher requirements are placed on bandwidth, computing, and hard disk space, which will reduce the number of people who can run nodes; second, it will increase the risk of centralization; third, it will increase the synchronization time.

If the gas limit is raised to 40 M, the Ethereum network will not crash. Instead, it will be dimensionally reduced from several dimensions, and the network cost will be greatly increased, exceeding the benefits. (Twitter)

Konstantin Kladko, chief technology officer of Ethereum sidechain platform SKALE Network, said in an interview that the basic technology of zkRollup, the zero-knowledge technology zk-STARKs, is not enough to achieve scale. He said that after doing a lot of research on zk-STARKs, SKALE concluded that zk-STARKs are a promising basic technology, but it may take 5 years to mature. In that sense, it's been slow to develop. (Cointelegraph)

3.DEX

according toDAppTotal.com DEXaccording to

The data on the special page shows: 17 DEX projects based on the Ethereum network have been counted. The transaction volume on the chain in the past week totaled 355,860 ETH (about 83.98 million U.S. dollars), a decrease of 1% from the previous week; the total number of transaction users on the chain in the past week was 34,690. down 3%.

according to

4.Dapp

according toDappreview data, Dapps on the ETH chain added 27 Dapps last week, and the total number of developments reached 4,356; "OpenAlexa", which has the largest trading volume of newly added Dapps in seven days, has a trading volume of more than 127 ETH (about 30,000 US dollars). OpenAlexa is a capital project based on Ethereum. It is extremely risky to obtain income through sourcing, so stay away as much as possible.

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(data from etherchain.org)

etherchain.org(data from etherchain.org)

The data shows that the average computing power decreased by 2.82% month-on-month, temporarily reporting 182.7 TH/s; the average mining difficulty decreased by 2.26% month-on-month, temporarily reporting 2291 T; the activity of miners decreased, and the number of new addresses decreased by 23% month-on-month. It is worth noting that, At present, the total number of Ethereum addresses exceeds 100 million.

• In addition, last week’s ETH mining revenue increased by 25% month-on-month. An important reason is that there were three wrong transfers, and the highest handling fee reached tens of thousands of ETH:

• On June 10, there was an abnormal transfer in Ethereum with a handling fee as high as 10668.73185 ETH and a transfer amount of only 0.55 ETH. The mining pool for this transfer was Spark Mining Pool.

• (Mining difficulty changes)

(Mining difficulty changes)

4. News

4. News

On June 9th, the MakerDAO community voted on using Real Assets (RWA) as collateral. Votes from the MakerDAO community strongly supported two new collateralization proposals led by startup Centrifuge, which has developed a protocol that allows users to convert real assets into securities that issue interest-bearing ERC 20 tokens. Centrifuge has partnered with Paperchain and ConsolFreight to tokenize music streaming royalties and trade invoices. The just-concluded vote paves the way for these tokens to be used as collateral for Dai minting.

Centrifuge CEO Lucas Vogelsang said that Centrifuge and its partners will now begin work to determine which oracles to use, develop risk models and review the security of smart contracts. He estimates those steps will take anywhere from a few weeks to a few months. Once this is done, a second binding vote will be held to determine whether to add the new code to the smart contract on the ethereum blockchain.

Centrifuge CEO Lucas Vogelsang said that Centrifuge and its partners will now begin work to determine which oracles to use, develop risk models and review the security of smart contracts. He estimates those steps will take anywhere from a few weeks to a few months. Once this is done, a second binding vote will be held to determine whether to add the new code to the smart contract on the ethereum blockchain.

2.It is worth mentioning that within 24 hours of the vote, MKR rose by about 30%, hitting new highs this year on some exchanges, exceeding $720. At the end of May, after Coinbase Pro announced the listing of MKR, its price soared by about 45%. MKR price has increased by 100% in the past two weeks. (The Block)

Data: The cumulative total number of users in the Ethereum DeFi market is close to 200,000

According to data from Dune Analytics, the total number of cumulative users of DeFi is close to 200,000. Richard Chen, a partner of 1confirmation, previously stated that although the current market size of DeFi is relatively small, the number of users is growing exponentially according to the current situation. If calculated based on the current daily growth rate of 0.56%, it is estimated that by 2021 There will be more than 1 million accumulated DeFi users in March, and more than 10 million accumulated DeFi users in May 2022. (Dune Analytics)

3. Data: ETH held by exchanges is up 10% since Black Thursday

Glassnode data shows that since “Black Thursday” on March 12, the balance of BTC held by cryptocurrency exchanges has dropped by about 10%, while the balance of Ethereum held by exchanges has continued to increase, increasing by 10.5% year-to-date. (Beincrypto)

4. After the Ethereum upgrades to version 2.0 PoS mechanism, miners may switch their mining machines to other networks

With the upgrade of the Ethereum network to version 2.0 this year, the consensus mechanism will switch to PoS, which will have a huge impact on miners. There are two options for miners, one is to sell mining equipment to buy ETH to adapt to the PoS staking mechanism; the other is to switch the mining machines to other networks that support GPU mining machines. Nick Foster, a representative of U.S. mining equipment distributor Kaboomracks, said that most ETH miners will choose the latter. (Cointelegraph)

5. The open interest of Ethereum options on the Deribit platform rose to a new high of $158 million