Who ignited Ethereum?
Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: JX kin, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
At 6 a.m. on July 23, Beijing time, investors who had set reminders for Ethereum price fluctuations were woken up. Within half an hour, ETH rose from $247 to $270, a 24-hour maximum increase of 11%, leading the market.
The options markets on Deribit and OKEx released their bullish sentiment on ETH as early as Tuesday. What pushed up the market heat was, on the one hand, the explosion of the DeFi protocol on Ethereum, and on the other hand, the continuous contributions of developers to Ethereum 2.0 brought bullish confidence to users and investors.
Data from DAppTotal shows that as of July 22, the locked-up value of ETH reached 4 million ETH, which is about 1.05 billion U.S. dollars based on the price of the day. At the same time, 9 of the top 10 DeFi protocols with locked positions come from ETH.
While the DeFi protocol is prospering, the testing of Ethereum 2.0 is progressing steadily. Danny Ryan, who participated in the code audit, predicts that the shortest generation time of the next multi-client test network will be August 4th, which indicates that the encryption world is far from the official launch of Ethereum 2.0. version went one step further.
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Soared 9.3% in half an hour
At 6 am on July 23, Beijing time, the price of Ethereum suddenly skyrocketed, from $247 to $270, an increase of 9.3% in half an hour and a maximum increase of 11% in 24 hours, leading the market.
From the perspective of news, the recent news that is directly beneficial to encrypted assets is probably this: On July 22, the U.S. Office of the Comptroller of the Currency (OCC) issued an announcement allowing national banks and federal savings associations of all sizes to host cryptocurrencies, and stated, Such custodial services are a "modern form" of traditional banking activities related to custodial services. This marks the opening of government regulators to cryptocurrencies.
However, this announcement is not directly related to Ethereum. However, judging from market data, investors are also mostly bullish in the near future. According to data from the options data platform Genesis Volatility, as early as this Tuesday, on the options trading platforms Deribit and OKEx, the total price of ETH option open interest contracts had set a new record of $173.4 million a month ago, setting a record high. hit a new high of $195 million.
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The number of open interest options contracts for ETH expiring in December is the largest
Of these open options contracts, the December expiry stands out in terms of number and value, at 243,803 contracts and $63 million, respectively. This data also predicts that the market's interest in ETH may continue until the end of this year. Greg Magadini, CEO of Genesis Volatility, also said: "The concentration of activity in the December expiry suggests that traders may be preparing for ETH 2.0."
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DeFi+ upgrade is expected to fuel Ethereum
The prosperity of the decentralized financial DeFi protocol on Ethereum is undoubtedly the biggest benefit of ETH in the near future.
According to data from the DeFi data platform DeFi Pulse, since mid-June this year, the locked-up amount of the DeFi protocol on the Ethereum network has risen from US$1 billion to US$3.3 billion, quadrupling in a month.
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The locked amount of the DeFi protocol on Ethereum tripled within a month
The trigger for the skyrocketing locked-up amount is the currency issuance action of some DeFi protocols. The "liquidity mining" gameplay has made investors in the centralized market also start to pay attention to DeFi projects. On June 16, the "loan mining" of the lending agreement Compound took the lead in igniting the upsurge of currency issuance. Since then, a series of currency-issuing DeFi projects have been launched on centralized exchanges.
Driven by DeFi, as of July 23, the locked amount of ETH alone has risen to 1.05 billion US dollars. At the same time, among the top 10 projects with total lock-up amount of DeFi protocols on different main networks, 9 projects were built based on the Ethereum main network. Among them, makerDAO ranked first with a lock-up amount of 650 million US dollars, and Compound lock-up amount ranked second The position amount is 540 million US dollars.
While DeFi applications are blooming everywhere on the Ethereum mainnet, the developers of the mainnet itself are also constantly preparing for the version 2.0 upgrade.
Last week, the Prysm ETH 2.0 client was successfully audited by blockchain security and audit firm Quantstamp. Open party Prysmatic expressed excitement in a blog post over the weekend that their developers are "so close" to launching the final multi-client public testnet.
Danny Ryan, the platform’s launch coordinator, shared the news, “After discussions with the client team, the minimum generation time for the next multi-client testnet is August 4th, including the mainnet configuration with the smallest validator number.” This indicates that the long-awaited Ethereum 2.0 network upgrade is one step closer to its official release.
The upgrade of Ethereum 2.0 is an important link in the transition of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS). When the main network is upgraded to version 2.0, the consensus algorithm of the network will shift to PoS, and ETH holders only need to be in the network Mortgage 32 ETH to participate in node governance.
