The ETH2.0 test network may be released, and the network locked Bitcoin will reach a new high, which will boost a new round of rise?
The OKEx Intelligence Bureau Industry Weekly Report will take you to quickly review industry trends and clarify industry trends.
Table of contents:
Market overview
industry voice
DeFi ecology
industry voice
Blockchain Industry Empowerment
industry anecdote
Market overview
Blockchain Industry Empowerment
Market overview
1. Digital currency market
According to CoinGecko data, as of 16:00 on July 31, 2020, the total market value of the cryptocurrency market was 336 billion US dollars, and the total market value increased by 15.2% on the 7th. The market sentiment index is 75, from the neutral level last week to the greedy level; USDT OTC premium rate -0.002462%, OTC average price ¥6.97.
1. Digital currency market
【Interpretation】1. 93.8% of the launch progress of the Ethereum 2.0 test network has been completed, or it will be launched at 21:00 on August 4
On July 31, according to the official data of Ethereum, as of now, 505,024 ETH has been pledged to the Ethereum 2.0 testnet. This means that 96.3% of the start-up progress has been completed, and a total of 524,288 ETH is required to start. Earlier on July 23, Ethereum officially announced that the multi-client test network Medalla will start at 21:00 on August 4. And getting started requires 16,384 validators and a deposit of 524,288 ETH. If the number of deposits at 21 o'clock on August 2 does not reach the minimum deposit number, the start will be postponed.
About the Ethereum multi-client test network. As we all know, the first stage of Eth2.0 delivery is the beacon chain. After the beacon chain goes online, we will witness multiple new Eth2.0 clients through a new network connection and a consensus method. Collaborative operation on a new blockchain. However, before the beacon chain goes online, multiple versions of the test network will be launched to simulate the operation of the main network as much as possible through the test network. This requires the Ethereum development team to build and operate a stable, long-term and The persistent testnet is the Medalla version of the multi-client testnet that will be launched at present. Prior to this, Ethereum has launched the ETH 2.0 multi-client testnet Schlesi in April this year.
【Interpretation】2. Survey: 15% of U.S. adults currently own cryptocurrencies
According to Forbes on July 27, a survey by Cornerstone Advisors shows that 15% of American adults now own some kind of cryptocurrency, and slightly more than half of them invested in cryptocurrency for the first time in the first six months of 2020. These new investors collectively own about $67.5 billion in cryptocurrencies, or about $4,000 each. Four out of five of these cryptocurrency buyers are men, with an average annual income of $130,000.
"Slightly more than half of them invested in cryptocurrency for the first time in the first six months of 2020." The best interpretation of this sentence is: young Americans are entering the market quickly. At the same time, according to the data disclosed by Grayscale Investment in recent months, institutional investors from Wall Street, represented by hedge funds, are accelerating their entry into the cryptocurrency field, which may also be the reason for the promotion of Bitcoin and other crypto currencies. The root cause of the rapid recovery of assets from "312".
【Interpretation】3. Analysis: The correlation between BTC and gold is increasing, and investors will be further bullish
As Cointelegraph reported on July 30, the correlation between Bitcoin and gold’s daily returns is strengthening, and investors expect further gains in Bitcoin prices. As bitcoin rose to a 2020 high of $11,392 this week, the correlation between bitcoin and gold rose, with the current monthly-to-gold correlation of 0.66, the data showed. This strengthening of the correlation represents a trend shift, as the relationship between the two had previously been on the decline, according to Kraken exchange research team data.
As we all know, gold is the king of safe-haven assets, but the safe-haven property of Bitcoin was seriously questioned when the global asset bubble burst caused by the new crown epidemic. However, it only took four months for Bitcoin to rise above $11,000 from the crash, proving once again that Bitcoin has tenacious vitality. If through this incident, global investors can reach a consensus that "although Bitcoin is decentralized, it can definitely withstand strong winds and waves", then it will pave the way for a sustained bull market in the future. , Whether Bitcoin has "safe-haven properties" will no longer matter.
【Interpretation】On July 25, according to Bloomberg News, the U.S. Federal Court stated that Bitcoin is defined as "currency" under the "Money Transmitter Act" in Washington, DC. "Money is generally a means of exchange, a means of payment, or a store of value. Bitcoin is one of those things," said Chief Judge Beryl A. Howell of Washington, D.C.
2. DeFi ecology
【Interpretation】
2. DeFi ecology
【Interpretation】1. The total circulation of Bitcoin-anchored coins on the Ethereum chain exceeded 20,000, an increase of nearly 70% this month
On July 29, Debank data showed that the total circulation of Bitcoin-anchored coins on the Ethereum chain has exceeded 20,000, and a total of 20,086 Bitcoin-anchored coins have been issued, an increase of nearly 70% this month. Included in the statistics include WBTC, renBTC, sBTC, imBTC, HBTC, BTC++, pBTC and tBTC. Among them, WBTC has the highest share, with a current circulation of 15,521, accounting for 77.5%, followed by renBTC, with a circulation of 1848 (9.2%).
More and more bitcoins are pledged on the Ethereum network, which is an endorsement of the value of the Ethereum network. More importantly, this kind of cross-chain pledge through "WBTC, renBTC, sBTC" and other forms is essentially a kind of value flow and exchange, and the exchange and flow itself will generate greater value. Forward cycle. Let's make an extreme assumption: In the future, when the Ethereum network is prosperous enough and most of the circulating Bitcoins are pledged on the Ethereum network in the form of "WBTC, renBTC, sBTC", will the market value of Ethereum exceed What about Bitcoin? This is a very interesting question worth thinking about. 【Interpretation】2. Tokenview: The single-day on-chain transaction fee of Ethereum reached 7412 ETH, accounting for 36% of the miners’ income on the entire network
Data from the Tokenview block browser shows that on July 27, the total transaction fee on the Ethereum chain reached 7412.31 ETH, which is about 2.3959 million US dollars, accounting for 36.46% of the income of miners in the entire network. On July 27th, the total service fee of the entire Bitcoin network was 121.12 BTC, which is about 1.2382 million US dollars, and the service fee accounted for 11.5% of miners' income.
As shown in the figure, the recent average fee for a single transfer on the Ethereum network is close to $2, far exceeding the bull market in 2017, and reaching half of the highest level in 2018. What is different from before is that the current Ethereum network fee is increasing steadily, unlike in 2018, it only stays at a certain height for a short period of time, and then returns to normal. However, this also shows that the current price growth of Ethereum is truly application-driven.
【Interpretation】A recent report issued by ARPA shows that there are about 5 million digital currency users worldwide, while DeFi users only account for 1%. Most of the users of DeFi are old digital currency players. What motivates them to use DeFi is high returns. The minimum annualized rate of return of 15% is enough to attract them to participate in DeFi. Attractive interest rates and no need for KYC are also attractive. Hence the report concludes that DeFi remains a niche market in the cryptocurrency market. According to previous news, data released by the encryption market analysis company Messari on July 29 showed that the total assets of decentralized finance (DeFi) are only equivalent to 1.5% of the total market value of encrypted assets. Even Dogecoin (DOGE) has a higher market capitalization than any DeFi project aside from MakerDAO (MKR).
3. Industry voice
【Interpretation】
3. Industry voice
【Interpretation】1. Li Qiyuan: I still believe that Bitcoin can rise to $333,000 in December 2021
On July 27, former Bitcoin China CEO Bobby Lee tweeted that he still believed in the prediction made in December 2018. Now that the price of Bitcoin has exceeded $10,000, it will officially rebound later this year. Will it reach $15,000, $20,000 or higher by the end of the year? The forecast in December 2018 indicated that Bitcoin would rebound from the end of 2020, peak at $333,000 in December 2021, and then plummet to $41,000 in January 2023.
【Interpretation】
As Bitcoin successfully broke through 10,000 US dollars, practitioners have chanted. For example, on the morning of July 31, Quantum Economics (Quantum Economics) founder Mati Greenspan tweeted that as long as the first Bitcoin ETF is listed, it will Get out of the bitcoin market and hope that by then the price of bitcoin will rise above $100,000. On July 28, Messari analyst Ryan Watkins used a set of comparative data to show his long-term bullish view on the encryption market. Watkins tweeted that global wealth is about 360 trillion U.S. dollars, and the total value of cryptocurrencies is only half It can be said that there is still a long way to go to reach 300 billion US dollars.
From left to right: Li Qiyuan, former CEO of Bitcoin China, Ron Paul, a famous American politician, and Li Qiwei, founder of Litecoin
2. Jiang Zhuoer: 5 common senses that need to be paid attention to in the bull market
On July 28, Jiang Zhuoer, the founder of Lebit Mining Pool, posted on Weibo "About the bull market, there are the following common sense". The article stated that in a round of bull market, we need to pay attention to several common senses:
1. From the beginning to the end of a round of bull market, the rise of mainstream currencies is basically higher than that of BTC. This is because mainstream currencies are smaller in size and have newer concepts, which are more likely to attract bull market follow-up and new funds, so the increase multiples are often larger.
2. In the face of skyrocketing, the way to deal with the shortfall is to look for valuable mainstream coins that have not yet risen to ambush.
3. In a 2-3 year bull market, whether BCH will rise in the long run depends on whether BCH has value; and whether BCH has value, the simplest expression is to see if BTC is still blocked. .
4. The more congested BTC is, the more attention will be paid to BCH.
[Interpretation] Some practitioners sing the belief of recharging more, and some practitioners post warnings about risks. This is a prerequisite for the healthy development of a circle.
【Interpretation】According to Cointelegraph, in a recent podcast, Ethereum founder Vitalik Buterin said, "DeFi is not bad, but it is not a place that should advocate that many ordinary people put their life savings into it. I think an important problem is that many people Underestimating the risk of smart contracts. Its interest rate is much higher than that of traditional bank accounts, which means that DeFi products are also much riskier and the chance of 'crashing' is much higher."
4. Blockchain industry empowerment
【Interpretation】
Smart contract risks have existed for a long time. Take The Dao incident on June 17, 2016 as an example. After hackers discovered a loophole in The Dao’s fundraising contract, they could transfer funds from the contract indefinitely through this loophole. Within hours, 3.6 million ETH was transferred out. This incident had a huge impact on the development of Ethereum. In the end, in order to make up for the loss of users, the community had to carry out a hard fork, but this eventually caused Ethereum to become two chains, namely the current Ethereum and Ethereum Classic. . Of course, there are more than one smart contract vulnerabilities. On April 22, 2018, hackers exploited the Ethereum ERC-20 smart integer overflow vulnerability to generate countless US dollar BECs, causing the currency to almost go to zero.
4. Blockchain industry empowerment
1. The digital currency of the Central Bank of Cambodia has been put into trial operation this month and is planned to be launched at the end of the third quarter
According to a Cointelegraph report on July 29, at the beginning of this year, the Central Bank of Cambodia announced that it would launch a blockchain-based national digital currency in the first quarter of 2020. However, as of now, the currency called "Bakong" has not yet fully started. operate. Chea Serey, the governor of the National Bank of Cambodia, told reporters on July 27 that Bakong has started trial operations this month and is expected to start in this quarter, probably before the end of the third quarter on September 30. officially run. It is reported that the project has been supported by 11 domestic banks. Serey noted that more banks are expected to join the project in the near future.
2. Huawei releases smart government solutions, integrating blockchain and other technologies into government affairs
According to 36 Krypton news, on July 30, the Huawei Smart Government Summit 2020 was held, and Huawei released a smart government solution. The panorama of Huawei's smart government solutions integrates information technologies such as 5G, AI, blockchain, big data, and cloud computing into government affairs.
According to U.Today news on July 28, the KYC blockchain alliance platform established by the Dubai government has been launched. This is a blockchain-based regulatory initiative initiated by the Dubai Economic Development Department and Emirates NBD. The KYC blockchain consortium platform enables SMEs in the country to easily open bank accounts through Emirates NBD. Blockchain facilitates the exchange of verified KYC data, which significantly speeds up the onboarding process of new customers. More than 120 companies have already used the platform to gain instant access to Emirates NB Bank's banking services, said Omar Bushahab, Head of Emiratis Bank Licensing.
5. Industry anecdotes
4. Beijing will build a supply chain credit and debt platform based on blockchain and other technologies
5. Industry anecdotes
【Interpretation】1. Media: Justin Sun offered a reward of one million to Twitter hackers, but refused to accept clues
Previously, regarding the incident of "a number of Twitter big V accounts being stolen and posting related bitcoin phishing information", Justin Sun stated on Weibo that he wanted to offer a reward of one million US dollars to capture the mastermind behind the Twitter hacking incident. According to a Cointelegraph report on July 25, an anonymous person contacted the Cointelegraph reporter and asked to get in touch with Tron, hoping to get its $1 million bounty to determine the person responsible for the Twitter hacking incident last week. Cointelegraph reached out to Tron on the matter after examining the highly credible evidence it provided. But Tron representatives avoided the source with various excuses, saying that the FBI was investigating in San Francisco and suggesting that this was the reason for not receiving information about the hackers.
For Sun Yuchen, the founder of Tron, marketing is more important than everything else. Of course, this may also be Sun Yuchen's "righteous indignation" speech after his Twitter was stolen. However, this incident illustrates a truth, that is, as long as the money is in place, there is no information that cannot be bought.
【Interpretation】2. Coinbase CEO: Monero cannot be listed on Coinbase due to regulatory reasons
According to U.Today news on July 25, Coinbase CEO Brian Armstrong said on the show that he personally hopes to list Monero (XMR). But Coinbase has yet to offer XMR trading to its customers because regulators are “very annoyed” with the privacy coin. Brian Armstrong said that regulators usually approve tokens in "behind the scenes" conversations, and they will not stand up to make official laws or statements. He added that being sued by regulators was "part of doing business" but it was a costly part they wanted to avoid. Coinbase is taking "more risk" than Fidelity or other established players, so they are more conservative than some of the competing cryptocurrency exchanges. He hopes Coinbase is a company that will stand the test of time and not be dragged down by some kind of enforcement action or chain of events.
Monero's excellent anonymity "killed it".
【Interpretation】3. Foreign media: Finland has become the country that receives the most illegal bitcoins
According to Ambcrypto’s July 23 issue, Finland is the largest recipient of illegal bitcoins. According to data from CipherTrace, Finnish exchanges received 12.1% of the total illicit bitcoins, which was mainly provided by P2P crypto exchange LocalBitcoins. It is followed by Russian exchanges with 5.21%, UK and Chinese exchanges ranked third and fourth with 0.69% and 0.31% respectively. The article pointed out that the reason for this is that due to the economic situation, some countries are more conflicted than others, and their citizens are turning to Bitcoin for capital flight, and due to the lack of domestic or international spot exchanges, they are more dependent on P2P exchanges. .
【Interpretation】
