ETH Weekly | V God once sold 30,000 ETH at around $700; Ethereum 2.0 test network Medalla re-runs (8.17-8.23)

Author | Qin Xiaofeng

Author | Qin Xiaofeng

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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)

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(data from BiNuNiu)

(data from BiNuNiu)

(data from Tokenview)

3. Large transaction       

(data from Tokenview)

Tokenview dataTokenview data

Last week, there were a total of 5 transfers of "more than 50,000 ETH", and the maximum transfer amount was 177,600 ETH. It was an unknown transfer between unused addresses. This address also transferred 60,000 ETH to the top 300 commonly used addresses on the rich list. Big players are hoarding coins; the rest of the transfers are unknown.

OKlink data3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) The Ethereum Improvement Proposal EIP-2876 tries to optimize the gas consumption in the exchange deposit process

On August 17, Jonathan Underwood, a Bitcoin technology enthusiast, proposed an improvement proposal EIP-2876 for Ethereum, trying to optimize the recharge process of the centralized exchange and reduce the overall Gas consumption. The document points out that a wallet application compatible with EIP-2876 can send ETH to a compatible deposit system to reduce the overall Gas consumption of the Ethereum network, because two transactions cost 42,000 Gas, but a simple ETH forwarding contract only costs About 30,000 Gas. And for this deposit system, all deposits can be directly forwarded to the cold wallet of the exchange, and manual operations are not required to collect deposits from multiple external accounts. (Github)

(2) Compound may consider other public chain development projects due to the high cost of Ethereum

On August 20, David Kajpust, developer of The Graph, a blockchain data index project, tweeted that due to the high cost of Ethereum, Compound, a DeFi lending protocol, may be considering developing it based on a different public chain or Layer2 blockchain. At the same time, this may become the biggest "catalyst" for DeFi to enter the new public chain and develop. He also gave a series of lists, guessing that projects including NEAR, Solana, Polkadot, Cosmos, etc. may become the public chain that Compound chooses to build.

2. Voice of the Community

2. Voice of the Community

（1）V God:I once sold 30,000 ETH at around $700, and never bought BTC since 2017

On August 17, V God responded to the question of "how much ETH was sold" by Twitter netizens, saying that he had sold 30,000 ETH at a price of around $700, and also donated 45,000 ETH. The Ethereum Foundation sold 70,000 ETH (another reply stated that the price was around $1,200), and this money has been used for development and project funding. In addition, V God also said that he has never bought BTC since 2017.

On August 17, V God responded to the question of "how much ETH was sold" by Twitter netizens, saying that he had sold 30,000 ETH at a price of around $700, and also donated 45,000 ETH. The Ethereum Foundation sold 70,000 ETH (another reply stated that the price was around $1,200), and this money has been used for development and project funding. In addition, V God also said that he has never bought BTC since 2017.

Vitalik Buterin, the co-founder of Ethereum, said in the podcast event "Bitcoin VS Ethereum", "I admit that the technical implementation of ETH2.0 is indeed more difficult than we expected, but we have not encountered any underlying problems. With the passage of time, we were able to launch ETH2.0, and everything has been progressing rapidly recently. From the application level, Ethereum has different application areas. If one area does not work, you can also try other areas.”

3. Borrowing

Defipulseimage description

(Lock value on the DeFi chain)

(Lock value on the DeFi chain)

From the perspective of individual projects, the top three lock-up values ​​are Maker ($1.44 billion), Aave ($1.33 billion), and Curve ($1.07 billion).

4.Dapp

according toaccording toDappreview data

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(data from etherchain.org)

etherchain.orgThe data shows that the average computing power has increased by about 3.25% month-on-month, temporarily reporting 215.9 TH/s; the average mining difficulty has increased by 1.3% month-on-month, temporarily reporting 2714 T; newly added addresses have increased by 2.54% month-on-month; Total revenue fell 12%. According to data from the analysis company Santiment, Ethereum transaction fees fell by nearly 80% from their all-time high on August 22, and have now returned to mid-July levels.

4. News

4. News

On August 18, Prysmatic Labs, the execution team of the Ethereum 2.0 client, released an analysis report on the current clock bug of the testnet Medalla. Ethereum developer Ben Edgington concluded that within a few minutes on the evening of August 14, the number of active verifiers dropped from 22,000 to about 5,000, and about 80% of the verifiers in the network disappeared. The cause of the incident was a problem with clock sync . The Prysm client is configured to use Cloudflare's Roughtime to calculate time.

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Medalla has not completely failed, as long as a node can be run, and as long as validators can verify, Medalla can return to a fully operational state. Currently, the client implementation team has enhanced the chain synchronization code to allow smooth operation of nodes, which will increase validator participation and build the chain again. At present, the network participation rate has risen from 0%-5% to 40%. As long as the verification rate exceeds 66%, the network will achieve stability again.Prysmatic LabsOn the evening of August 18th,

The official Twitter announced the official release of the latest Prysm client v1.0.0-alpha.23 version. This release stabilizes the node validator sync process and has a number of critical fixes.MedallaOn August 20, the online participation rate gradually recovered to over 66%.

has resumed operation.

Prysmatic Labs believes that the beacon chain will not fundamentally fail and will not require any hard forks. This incident will not affect the release time of the Ethereum 2.0 mainnet, and it is recommended to maintain the release schedule of ETH2. It believes that launching the mainnet after Medalla runs for 2-3 months is still an ideal timetable.

2. Tether officially issued USDT on OMG Network

According to official news, on August 19, Tether officially announced the issuance of USDT on OMG Network (formerly OmiseGO), the Ethereum expansion project, which can complete the real-time integration of USDT on the OMG Network network. Compared with the Ethereum network, the OMG Network network will Allows traders to deposit and withdraw USDT orders using faster and lower costs.

Paolo Ardoino, chief technology officer of Tether, said that by transferring USDT to the OMG Network, it saves costs, improves performance, and reduces network pressure. This is good for Bitfinex and customers, as well as the entire Ethereum ecosystem. At present, a transfer based on OMG Network at Tether address (0xcfe4445886c37587a41c5cc2a5fdaf966eddab37) has been completed.