ETH Weekly | V God updates the Ethereum roadmap; Grayscale regards the transition of Ethereum to 2.0 as a price risk factor (10.5-10.11)

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

image description

(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 dataIt shows that the number of transfers on the chain dropped sharply last week. The number of large-value transfers of "above 5,000 ETH" and "above 10,000 ETH" decreased by 11.64% and 14.47% month-on-month, but the number of large-amount transfers of "above 50,000 ETH" increased by 16.67% month-on-month %, the frequency of giant whale account transactions has increased; combined with the price trend, the upward support is effective, and there is still a demand for rebound in the short term.

OKlink data3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) Release of Ethereum 2.0 Specification v1.0.0 Candidate 0

On October 9, Danny Ryan, the head of the Ethereum 2.0 project, said that he had released version 0 of the Ethereum 2.0 specification v1.0.0. He stated, "v1.0.0-rc.0 is a release candidate based on the release candidate 1.0 branch/PR in preparation for the v1.0.0 release. Although it is intended to be compatible with the final v1.0.0, it will not work in the final configuration Small incompatibilities may arise during selection or any unexpected issues."

The release of v1 has given the green light to the release of the Genesis block for Ethereum 2.0, which is expected to be released this November. Prior to this, there is also a testnet called Zinken, which will be launched at 20:00 Beijing time on October 12.Danny RyanIn addition, the leader of the Ethereum 2.0 project

Announced that a bug bounty program dedicated to the launch of Ethereum 2.0 phase 0 has been launched. The plan details the Phase 0 specification as well as specific software clients such as Prysm, Lighthouse, and Teku. "We call on the community and all bug bounty hunters to help identify bugs in the protocol and client," the official website states.

(2) The Prysm client on the Ethereum 2.0 Medalla testnet has the highest usage rate

According to Trusnodes, the Ethereum 2.0 Medalla test network has 5 node clients. Although the Prysm client was offline for a week in August, it is still used by 60% of nodes. In second place is Lighthouse, used by 23% of nodes. Teku comes in third, being used by less than 10% of nodes. Nimbus and Lodestar are used by only 2% of nodes.

(3) Vitalik updated the roadmap of Ethereum, focusing on rollup construction

• On October 2, Vitalik released the "Ethereum Roadmap Centered on Rollup" document on Twitter. Content display:

• In the short term, the Eth1 Rollups program will be mainly promoted. This move is due to the fact that the expansion of the Ethereum base layer will mainly focus on the expansion of how many data blocks can be expanded, rather than the efficiency of on-chain calculations or IO operations. At this stage, EIP 2929 and EIP 1559, etc. will continue to play a role. EIP 2929 will ensure that the chain can safely resist DoS attacks at the current gas level; EIP 1559 is mainly for ETH destruction and block transaction confirmation. At the same time, Eth1 clients can be reused as Optimistic Rollup clients.

Centering on rollup will reimagine the long-term future of eth2 as a single high-security execution shard that everyone can handle, and a scalable data availability layer.

In addition, V God also mentioned the development status of various projects that develop Rollup. Optimism, the team of Optimistic Rollup, an Ethereum Layer 2 scaling solution, has recently launched the first phase of the testnet and released the roadmap for the mainnet. Fuel 2 is also moving towards the test network, and Arbitrum 1 is also moving forward. In terms of ZK rollups, Loopring 1 and Zksync 2 are already running on the main network and have users, and plasma is also moving forward.

According to official news, the monthly active users of the Ethereum light wallet MetaMask have exceeded 1 million, an increase of more than 400% compared with December 2019. Among them, the top four countries in the number of mobile terminal users are the United States, India, Nigeria and the Philippines. According to MetaMask, the recently launched MetaMask mobile app played an important role in the introduction of new users. In addition, user growth has been further accelerated by the significant growth in adoption of DAOs, Web3 games, and rapid consumer adoption of DeFi products and services over the past twelve months. (Medium)

2. Voice of the Community

2. Voice of the Community

(1) Survey: Most Ethereum mining projects do not approve of the EIP 1559 proposal

Eight out of nine mining projects that participated in a community survey of ethereum’s EIP 1559 proposal had a negative view of the proposal, according to a new survey. Seven of them said they would refuse to implement the EIP if included in a future hard fork. The survey included 25 ethereum projects, most of which chose to remain anonymous. According to ConsenSys product manager and survey implementer Tim Beiko, the survey lacked participation from exchanges or wallets.

It is reported that EIP 1559 was first proposed by V God in 2018, and it is expected to make the fee market of the Ethereum blockchain more predictable and relieve congestion. (CoinDesk)

Ethereum co-founder V God said that due to scalability issues and skyrocketing gas prices, the current Ethereum network cannot support many types of applications. The scalability problem cannot be solved in the short to medium term without using a Layer 2 solution. Therefore, upgrading Ethereum 2.0 is a necessary step to fundamentally solve this problem, but it will take a lot of time to fully realize Ethereum 2.0.

3. Borrowing

Defipulseimage description

(Lock value on the DeFi chain)

(Lock value on the DeFi chain)

Specifically, last week, ETH mortgages fell from 8.473 million to 8.339 million, a drop of 1.5%; BTC mortgages increased from 140,376 to 142,643, an increase of 1.6%.

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(data from etherchain.org)

etherchain.org(data from etherchain.org)

According to data from Glassnode, the transaction fees earned by Ethereum miners have dropped by more than 85% in the past three weeks.

4. News

4. News

(1) Data: In the third quarter, the total transaction fee of the Ethereum network was as high as 318 million US dollars, 3.5 times that of Bitcoin

Coin Metrics data shows that as of September 29, the total transaction fee of the Ethereum network in the third quarter of this year was as high as 318 million US dollars, 3.5 times that of the Bitcoin network transaction fee (nearly 90 million US dollars). It is worth noting that the transaction fees of the Ethereum network in the third quarter reached more than 7 times the total amount ($43.56 million) in the first half of the year. As of September 29, total transaction fees on the Ethereum network for the year were as high as $362 million, compared with $159 million for Bitcoin.

(2) After BitMEX was accused by the CFTC, the open interest of its Ethereum futures contract was nearly halved

Since BitMEX was jointly sued by the U.S. Department of Justice and CFTC, the interest of investors on the platform for its Ethereum futures has dropped significantly. Skew data shows that the open interest of Ethereum futures contracts on BitMEX is $63 million (179,000 ETH), the lowest since May 15, and a drop of nearly 50% from the $125 million open interest on October 1. %. (CoinDesk)

(3) Tether blacklists 100 Ethereum addresses

The number of addresses on the Ethereum network blacklisted by Tether has reached 100, according to new findings from The Block Research. Eighty-four of the blacklisted actions took place in 2020, most of them after July. (The Block)

(4) Foreign media: Venezuela will create a decentralized stock exchange on Ethereum

According to Decrypt, Venezuela will create a decentralized stock exchange on Ethereum. While Venezuela is keen on a highly centralized administrative process, within the current legal framework, the exchange will be as decentralized as possible. All contracts and agreements are public and auditable, and participants will have their own keys and tokens, the Venezuelan government said. The exchange is said to be a DeFi platform running on the Ethereum blockchain, where traders can exchange tokenized traditional assets in the form of ERC223 contracts (a replacement for ERC20) and ERC721 (a unique token) depending on the situation . In previous news, Venezuelan President Maduro stated that the country is studying the feasibility of increasing the use of cryptocurrencies in trade in addition to petro, which may include both private and state tools. (Decrypt)

(5) Singaporean payment company Xfers officially issued a stablecoin XSGD anchored to the Singapore dollar

Singapore-based payment company Xfers announced the official launch of XSGD, a stablecoin anchored to the Singapore dollar. XSGD will be one of the first Singapore dollar-denominated tokens, enabling businesses and individuals in Singapore to transact in crypto backed by the national currency. The stablecoin will be launched on Zilliqa and the Ethereum blockchain. (Cointelegraph)

(6) Grayscale regards the transition of Ethereum to 2.0 as a potential risk factor

Grayscale stated in the Ethereum Trust-related documents submitted to the US Securities and Exchange Commission (SEC) that the potential risks of the transition from ETH 1.0 to ETH 2.0 may have a significant adverse impact on the price of Ethereum and Grayscale stock. Failure to properly implement transitional changes in Ethereum could lead to temporary or permanent forks, which could have negative consequences, the document states.