2021 is likely to be the "highlight year" of Ethereum
Editor's Note: This article comes fromVernacular Blockchain (ID: hellobtc), Author: A Poplar, reproduced by Odaily with authorization.
Vernacular Blockchain (ID: hellobtc)
On October 12, Grayscale Investment, a cryptocurrency asset management company, officially passed the registration application submitted by the US Securities and Exchange Commission (SEC). , the second digital currency investment vehicle to obtain filing company status with the SEC.
In November 2019, Grayscale Bitcoin Trust (GBTC) applied for registration with the SEC for the first time, and it was officially approved in January this year, becoming the first digital asset tool that meets the standards of the US Securities and Exchange Commission.
As one of the few encrypted digital asset compliance trust funds, Grayscale Ethereum Trust (ETHE) has the most direct impact of obtaining the status of reporting company in the SEC, which is that it will be open to more investors-many mainstream institutions or investors Previously did not prefer or were not allowed to invest in trust products that have not been reported by the SEC.
On October 12, Grayscale Investment, a cryptocurrency asset management company, officially passed the registration application submitted by the US Securities and Exchange Commission (SEC). , the second digital currency investment vehicle to obtain filing company status with the SEC.
secondary titleBitcoin and Ethereum are trying their best to "break the circle"As one of the few encrypted digital asset compliance trust funds, Grayscale Ethereum Trust (ETHE) has the most direct impact of obtaining the status of reporting company in the SEC, which is that it will be open to more investors-many mainstream institutions or investors Previously did not prefer or were not allowed to invest in trust products that have not been reported by the SEC.
This may also be the reason why Grayscale filed an application with the SEC-the Grayscale Ethereum Trust has become the world's largest Ethereum investment vehicle. As of the latest public data on October 21, Grayscale’s cryptocurrency management scale (AUM) has reached 7 billion U.S. dollars, of which Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) are 5.8 billion U.S. dollars and 0.9 billion U.S. dollars. , accounting for more than 95% of the share.
Before the vernacular blockchain in "
The premium of Grayscale Ethereum Trust is as high as 1000%, indicating that the market may completely warm up in the second half of the year?
" mentioned the abnormally high premium of ETHE, which shows that the market's strong demand for Ethereum is more obvious than ever.
After obtaining the status of SEC filing this time, investors will also be able to sell their trust fund shares after six months, instead of the one-year mandatory holding period previously stipulated. Further increase the attractiveness to investors.
However, everyone should not be blindly optimistic. In the process of generating specific trust shares, Grayscale is actually not a "coin giant whale" that directly ends up in the market, but just a capital channel - opening up incremental off-exchange funds to enter the market through the US stock compliance market channels, and most of them carry out time difference arbitrage between BTC, ETH, GBTC, and ETHE. In the end, it is ordinary investors in the stock market who pay behind the bill (the above figure shows that the current grayscale trust products have about 10% or even higher premium), Grayscale plays more of a role as a pumping middleman.
However, although Grayscale is not a "giant coin whale", there are more and more traditional giant companies choosing to "buy, buy and store" bitcoin:On October 8, mobile payment giant Square announced that it had invested $50 million in Bitcoin (BTC);According to incomplete statistics, the total bitcoin holdings of listed companies have reached 786,000 (US$10 billion), accounting for 3.74% of the total bitcoin. This is also a true portrayal of the current process of "out of the circle" of encrypted assets: digital assets represented by BTC, along with the gradual improvement of compliant investment channels such as futures and trusts, have increasingly captured the hearts of traditional financial giants happy.
On October 21, PayPal also officially announced that it will allow U.S. account holders to pay in the next few weeks.
Buy, sell and hold Bitcoin, Ethereum and other virtual currencies through its PayPal wallet
However, these frequent "circle breaking" milestones at the end of 2020 may be the starting point for a new stage.
secondary title
After trust, the next step will be futures?
In line with the rhythm of Grayscale GBTC and ETHE being declared by the SEC successively, after Bitcoin, the most stable pace of Crypto's "out of the circle" is undoubtedly Ethereum.
As of October 22, there are currently 3.5 million ETH (more than 3% of the total amount of Ethereum) sent to DeFi applications represented by Uniswap every day-the amount of ETH accepted by Uniswap alone is already more than the sum of all CEX And more.
With the expansion of the DeFi market, the trading volume of Ethereum continued to expand, and the futures trading volume in September also hit a record high again:
In September, the trading volume of the Ethereum futures market reached US$163.1 billion, an increase of 5.3% compared with the record US$172.2 billion in August, and continued to hit a record high.
However, the current Ethereum futures market is still dominated by on-site trading platforms such as BitMEX, OKEx, Huobi, and Binance. It is not involved in traditional trading platforms such as CME and CFTC like Bitcoin. Now it may be Ethereum futures Excellent timing to meet a legitimate market need.
Because of this, the launch of Ethereum futures on traditional trading markets such as the CFTC has become a key expectation for Ethereum to "break the circle". In February this year, Heath Tarbert, chairman of the US CFTC (Commodity Futures Trading Commission), once said that Ethereum futures are brewing:
Rumors that CME is about to launch Ethereum futures have also sparked heated discussions on Twitter recently, and it seems that it is only a matter of time before it finally goes live. Whether or not it catches the tail of 2020 as it wishes, Ethereum seems to be slowly becoming the new Crypto focus.
GivenLayer 2secondary title
Ethereum is speeding up
Since the end of 2017, Ethereum has experienced two full years of doubts and dormancy, and it has survived the explosion of the DeFi ecosystem since this year. With the recent synchronous recovery of external events such as trust, technological progress has also begun to see the light, accelerating the distance from other "competitors".
Given
On October 10th, Vitalik directly issued an article "Ethereum Roadmap Centered on Rollup", calling for the immediate promotion of the infrastructure construction of ETH 1 to support Rollups. At present, the Rollup solution has indeed stood out among a large number of expansion projects, and has gradually become the most innovative and dynamic section in the Ethereum ecosystem.
Among them, in terms of OP-Rollup, the Optimism team launched the first phase of the Optimism testnet on September 25. Synthetix specially provided 200,000 SNX as a test reward and is considering gradually migrating to Optimism. It is reported that Uniswap is also considering Optimism As a solution for transaction throughput.The choice of these two leading projects in the DeFi world will undoubtedly have a profound impact on the subsequent development of Optimism and Layer 2: In addition to the benchmarking effect, under the background that Uniswap and Synthetix have become the core infrastructure components of the DeFi world, all subsequent For better composability, DeFi projects will undoubtedly be forced to accelerate into the embrace of Layer 2.At the same time, Coinbase Wallet also officially announced the integration of the Optimism testnet on October 14, which is also a key step for Layer 2 to take root and accelerate expansion.
In terms of ZK-Rollup, Matter Lab and Curve also seem to have won an important victory on October 10-Curve officially deployed the first pool on the zkSync L2 testnet. The sexual aspect may come faster than we thought, and once there is a breakthrough, it may have a subversive impact.
On October 12th when the news of Grayscale Ethereum Trust was announced, the test network Zinken Testnet was also officially released, and its performance was almost perfect.
Zinken test network
“Let me just basically say how impressed I am by Ethereum, full stop,Operators are even optimistic that the beacon chain will be launched in about 6-8 weeks.
