ETH Weekly | Grayscale has increased its holdings by 100,000 Ethereum; the Associated Press has recorded Biden's victory on the Ethereum blockchain (11.2-11.8)

Author | Qin Xiaofeng

Author | Qin Xiaofeng

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1. Overall overview

On the evening of November 4th,Official Ethereum BlogOfficial Ethereum Blogv1.0Published an article saying that the Eth2.0 specification

officially released. As the most important part of it, the Eth2.0 mainnet deposit contract was also released. Subsequently, the founder of Ethereum, V God, also released a message in the Ethereum Chinese community, confirming the reliability of the news and stating that Mortgage a total of 3200 ETH to this address.

2. Ecology and technology

2. Ecology and technology

1. Technological progress  

1. Technological progress

On the evening of November 4th,Official Ethereum BlogOfficial Ethereum Blogv1.0Published an article saying that the Eth2.0 specification

officially released. As the most important part, the Eth2.0 main network deposit contract is also released, the contract address is: 0x00000000219ab540356cBB839Cbe05303d7705Fa.

Subsequently, V God, the founder of Ethereum, also released a message in the Ethereum Chinese community, confirming the reliability of the news. In addition, V God’s wallet address also pledged a total of 3200 ETH to this address.Click to read "Eth2.0 is coming: the deposit contract is officially launched, and the creation block will be opened on December 1".

2. Voice of the Community

2. Voice of the Community

(1) V God: ETH pledged to ETH 2.0 can be securitized, but it is not called "beacon chain ETH"

On November 6, Vitalik Buterin, the founder of Ethereum, replied to netizens on Twitter, saying that ETH pledged to ETH 2.0 can be securitized, but this will not be called "beacon chain ETH", but will be called "beacon chain ETH". Called a "share in a staking pool," it's a different kind of product. SBF, the founder of FTX, also tweeted and asked, doesn’t ETH 2 give pledge rewards? V God replied that only when staking (with rewards). And once you stop staking some ETH tokens, you cannot use those tokens to stake again until it is unfrozen in the merge.

On November 5, Tim Ogilvie, CEO of Staked, an equity pledge service provider, said that when ETH 2.0 goes online around December, all ETH 2.0 in phase 0 can do is verify blocks. None of the core functions of Ethereum that you think will be enabled in phase 0. Therefore, ETH cannot actually be transferred, nor can it participate in DeFi or other smart contract activities. The most aggressive estimates for the first phase are six months, and two years for the second phase. A more conservative estimate would be much longer than that. So it will still be years before there is a complete transition from ETH 1.0 to ETH 2.0. (Decrypt)

3. Project trends

3. Project trends

(1) DeFi synthetic asset protocol Linear test online exchange function

On November 2, the DeFi synthetic asset protocol Linear Finance (LINA) launched the Linear exchange function on the testnet. In the Linear.Exchange test network, users can test using the base currency ℓUSD of the Linear Exchange to purchase synthetic asset investment product Liquid, thereby gaining exposure to investment assets. When the mainnet goes live, Linear will offer a complete set of tradable investment assets. At the current testnet stage, the synthetic asset investment products provided by Linear include Liquid Bitcoin (ℓBTC), Liquid Ethereum (ℓETH) and Liquid Huobi 10 Main Index (ℓHB10). The composition of the top 10 digital currencies judged by market value, scale and circulation.

(2) Decentralized derivatives protocol FinNexus is about to release version 1.0 of the DeFi options platform on Ethereum

The decentralized derivatives protocol FinNexus Protocol (FNX) launched version 1.0 (FPO v1.0) of its DeFi options platform on the Ethereum mainnet on November 4. To use FPO v1.0, users must first migrate tokens from FPO WildNet to FPO v1.0. FPO v1.0 will no longer have a single composite asset aggregation option pool (MASP) with multiple collateral types, but will be converted into a single asset mortgage pool, USDC and FNX respectively, aiming to reduce user risks and simplify the liquidity provision process And empower FNX.

In addition, compared with PO WildNet, FPO v1.0 has two changes, namely: 1. Added more basic assets, such as LINK, MKR and SNX; 2. Prohibited the sale of options to the fund pool to reduce Arbitrage behavior. Note: FPO v1.0 adopts a single MASP model, which concentrates all liquidity in one pool. The issuance, trading and exercise of options must be completed by the liquidity pool, that is, the liquidity pool is the only transaction for option buyers opponent. Currently, the FPO v1.0 contract has not been audited.

(3) The DeFi platform cvx.finance launched the beta version of "Crypto Volatility Index"

Decentralized finance (DeFi) platform cvx.finance has launched a beta version of the "Crypto Volatility Index (CVX)". CVX is similar to the "Market Fear Index (VIX)" commonly used in traditional finance to measure the volatility of the Bitcoin and Ethereum options markets. (Bitcoin.com)

(4) Ethereum MEV arbitrage product Archer will launch the governance token ARCH

On November 3, Archer, an Ethereum miner extractable value (MEV) arbitrage product developed by the anonymous team, will launch the governance token ARCH. Archer increases sources of income for miners by applying incentive mechanisms on the chain, including adding value to mined blocks through zero-risk or low-risk methods such as DEX arbitrage and loan liquidation. Archer helps to improve the user experience of Ethereum, including reducing the mortgage rate, aligning the spot price of various DEXs, a more reliable incentive mechanism, reducing the frequency of unfriendly "front-running transactions" and submitting transactions through private channels.

Specifically, the system uses groups of on-chain analysts called "Suppliers" to discover on-chain opportunities and share revenue with miners. Since Archer has a large stakeholder group, it was designed as a DAO from the very beginning. Active participants in the network can obtain ARCH governance tokens, which can be used for governance functions such as voting. Note: Archer has been put into use since August this year to bring extra income to miners, and is currently expanding more miners and Suppliers.

(5) dForce plans to launch a decentralized lending protocol in the first quarter of 2021

On November 4th, the DeFi protocol dForce pointed out in its October Ecological Monthly Report that as of October 31st, the amount of assets locked by dForce on Ethereum was about 75 million US dollars. dToken accounted for 94% of dForce’s locked assets (63% dUSDT, 23% dUSDC, 8% dDAI), USDx accounted for 5%, and GOLDx accounted for 1%. "Other" refers to USDx's constituent coin reserves (PAX and TUSD) that have not been converted into dTokens. In addition, the dForce lending agreement product is under development. This product is a completely open, non-permissioned lending agreement with built-in multi-layer risk parameters. It is funded by dToken and other sources. It is currently evaluating and designing the agreement architecture. Released in the first quarter of 2021.

(6) Arbitrum Rollup, the expansion plan of Ethereum, launched the Uniswap V2 port

On November 6, Offchain Labs, the development team of the Ethereum expansion program Arbitrum Rollup, announced the launch of the Uniswap V2 port on Arbitrum Rollup, which means that Uniswap V2 can run on Arbitrum Rollup's Ethereum expansion test network. According to officials, this move can reduce the cost of transaction fees by 55 times.

On November 7th, icon information of four new cross-chain assets appeared in the asset cross-chain agreement Ren Protocol developer document, including Dogecoin (DOGE), DGB, Filecoin (FIL) and Terra (LUNA), which may mean that In the future, Ren will give priority to supporting the cross-chain of these four types of assets. Previously, Ren officially announced on Twitter that it is planning to cross-chain FIL to the Ethereum network.

4. Borrowing

DefipulseThe data shows that last week, the value of locked-up collateral on the chain rose from US$11.134 billion to US$12.006 billion, an increase of 7.8% a week; 171%.

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(Lock value on the DeFi chain)

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5. Mining                    

(data from etherchain.org)

etherchain.org3. Secondary market

3. 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 dataIt shows that the number of transfers on the chain rose slightly last week, and the number of large-value transfers of "above 5,000 ETH" increased by 16.67% month-on-month; A noteworthy phenomenon is that in the past month, the transaction volume concentrated between 50,000 ETH and 100,000 ETH has continued to increase. The transactions are mainly small and medium-sized investors, and the frequency of giant whale account transactions has basically not changed much.

OKlink dataIt shows that the current top 300 ETH holdings hold a total of 51.14% of ETH, a month-on-month decrease of 0.23%. 0.35%; 101st to 300th, accounting for 15.79%, up 0.13% from the previous month; 301st to 500th, accounting for 6.31%, up 0.03% from the previous month; 501st to 1000th, accounting for 7.15%, down 0.06% from the previous month; After the 1001st place, accounting for 35.42%, a month-on-month increase of 0.25%.

4. News

4. News

(1) Grayscale Ethereum Trust increased its holdings by more than 100,000 ETH

According to the AICoin index market, on November 4th, US Eastern Time, Grayscale’s Ethereum Trust’s holdings increased by 100,081 ETH, with a 4.11% increase in holdings, which is one of Grayscale’s few significant increases in Ethereum holdings. So far, its total holdings have reached 2,533,068 ETH, accounting for 2.23% of the total circulation of Ethereum

On November 6, Grayscale tweeted that the assets under management (AUM) of its Ethereum Trust had reached $1 billion. Grayscale Ethereum Trust is the first publicly listed Ethereum investment product in the United States, and it is also the second digital currency investment product reported to the SEC.

(2) The income of Ethereum miners in October was 214 million US dollars, and the transaction fee income decreased by 66.8%

Ethereum miners earned $214 million in October, down from $321 million in September, the data showed. In addition, miner transaction fee revenue on Ethereum in October fell 66.8% from September, from $171 million to $57 million. Compared to September, Ethereum transaction fees as a percentage of total miner revenue dropped from 53.4% ​​to 26.5% in October. (The Block)

(3) The Associated Press has recorded Biden's victory on the Ethereum blockchain