Guosheng Blockchain: Top 10 DeFi accounts for eight seats on the chain, and the expansion of Ethereum and the second-tier network are worth looking forward to

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Jishi Communication (ID: SJJ_Telecom)

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Risk warning: Uncertainty in regulatory policies, blockchain infrastructure development is not up to expectations.

Summary

On-chain transaction fees Top 10 DeFi accounts for eight seats, DeFi has become the main track of the cryptocurrency market, and Ethereum expansion and the second-tier network will become the key. According to data from cryptofees.info, the top five on-chain transaction fees in the past seven days are Ethereum, Bitcoin, uniswap, sushiswap, and compound, with (7-day average) transaction volumes of $10.84 million, $3.39 million, $2.43 million, $1.23 million and $490,000. Among the top ten, except for Bitcoin and Stellar, the remaining eight are all DeFi ecological projects (including Ethereum). Obviously, DeFi has become the main track of the cryptocurrency market. As a DeFi ecological infrastructure, the cumulative number of on-chain settlements on Ethereum in 2020 is about 345 million, which is about three times that of Bitcoin. Compared with 2019, it has increased by nearly 102 million times, an increase of about 41.98%. At present, the price of ETH is as high as 1475 US dollars, which is more than 10 times higher than the low point at the end of March 2020. As of December 31, the total supply of ETH was about 114 million ETH, an increase of about 4.96 million ETH from the 109 million ETH at the beginning of the year; while the number of ETH pledged on the Ethereum 2.0 beacon chain exceeded 2.39 million, and DeFi locked ETH exceeded 7.6 million, the combined locked positions of the two accounts for more than 8.7% of the total supply, which is about twice the amount of additional issuance. CME Group (CME) will launch cash-settled ETH futures on February 8, 2021. As the amount of ETH lock-ups continues to increase, CME's Ethereum futures are expected to further push up the price of ETH. On the one hand, the rise in the price of ETH will further increase the attractiveness of the Ethereum ecosystem, but the increasingly congested Ethereum network and higher gas costs will also limit the development of ecological projects, which will inevitably lead to a crowding out effect. Therefore, technical routes such as rollup and Lyaer2 will be the key to affecting ecological development.

Last week's market review: Chainext CSI 100 rose 0.96%, and storage & computing performed best in the sub-sector. From the perspective of subdivided sectors, payment transactions, storage & computing, and pure currency categories outperformed the Chainext CSI 100 average level by 8.29%, 45.03%, and 4.67%; The performance of the basic chain and AI is worse than the Chainext CSI 100 average level, which is -17.00%, -0.41%, -1.97%, -6.28%, -4.29%, -5.18%.

Risk warning: Uncertainty in regulatory policies, blockchain infrastructure development is not up to expectations.

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1. On-chain costs Top10 DeFi accounts for eight seats, Ethereum expansion and second-tier network are worth looking forward to

The European Central Bank’s digital currency favors the TIPS system, and the prosperity of the cryptocurrency market pushes back the acceleration of the research and development of digital currencies by central banks of various countries. According to Reuters, on Friday local time, European Central Bank policymaker and Bank of Italy President Ignazio Visco said that the European Central Bank is exploring ways to issue a digital euro using an instant payment platform. Ignazio Visco said that if the digital euro is launched, it can run on TIPS, the European instant payment settlement infrastructure developed by the Bank of Italy. Trials are currently underway with the ECB to explore the possibility of using TIPS as a technical solution for the introduction of a digital euro. India’s central bank, the Reserve Bank of India (RBI), is looking into the use case of cryptocurrencies in the growing payments space, Coingape reports. Private digital currencies (PDCs)/virtual currencies (VCs)/cryptocurrencies (CCs) have grown in popularity in recent years, the central bank said in the report. In India, regulators and the government have been skeptical of these currencies, concerned about the associated risks. However, the RBI is still exploring whether a digital version of fiat currency is needed, and how. Recently, local "two sessions" have been held one after another to review the draft outline of the "14th Five-Year Plan" in various places, and digital currency has become a hot word. Cities including Beijing, Guangzhou, and Shenzhen all proposed to expand the scope of digital renminbi pilots during the "14th Five-Year Plan" period, vigorously develop the digital economy, and further stimulate the vitality of market players.

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2. News related to governments of various countries: The Central Bank of the Philippines expands the scope of encryption supervision

China: The Central Office and the State Office issued plans to promote the construction of new technology infrastructure such as blockchain. The General Office of the CPC Central Committee and the General Office of the State Council issued the "Action Plan for Building a High-Standard Market System". The plan proposes that in strengthening the construction of market infrastructure, increase investment in new infrastructure, promote communication network infrastructure such as the fifth generation of mobile communications, the Internet of Things, and the Industrial Internet, and the foundation of new technologies such as artificial intelligence, cloud computing, and blockchain. Facilities, data centers, intelligent computing centers and other computing power infrastructure construction. Combined with the development needs of regional markets such as Beijing-Tianjin-Hebei, Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Delta and Hainan Free Trade Port, and for typical scenarios such as cross-border e-commerce, cross-border delivery logistics, cross-border payment and supply chain management, build a safe and convenient platform The dedicated channel for international Internet data and the dedicated channel for internationalized data information.

India: India may ban private cryptocurrencies. The Indian parliament will consider the government-introduced bill Cryptocurrencies and Official Digital Currency Regulations 2021 in its upcoming budget session, which will ban private cryptocurrencies and provide a framework for the creation of an official digital currency issued by the RBI. While the bill is anti-private cryptocurrencies, certain exceptions will be allowed in order to promote the underlying technology of cryptocurrencies and their use cases. If approved, India's budget session, which runs from January to March, would make India the only major Asian economy to ban private cryptocurrencies rather than regulate them.

Philippines: The Central Bank of the Philippines expands the scope of encryption supervision, and exchanges and custody platforms need to apply for licenses. The Philippine central bank has expanded its regulatory scope in the cryptocurrency space to include all cryptocurrency financial service providers. As a result, cryptocurrency exchanges and custody platforms dealing in cryptocurrencies must now be approved by the central bank. The expanded regulatory regime also covers cryptocurrency derivatives platforms.

3. Industry chain-related dynamics: BTC mining revenue decreased by 1.2% month-on-month

(The following source website data is updated to January 30)

Last week, BTC added 2.2 million transactions, a month-on-month increase of 2.5%; ETH added 8.36 million transactions, a month-on-month increase of 0.5%.

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risk warning

Regulatory policy uncertainty. At present, the blockchain is in the early stage of development, and there are certain uncertainties in the supervision of blockchain technology, project financing and tokens in various countries around the world, so there are uncertainties in the development of industry company projects.

4. Last week's market review: Chainext CSI 100 rose 0.96%, and storage & computing performed the best in the sub-sector