ETH Weekly Report | The market value of Ethereum surpasses Netflix; at present, the SEC has no clear regulatory position on ETH (4.6-4.11)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

1. Overall overview

Second, the secondary market

1. Spot market

Second, the secondary market

(ETH daily chart, picture from OKEx)

According to OKEx market data, the price of ETH once rose to US$2,199 last week, and closed at US$2,148.5 during the week, a month-on-month increase of 3.4%.

2. Fund flow                                                                   

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The daily chart shows that the price of ETH is still standing on the 5-day and 10-day moving averages. The upper resistance level is the upper Bollinger Band at $2,305; the lower support level is the $2,000 mark, the 30-day moving average ($1,890) and the 60-day moving average ($1,800), the short-term will still be dominated by shocks.                                      

In terms of funds, the largest net outflow was 420 million US dollars (Wednesday), and the largest net inflow was 148 million US dollars (Saturday); ETH's net outflow of funds from the entire network last week was about 460 million US dollars, a month-on-month decrease of 136%, and the trend of fund outflows is obvious; in the coming week, The price level will continue to consolidate and fluctuate or make a slight correction.

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OKlink dataIt shows that the number of transfers on the chain dropped sharply last week, and the number of large-value transfers of "above 5,000 ETH", "above 10,000 ETH" and "above 50,000 ETH" decreased by 34%, 23% and 53% month-on-month respectively. significantly decreased.

3. Ecology and technology

1. Technological progress

OKlink data

It shows that the top 300 ETH holdings currently hold a total of 52.13% of ETH, a month-on-month decrease of 0.01%. 0.1%; 101st to 300th, accounting for 14.53%, up 0.09% from the previous month; 301st to 500th, accounting for 6.65%, up 0.03% from the previous month; 501st to 1000th, accounting for 8.24%, up 0.02% from the previous month; After the 1,001st place, they accounted for 33%, a decrease of 0.05% from the previous month.

3. Ecology and technology

Vitalik and others support the "minimum feasible merger" of Eth1 and Eth2 in 2021, and some Eth1 developers have not yet voted

2. Voice of the Community

Developer Justin Drake said that polls show support for a "minimum viable merger" goal for Eth1 and Eth2 in 2021, with the merger taking place after EIP-1559. "Minimum Viable Consolidation" means no transfers, withdrawals, no state, and no major EVM changes. Some validators, clients, Vitaliks, etc. support this goal. It is worth noting that the survey is still ongoing and key Eth1 developers (eg Peter, Felix, Martin) have not yet voted.

Poll polls show that 86% of the current vote supports minimum viable mergers in 2021.

Prior to the news on March 19, Mikhail Kalinin of Teku, the Ethereum 2.0 client, proposed that after the upgrade of the London hard fork (expected in July), priority should be given to the merger of ETH2.0. Kalinin said there is potential for a faster merger thanks to Vitalik's recent fast-track merger proposal. Previously, the core developers of Ethereum were developing the minimum technical specifications for the merger of ETH2.0.

2. Voice of the Community

(1) Vitalik: Fragmentation is the future of Ethereum scalability

(2) Billionaire Mark Cuban: The future of cryptocurrency depends on Ethereum

3. Project trends

Dallas Mavericks owner and billionaire Mark Cuban says he believes the future of the cryptocurrency space will largely depend on the development of Ethereum. Cuban said: "I think the use of smart contracts and applications on Ethereum will make Bitcoin dwarf. Now that Bitcoin has become a primary store of value, it is very difficult to use it for anything else. Unlike Ethereum. Compared to Bitcoin, it does take a lot more effort.” (Live Bitcoin News)

(3) Veteran trader: ETH price may reach $10,000 this year and outperform Bitcoin

Veteran trader Scott Melker said that short-term ETH has the potential to outperform BTC. Melker believes that ETH's outstanding performance is the main catalyst for the recent bull market in the altcoin market, and Ethereum may reach $10,000 by the end of 2021. He also revealed that he has largely shifted his cost-average strategy from BTC to ETH over the past few months, having seen huge upside potential in Ethereum. “To me, it’s like investing in the internet in the early 1990s,” he said. (Cointelegraph)

3. Project trends

Ethereum's second-layer solution zkSync tweeted that zkSync 2.0 will be Turing complete, which means it supports porting Solidity. According to previous news, zkSync announced the zkSync 2.0 roadmap: the zkSync 2.0 public test network will be launched in May, and the main network will be launched in August. zkSync 1.x will soon support Atomic Swap, minting and transfer of NFT, etc., and is expected to be launched on the mainnet in May.

(2) Domain name service provider UNR will auction 23 top-level domain names on OpenSea on April 28

(4)The top-level domain name service provider UNR, together with Ethereum domain name service ENS, OpenSea and Innovative Auctions, will auction 23 ICANN-certified top-level domain names and NFT representing their ownership on OpenSea on April 28. These domain names are: .audio, .blackfriday, .christmas, .click, .country, .diet, .flowers, .game, .guitars, .help, .hiphop, .hiv, .hosting, .juegos, .link, .llp, .lol, .mom , .photo, .pics, .property, .sexy, and .tattoo. This is the first time that a top-level domain name is sold publicly, and the ownership is determined in the form of NFT, that is, an NFT determines an owner, and the domain name owner can also simultaneously own all related domain names on ENS and DNS, obtain the benefits generated by the domain name and Adjust its pricing model.(3) The Ethereum push service EPNS will issue 100 NFTs and distribute them continuously for one year

(3) The Ethereum push service EPNS will issue 100 NFTs and distribute them continuously for one year

Ethereum Push Service (EPNS) announced that it will issue NFT (Non-Fungible Token), which will be given to community members every week for the next year. This series of NFTs is called ROCKSTARS, created by Indian artists, with a total of 100 illustrations, which will be released in two stages, the initial distribution and the subsequent weekly distribution. The team said that every Monday they will give an EPNS NFT to a fan, supporter or communicator in the community. The initial distribution of 48 will be presented to project consultants or people who provide help, and the follow-up team will contact and arrange on Twitter.

On-chain DeFi protocols

4. Borrowing

DefipulseThe DeFi wallet DeBank has added support for the DeFi protocol on the xDai chain. Users can access the DeFi protocol on xDai through DeBank’s DeFi asset overview, aggregated token exchange, and DeFi data list. The first batch of DeFi protocols supported on xDai include HoneySwap, Perpetual Protocol, Bao Finance, and Component, and will soon support the Agave lending protocol. Currently, DeBank supports hundreds of DeFi protocols on Ethereum, BSC chain and xDai chain.

The data shows that the value of locked collateral on the chain rose from US$50.867 billion to US$51.866 billion last week, an increase of 2% a week; the net increase of US$9.81 billion in the previous week (3.30-4.5) was a net increase of US$1 billion last week, a month-on-month decrease of 89% . Specifically, the amount of ETH mortgages dropped from 10.779 million to 10.539 million last week, a drop of 2.2%; the amount of BTC mortgages rose from 138,073 to 144,879, an increase of 4.9%.

5. Mining 

(data from etherchain.org)

etherchain.org5. Mining

4. News

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(data from etherchain.org)

The data shows that the average computing power and average mining difficulty have not changed significantly, but the total mining revenue has decreased by 11.4% month-on-month.

4. News

(1) Swiss encrypted bank SEBA will launch 4 encrypted currency ETPs on the SIX exchange

The Swiss Stock Exchange (SIX) announced that the Swiss crypto bank SEBA will launch four new cryptocurrency ETPs on April 9 local time, including Bitcoin, Ethereum and cryptocurrency basket ETP, becoming the third to join SIX this year. Cryptocurrency ETP issuer. (Finance Magnates)

(2) Former Goldman Sachs executive Raoul Pal says Ethereum will outperform Bitcoin

Former Goldman Sachs executive and Real Vision founder Raoul Pal predicts that ethereum and other cryptocurrencies with "network effects" will outperform bitcoin over time. On Twitter recently, Pal shared a chart of the price of Ethereum relative to BTC since August 7, 2015 (six years after the birth of Bitcoin), showing that “ETH outperformed BTC by 250%.” According to TradingView's Bittrex chart, ETH started trading at around 0.006 BTC on Aug. 10, 2015, and is currently at 0.0359 BTC.

However, his statement was refuted by some in the encryption industry. Among them, Willy Woo, an analyst on the chain, believes that the price increase of Ethereum is only the initial hype cycle, and the possibility of future price increase of Ethereum is very small, because the first four-year cycle of cryptocurrency is often the "highest climbing period" . (Cointelegraph)

(3) US SEC consultant: At present, the SEC has no clear regulatory position on BTC and ETH

Recently, Dugan Bliss, a senior trial consultant of the U.S. Securities and Exchange Commission (SEC), stated at a meeting of magistrates that the U.S. SEC has not yet formed a clear regulatory position on Bitcoin and Ethereum, and has not taken any action in judging whether they are securities. (U. Today)