Seven Days of Ether • 2021/5/17

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On May 12, the core developer @protolambda tweeted to announce the launch of Nocturne, the second developer testnet of the "merger". Like the previous testnet Steklo, it combines 4 consensus layer clients (Nimbus, Lighthouse, Prysm, Teku ) and 3 execution layer clients (Nethermind, Go-ethereum, Besu). Unlike Steklo, which was shut down after only running for a few hours, Nocturne achieved block finalization after it went live and has been running until now.

The Rayonism project on "merging" in this hackathon ended with Nocturne. Please note that this testnet does not include the content of PoW->PoS transition, nor does it deal with the synchronization of historical states. These contents need to be resolved in the future. In the following time, the core developers will first focus on the Altair upgrade of Eth2 and the London upgrade of Eth1, and productize the "merged" specification.

The productization content of the "merger" specification includes:

source:

https://twitter.com/protolambda/status/1392448050191347716?s=20

➤ London Upgrade

The AllCoreDev meeting on May 14 discussed the upgraded developer testnet Baikal in London, related EIP, naming in the JSON RPC specification, block height, etc.

The first is the progress of each client on Baikal. Netthermind, Geth, Turbo-Geth, and Besu have all started to synchronize with Baikal. OpenEthereum is a little behind. It can only join the network after the final EIP merger is completed. The developers agree that this developer testnet will remain in operation for a period of time until the user-facing testnet is launched.

If readers want to experience and test, they can go to the specification document of github: https://github.com/ethereum/eth1.0-specs/blob/master/network-upgrades/client-integration-testnets/baikal.md

Then, the meeting agreed to include EIP-3541 in the London upgrade. This EIP aims to reject the deployment of contracts starting with 0xEF. This change is small, but it actually paves the way for EIP-3540 to introduce EVM Object Format (EOF).

EIP-3540：https://eips.ethereum.org/EIPS/eip-3540

EIP-3541：https://eips.ethereum.org/EIPS/eip-3541

Regarding the postponement of the difficulty bomb in the London upgrade, the 111th AllCoreDev on April 23 decided to advance the explosion time of the difficulty bomb from the original second quarter of 2022 to December this year, so the EIP included in the London upgrade was changed from 3238 to 3554 .

The London Infrastructure Upgrade Conference held on May 8 left a problem of naming multiple fields in JSON RPC, which was resolved in AllCoreDev this time, and finally decided to use baseFeePerGas to represent the basic fee per unit of gas consumed, and maxFeePerGas to represent"fee cap (the highest price per unit of gas acceptable to the user)", and maxPriorityFeePerGas indicates the tip per unit of gas.

The meeting also decided on the London upgrade block height and time of the testnet, as follows:

The London upgrade time of the mainnet is still tentatively scheduled for July 14, but we want to wait until the first testnet fork is successful before setting the block height of the mainnet.

The last topic of the meeting about the London upgrade was how the client handles transactions with changing gas prices, which developer Ansgar Dietrichs wrote and will be discussed by the client team.

Article: https://hackmd.io/@adietrichs/1559-transaction-sorting-part2

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@trent_vanepps will organize a conference focusing on EIP-1559 user interface issues with multiple wallet providers, including MetaMask, Status, and Argent, around May 24-28. This conference is part of the 'London/1559 Ecological Preparations' series.

Source: https://twitter.com/trent_vanepps/status/1393250203289927680?s=20

➤ Will EIP-1559 make Ethereum inoperable due to ETH deflation?

Recently, Arther Hayes published an article "Fear is the mindkiller (Fear is the mindkiller)", the article mentioned that after the implementation of EIP-1559 in Ethereum, "as the usage increases, the gas fee will increase exponentially, and these fees will be Burn, and soon Ethereum's currency issuance plan will become deflationary... so that there will not be enough ETH for the Ethereum system to run."

This point of view has been widely discussed in the Ethereum community. Tim Roughgarden, a professor at Columbia University who wrote "Economic Analysis of EIP-1559", also responded to this point of view. The following is the translation of his reply:

It is very important to distinguish between the two: 1. The market clearing price of gas (in USD); 2. The market clearing price of ETH (also in USD)

If the demand for gas remains the same, then the market clearing price of gas (in USD) remains the same regardless of the price of ETH.

Therefore, with the demand for gas unchanged, the price of ETH doubles, halving the market clearing price denominated in ETH. For example, if you see a gas price of 200 gwei now, and then the ETH price doubles (demand remains the same), you would expect the gas price to become 100 gwei.

Of course, there may be a correlation between the two markets (for example, due to psychological factors, an increase in the demand for ETH will increase the demand for gas). It will be very interesting to get a better idea of ​​how strong the correlation is, and how strong it will be in the future.

The point is, first of all, one would expect that a decrease in ETH supply (say halving) would increase the price of ETH (doubling), while keeping the demand for gas constant, the gas price (when priced in gwei) would decrease (halve ).

Summary: I don't think reducing ETH supply poses a threat to network operations. (Unless 1 wei becomes worth $100, we might have a problem, but I don't see that happening.)

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➤ Arbitrum will be launched on the mainnet soon

Arbitrum Rollup launched the latest testnet on May 14, which added Sequencer (sorter), and will open the mainnet version for developers on May 28.

Previously, Arbitrum released testnet candidate V4, which did not include Sequencer. This means that transactions won't get an "instant response" and have the same latency as on the Ethereum mainnet. The original plan was to release the initial version without Sequencer on the mainnet first, and add Sequencer to the later upgraded version. But based on the feedback from beta testers, Arbitrum decided to add the Sequencer function before the mainnet launch. In the coming weeks leading up to the mainnet launch, Arbitrum will be releasing announcements announcing the projects (both infrastructure and DApps) it is partnering with.

Source: https://medium.com/offchainlabs/wen-arbitrum-634969c14713

➤ Infura and Truffle announce support for scaling solution Polygon

Infura and Truffle, the development tools of ConsenSys, announced on May 12 that they support Polygon (Ethereum’s scaling solution), which means that developers can use Infura and Truffle on Polygon to build, deploy, test and run all the applications they need. tool.

Source: https://consensys.net/blog/press-release/infura-and-truffle-now-support-polygon/

➤ Visually analyze the lock-up volume of the expansion solution

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cr：ETH Hole

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➤ The core developer apprenticeship program is about to start

Ethereum core developer Piper Merriam announced the "Core Developer Apprenticeship Program" (Core Developer Apprenticeship Program) on May 13, giving more people the opportunity to participate in the development of the Ethereum core protocol. The plan is supported by the Ethereum Foundation, and the details of the plan are as follows:

Participants can gain in-depth knowledge of the Ethereum protocol and gain first-hand experience in protocol development during the process.

Source: https://blog.ethereum.org/2021/05/13/core-dev-apprenticeship/

➤ Uniswap V2 LP transaction fees exceed Bitcoin network transaction fees

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cr: Tweet by Hayden Adams

➤ SHIB Tokens and Vitalik’s Melons

Last week, something interesting happened in the encryption circle: Vitalik Buterin, the co-founder of Ethereum, donated more than $1 billion to other charities such as the New Crown Encryption Relief Foundation in India. And it all stems from the animal meme tokens that swept the crypto world some time ago.

The following is a summary of The Block researcher Igor Igamberdiev’s tweet on May 11:

Over the past few days, the meme token SHIB has been the main reason for the high gas fees, and some early SHIB holders have reaped huge profits.

Since the release of SHIB, 49.5% of the supply was added to Uniswap, and then the pool's LP tokens and the remaining SHIB tokens were sent to Vitalik Buterin's wallet. In other words, Vitalik can easily withdraw 93% of the liquidity in the fund pool without any price impact ($118 million) without selling.

Paper profits for the top 50 by number of token holders range from $5 million to $2.5 billion, with an average paper profit of $65 million.

Looking at the most liquid SHIB-WETH pool in Uniswap V2, its volume started to increase on May 7th and peaked the next day, but there was no obvious flushing transaction. Arbitrage trading and sandwich robot trading do not exceed one-third of the trading volume.

The largest transaction interacting with Uniswap routing is related to centralized exchanges. Interestingly, Coinbase Wallet users also joined the frenzy on May 8th and started buying SHIB.

Over the past three days, transactions interacting with the SHIB token contract accounted for more than 10% of block gas fees. The figure below shows that everyone's interest in SHIB has begun to fade, but the listing of SHIB on Binance has ignited everyone's enthusiasm.

Twitter source: https://twitter.com/FrankResearcher/status/1392040055133384705

On May 13, Vitalik sold the meme tokens in his wallet, including SHIB, AKITA, ELON, and donated a large amount of ETH and some meme tokens in exchange to charities, including Givewell, India New Crown Encryption Relief Foundation (Donated 50 Trillion SHIB), Methuselah Foundation, Machine Intelligence Research Institute, Gitcoin multisg, etc.

Source: https://www.forbes.com/sites/ninabambysheva/2021/05/12/ethereums-co-founder-vitalik-buterin-donates-over-1-billion-to-india-covid-relief-fund- and-other-charities/?sh=164f9d1a6548

"Not even Vitalik can escape from the monsters in the dark forest. Twitter wasn't the only spree spied on Vitalik's wallet, as ever, the bot stood ready to grab MEV from his pending transactions. ” @Robert Miller in a tweet summarizing how Vitalik’s trade was “clamped” when selling meme tokens, and how Vitalik continued to sell tokens using Flashbots via Archer Swap.

Tweet: https://twitter.com/bertcmiller/status/1392572970728574976

On May 17th, the carnival came to an end with Vitalik destroying 410 trillion SHIBs (approximately 41% of the total SHIB supply).

Transaction hash: https://etherscan.io/tx/0x125714bb4db48757007fff2671b37637bbfd6d47b3a4757ebbd0c5222984f905

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