ETH Weekly | Sun Yuchen bought 54,000 Ethereum; Ethereum Foundation disclosed security vulnerabilities discovered in 2019 (5.17~5.23)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

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In terms of the secondary market, the current ETH price may continue to drop in the short term, with support at $1,900 and resistance at $2,000 and $2,500.

Second, the secondary market

1. Spot market

According to OKEx market data, the price of ETH fell to $1,728 last week, and closed at $1,925 during the week, a month-on-month drop of 46.9%.

(ETH daily chart, picture from OKEx)

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(ETH daily chart, picture from OKEx)

The daily chart shows that the price has successively fallen below the 30-day, 60-day, and 100-day moving averages. If it stabilizes at $2,000 in the short term, it is expected to continue to hit $2,500; if it falls below $1,500, it will further fall to $1,000.

In terms of funds, the largest net outflow was 1.615 billion US dollars (Sunday), and the largest net inflow was 180 million US dollars (Thursday); ETH's net outflow of funds from the entire network last week was 4.44 billion US dollars, a month-on-month increase of 661%. rebound.

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Tokenview dataTokenview data

OKlink dataIt shows that the current top 300 ETH holdings hold a total of 52.5% of ETH, an increase of 0.26% month-on-month; an important reason for the increase in the top proportion is that the number of ETH2.0 deposit contract deposits has continued to surge, and only on the 18th. more than 37,000 ETH. In addition, the entire position distribution presents an elliptical structure, and the proportions of each part are: 1st to 100th, accounting for 37.67%, up 0.13% from the previous month; 101st to 300th, accounting for 14.83%, up 0.13% from the previous month; 301 to 500 accounted for 6.67%, up 0.05% month-on-month; 501-1000, accounting for 7.64%, down 0.02% month-on-month; after 1001, accounting for 33.21%, down 0.29% month-on-month.

3. Ecology and technology

1. Technological progress

3. Ecology and technology

Ethereum Foundation JavaScript Team to release EIP-1559/London-ready version

2. Voice of the Community

On May 20, the Ethereum Foundation’s JavaScript team stated that EIP-1559/London-ready versions of the EthereumJS Block, Tx, VM, and Common libraries will be released within the next week if there are no recent bugs or specification changes.

V God: If Bitcoin technology remains unchanged, there will be a huge risk of being eliminated

3. Project trends

On May 21, V God, the co-founder of Ethereum, stated that if Bitcoin’s technology remains unchanged, then it has a huge risk of being eliminated. He also predicted that the market capitalization of Ethereum will likely exceed the market capitalization of Bitcoin. In addition, V God said: "PoW resource consumption is undoubtedly huge. It does not destroy the world itself, but it is definitely a significant disadvantage." (CNN)

3. Project trends

(1) The PTIP-13 proposal of Ethereum's lossless lottery PoolTogether aimed at diversifying treasury has been passed

On May 18, PoolTogether, an Ethereum lossless lottery, announced that the PTIP-13 proposal aimed at diversifying treasury has been passed. The proposal will diversify 7.2% of the POOL funds into 5.95 million USDC through the direct acquisition of a POOL by strategic investors. These investors include ParaFi Capital, Galaxy Digital, Dragonfly Capital, Nascent and Maven 11 Capital.

Scaleswap completed $2.5 million in financing, including $250,000 in seed round financing and $2.25 million in private placement financing. Spark Digital Capital, Pluto Digital Assets, A195, Magnus Capital, Rarestone Capital, AU21, Momentum 6, X21 Digital, INBlockchain, etc. participated cast.

Scaleswap completed $2.5 million in financing, including $250,000 in seed round financing and $2.25 million in private placement financing. Spark Digital Capital, Pluto Digital Assets, A195, Magnus Capital, Rarestone Capital, AU21, Momentum 6, X21 Digital, INBlockchain, etc. participated cast.

Scaleswap is an IDO platform based on Ethereum Layer 2, aiming to build an IDO platform that takes into account high efficiency, low gas fees, safety and reliability. (Yahoo Finance)

4. Borrowing

DefipulseScaleswap is an IDO platform based on Ethereum Layer 2, aiming to build an IDO platform that takes into account high efficiency, low gas fees, safety and reliability. (Yahoo Finance)

5. Mining

5. Mining

(data from etherchain.org)

etherchain.org(data from etherchain.org)

4. News

The data shows that the average computing power decreased by 2.2% month-on-month, temporarily reporting 616.9 TH/s; the average mining difficulty decreased by 2.1% month-on-month, reaching 7864 T; the activity on the chain decreased by 17% month-on-month; Ethereum confirmed that the gas fee was as high as 2000 GWei at one time, but last week, the total mining revenue still fell by 20% month-on-month.

4. News

(1) Data: In the first quarter, the transaction fees on the Ethereum chain totaled 1.7 billion US dollars, a year-on-year increase of 200 times

The first quarter data of Ethereum shows that the transaction fee of Ethereum totaled 1.7 billion US dollars, which was 8 million US dollars in the same period last year, an increase of 200 times year-on-year. The total transaction volume on the chain reached 713 billion U.S. dollars, compared with 33 billion U.S. dollars in the same period last year, a year-on-year increase of 20 times. Daily active users reached 607,000, compared with 364,000 in the same period last year, a year-on-year increase of 71%.

(2) The report shows that the Google search volume of Ethereum has reached a new high, and the monthly search volume in the United States is the first

According to a report from Invezz.com, Google searches for Ethereum have increased significantly since the beginning of 2021, and so far, the searches have hit record highs. Analysis of search data shows that the United States is the country with the most interest in Ethereum, with 1.116 million monthly searches, followed by Germany and Turkey. (Cointelegraph)

(3) The Ethereum Foundation disclosed a security vulnerability discovered in 2019, which is less dangerous after the Berlin upgrade

The Ethereum Foundation disclosed a security flaw first discovered in 2019 that, prior to last month's Berlin upgrade, was critical enough that an attack could take down the mainnet. The essence of this vulnerability is to trigger random Trie queries. Ethereum developers have tried to use EIP-1884, EIP-2583, EIP-2929, and snapshot functions to defend against this vulnerability. Finally, after the Berlin upgrade, the risk of this vulnerability was reduced.

(4) Justin Sun bought $153 million in Bitcoin and $135 million in Ethereum