ETH Weekly | GameStop is building an Ethereum NFT platform; V God believes that PoS can reduce ETH energy consumption by as much as 10,000 times (5.24~5.30)
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
1. Overall overview
Author | Qin Xiaofeng
secondary title
Second, the secondary market
1. Spot market
In terms of the secondary market, the current ETH price may continue to drop in the short term, with support at $2,320 and resistance at $2,500 and $2,700.
(ETH daily chart, picture from OKEx)
Second, the secondary market
1. Spot market
(ETH daily chart, picture from OKEx)
3. Large transaction
The daily chart shows that the price is supported by the 100-day moving average ($2,322). If it can stand firm, it is expected to hit the 60-day moving average ($2,730); if it falls below $2,230, it will fall further below $2,000.
2. Fund flow3. Large transaction
OKlink dataTokenview data
3. Ecology and technology
1. Technological progress
OKlink data
It shows that the top 300 ETH holdings currently hold a total of 52.33% of ETH, a month-on-month decrease of 0.17%; in addition, the entire position distribution presents an elliptical structure, and the proportions of each part are: 1st to 100th, accounting for 37.48%, Decreased by 0.2% month-on-month; No. 101-300, accounting for 14.85%, up 0.02% month-on-month; No. 301-500 accounted for 6.77%, up 0.1% month-on-month; No. 501-1000, accounting for 7.83%, up 0.19% month-on-month %; after the 1001st place, accounting for 33.09%, a decrease of 0.12% from the previous month.
1. Technological progress
On May 26, Danny Ryan, a core developer of the Ethereum Foundation, published an article on the official Ethereum blog, announcing that Altair, the first upgrade of the beacon chain, has made steady progress. Altair is a relatively minor beacon chain update planned for mid-year, and a previous ethereum developer call mentioned that the client team is progressing fairly well in implementing the Altair specification.
2. Voice of the Community
2) Ethereum developers will hold an EIP-1559 Gas API call conference at 22:00 on June 4
According to official news, Ethereum developers will hold an EIP-1559 Gas API call meeting at 22:00 on June 4th, which will last for 60 minutes. The agenda includes presentations by Gas API providers; JSON RPC endpoints for Gas prices; and open discussions.
2. Voice of the Community
(1) V God: PoS can eventually reduce the energy consumption of Ethereum by as much as 10,000 times
Earlier this month, V God wrote that Bitcoin's continued use of proof-of-work means that as users increasingly demand energy efficiency and environmentally friendly choices, the current largest Bitcoin blockchain in the world will eventually Being left behind, this phenomenon will make it possible for Ethereum to eventually overtake Bitcoin. (Cointelegraph)
3. Project trends
(2) Co-founder of Guggenheim: The practicality of Ethereum is much higher than that of Bitcoin
Guggenheim Ventures founder Todd Morley said in an interview with Bloomberg that ethereum’s utility is “significantly higher” than bitcoin. He believes that any industry without a digital technology strategy will "go bankrupt". Todd Morley said that blockchain technology is entering the rest of the world at a very fast rate, and the application developers of Ethereum have grown at a rate of 20 times for six consecutive years. Large-scale deployment of ethereum’s utility functions and asset access “hasn’t happened yet, so want to be a leader in that,” Morley said. Morley also spoke about price volatility in the cryptocurrency market, saying it's still a very small market, so illiquid, and it's just a "typically young market." (The Block)
(3) Goldman Sachs: Ethereum will surpass Bitcoin as a store of value
Investment bank Goldman Sachs says ethereum could overtake bitcoin as a store of value. Goldman Sachs analyzed Ethereum's fundamental advantages over Bitcoin: "Given the importance of real-world usage in determining a store of value, Ethereum has a good chance of surpassing Bitcoin as the dominant digital store of value. The Ethereum ecosystem supports smart contracts and provides Developers offer a new way to create new applications on their platform. Most DeFi applications are built on the Ethereum network, and most NFT issuances today are purchased using Ether. Ethereum vs. Bitcoin Compared with the increase in the number of transactions, this advantage is reflected. As the use of cryptocurrencies in DeFi and NFT becomes more and more common, Ethereum will establish its own first-mover advantage in the application of encryption technology.” Goldman Sachs also said, Bitcoin's provable scarcity does not guarantee its dominance as a store of value asset. (dailyhodl)
(1) zkSync, the second-layer solution of Ethereum, launched the zkSync 1.x test network, which supports NFT and exchange functions
On May 25, zkSync, the second-layer solution of Ethereum, announced the launch of the zkSync 1.x test network. Users can try NFT and swap (Swap) functions on the Rinkeby Beta and Ropsten test networks, including swapping ERC-20 tokens, minting, transferring and swapping NFTs, and withdrawing NFTs to L1. In addition, zkSync 1.x mainnet upgrade will be launched in May, including exchange, NFT, new event system and permissionless tokens, and will be launched after a 2-week upgrade timelock (timelock).
Recently, the DEX aggregation platform ParaSwap announced its cooperation with the DeFi liquidity protocol Smoothy.finance to integrate Smoothy.finance on the ETH and BSC networks. Users can use Smoothy on ParaSwap to exchange between stablecoins with zero slippage. Smoothy is a liquidity protocol that has the characteristics of a single pool, low fees, zero slippage, and high staking returns on the basis of supporting multiple anchored coins of the same asset.
According to official news, Hermez, the Ethereum Layer 2 expansion plan, released a product development roadmap, which is divided into five stages related to specific functional goals. In the first phase, the Hermez multi-coordinator network and full support for atomic transactions will be supported in the second quarter of 2021 and before. In the second stage, promotional airdrops and user rewards will be launched on and before the fourth quarter of 2021, token exchange in the Hermez wallet will be realized, and new transaction types and formats will be introduced. In the third stage, third-party wallet integration, native applications and mobile SDKs, and large-scale migration enhancements will be completed on or before the fourth quarter of 2021. In the fourth stage, the instant certainty of payment in the decentralized model, native integration of Iden3 identity, enhanced user onboarding, and support for NFT assets will be completed by 2022 and before. In the fifth stage, private transaction support and composability will be completed in and before 2022, making it as close as possible to the current Ethereum EVM.
Hayden Adams, the founder of Uniswap, tweeted that the community vote has received overwhelming support for the deployment of Uniswap v3 on Arbitrum. Assuming the snapshot is passed, we will deploy the v3 smart contract to Arbitrum. Currently, we have started work on the interface support and deployment plan. In addition, he also said that Uniswap will continue to communicate and cooperate with optimismPBC, and deploy it in the near future. Previously, Robert Leshner, the founder of Compound, initiated a vote on "deploying Uniswap v3 to Arbitrum", which lasted for two days.
(4) Hermez, the Ethereum Layer 2 expansion solution, releases a product development roadmap
4. Borrowing
DefipulseAccording to official news, Hermez, the Ethereum Layer 2 expansion plan, released a product development roadmap, which is divided into five stages related to specific functional goals. In the first phase, the Hermez multi-coordinator network and full support for atomic transactions will be supported in the second quarter of 2021 and before. In the second stage, promotional airdrops and user rewards will be launched on and before the fourth quarter of 2021, token exchange in the Hermez wallet will be realized, and new transaction types and formats will be introduced. In the third stage, third-party wallet integration, native applications and mobile SDKs, and large-scale migration enhancements will be completed on or before the fourth quarter of 2021. In the fourth stage, the instant certainty of payment in the decentralized model, native integration of Iden3 identity, enhanced user onboarding, and support for NFT assets will be completed by 2022 and before. In the fifth stage, private transaction support and composability will be completed in and before 2022, making it as close as possible to the current Ethereum EVM.
4. Borrowing
5. Mining
(data from etherchain.org)
etherchain.orgFrom the perspective of individual projects, the top three lock-up values are: Aave $8.73 billion; Maker $7.99 billion; Polygon $6.86 billion.
4. News
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The data shows that the average computing power decreased by 1.9% month-on-month, temporarily reporting 605.1TH/s; the average mining difficulty decreased by 1.9% month-on-month, reaching 7714.5 T; the activity on the chain decreased by 10.65% month-on-month; Fees dropped to normal levels, and total mining revenue increased by 25.5% month-on-month.
(1) Meitu has a floating loss of $16.66 million in Bitcoin, and a floating profit of about $14.64 million in Ethereum
Meitu’s virtual currency speculation began to float, and the company’s stock price fell nearly 2%, plummeting 57% from this year’s high. Up to now, Meitu has purchased bitcoins three times. If the cumulative calculation of the three times is carried out, Meitu currently holds more than 940.89 bitcoins, costing US$49.5 million, with an average purchase price of over US$52,000; holding 31,000 ethers, It cost US$50.5 million, and the average purchase price was about US$1,629. The total investment in Meitu’s virtual currency purchase was about US$100 million. As of press time, among the virtual currencies purchased by Meitu, the floating loss of holding Bitcoin is about 16.66 million US dollars, and the floating profit of holding Ethereum is about 14.64 million US dollars. Overall, Meitu lost $2.02 million. (Sina Finance)
