ETH Weekly Report | In May, the transaction volume on the chain and the income of miners both hit record highs; V God said that it will take 6 years for Ethereum to convert to POS (5.31~6.6)

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)

1. Spot market

According to OKEx market data, the price of ETH once rose to US$2,900 last week and closed at US$2,721, a month-on-month increase of 14.2%.                                                                

The daily chart shows that the price breaks through the middle track of the Bollinger Band, and will hit the upper track ($3002) in the short term, but this point is also where the 30-day moving average is located, and the resistance is strong; if it breaks through 3000 and stands firm, it is expected to hit $3500 ; The lower resistance level is the 60-day moving average ($2,400) and the lower Bollinger band ($2,100).

3. Large transaction

2. Fund flow

In terms of funds, the largest net outflow was 530 million US dollars (Wednesday), and the largest net inflow was 530 million US dollars (Friday); ETH had a net outflow of 170 million US dollars last week, a month-on-month increase of 1930%; the price level is expected to rebound slightly in the coming week Or continue to fluctuate in a wide range.image description

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 15.7%, 45.2%, and 58.82% month-on-month, respectively. Giant whales are active degree decreased significantly.

3. Ecology and technology

1. Voice of the Community

OKlink data

It shows that the current top 300 ETH holdings hold a total of 52.76% of ETH, an increase of 0.43% month-on-month; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 38.19%, 101st to 300th, accounting for 14.57%, down 0.28% from the previous month; 301st to 500th, accounting for 6.67%, down 0.1% from the previous month; 501st to 1000th, accounting for 7.71%, down 0.12 from the previous month %; after the 1001st place, accounting for 32.88%, a decrease of 0.21% from the previous month.

3. Ecology and technology

1. Voice of the Community

(1) V God: Eth2 will have the scalability expected by enterprise-level applications by the end of 2022

(2) Vitalik: Attacking Ethereum is more costly than attacking Bitcoin, PoS is easier to recover from attacks than PoW

2. Project trends

Ethereum co-founder V God (Vitalik Buterin) said in an interview with podcast host Lex Fridman a few days ago that PoS is very safe, because if you want to successfully attack the Ethereum network, you basically need to have the equivalent of the entire network. The amount of ETH. He believes this is more costly than attacking the Bitcoin network. He also said that PoS is easier to recover from attacks than PoW. There are many measures against attacks in PoS, such as the automatic Slashing penalty mechanism that destroys the coins pledged by the perpetrators, and the community can also coordinate soft forks. To deal with a (successful) attack, the attacker will lose a lot of coins in the new chain. (Unitimes)

(3) Gemini founder: The price of Ethereum will reach 5,000 to 10,000 US dollars by the end of the year, and the long-term price may reach 40,000 US dollars

The Winklevoss twins, founders of Gemini, predict that the long-term price of Ethereum could reach $40,000. They pointed out that the price target of Ethereum at the end of this year is between $5,000 and $10,000, but in the long run, its growth will far exceed this level, and may even increase by 10 times. (Cryptoglobe)

2. Project trends

(1) ConsenSys is providing migration services from Azure to Quorum

Ethereum technology company ConsenSys is offering migration services from Azure to Quorum. According to previous news, Microsoft announced in mid-May that it will shut down the Azure blockchain service in September this year and recommends migrating to the Quorum blockchain service.

(2) Aragon, a DAO solution provider, announced that Aragon Voice has released a beta version on the Ethereum mainnet

On June 1, Aragon, a DAO solution provider, officially announced that Aragon Voice, the first instance of Aragon OpenStack, has now released a beta version on the Ethereum mainnet. According to reports, Aragon Voice is a key component of the Web 3.0 voting infrastructure, promoting decentralized governance with zero voting costs.

On June 1, according to official news, Matter Labs, an Ethereum expansion project, announced that zkSync 2.0, the second-layer solution for Ethereum, launched the Alpha version of the zkEVM test network. Users can already use the block browser to view activities on zkSync 2.0. The main achievements of this version include the completion of the zkEVM instruction set; smart contracts written in Solidity and Zinc can now be compiled into zkEVM bytecode; complete full-node integration, and the ability to successfully deploy and execute compiled smart contracts. Matter Labs said that when the zkEVM and node 2.0 version editor are 100% complete, access to zkEVM, editor and core SDK will be opened.

Etherscan enables users to “track most NFT activity on ethereum,” after unveiling its new non-fungible token transfer tool on June 1. The new feature will help bring transparency to a large part of the NFT market and may help new investors determine the value of an NFT, as they can now view its entire price history, trade dates, and minting dates. (Cointelegraph)

(4) The Ethermine mining pool provides new payment methods for its miners through the Ethereum expansion solution Polygon

On June 2, according to official news, the Ethermine mining pool announced that it will provide its miners with a new payment method through the Ethereum expansion solution Polygon. This feature allows miners to receive micropayments as low as 0.005 ETH per day, settle earnings in USD tokens, and increase earnings by participating in DeFi while mining. Additionally, Ethermine added manual payment requests for balances greater than 0.005 ETH.

(5) The Ethereum browser Etherscan has enabled the NFT tracking tool

(6) The Ethereum decentralized storage network Swarm will soft launch the Bee mainnet on June 13

3. Borrowing

DefipulseThe Ethereum decentralized storage network Swarm Foundation will soft-launch the Bee mainnet on June 13, 2021. According to Swarm, the Bee client has been running for some time now, and projects such as Fairdrive, Waggle, Swarm.city, Beefree, Ready Fighter One, Atelier Ludensis have adopted the Swarm Network and used it for their DApps. The network is currently ready for a full mainnet launch, as well as the deployment and distribution of BZZ tokens. According to previous news, Swarm will launch a public offering on CoinList at 1:00 on June 15th, and registration is open.

The data shows that the value of locked collateral on the chain rose from US$59.179 billion to US$65.74 billion last week, an increase of 11% a week; the net increase of US$11.952 billion in the previous week (5.24-5.30) was a net increase of US$6.561 billion last week, a month-on-month decrease of 45.1% . Specifically, ETH mortgages rose from 9.555 million to 9.724 million last week, an increase of 1.7%; BTC mortgages rose from 176,961 to 179,995, an increase of 1.7%.

4. Mining

(data from etherchain.org)

etherchain.org4. Mining

4. News

image description

(data from etherchain.org)

The data shows that the average computing power rose by 0.4% month-on-month, temporarily reported at 607.6TH/s; the average mining difficulty remained basically unchanged; the activity on the chain rose by 2.8% month-on-month; the network congestion on the chain decreased, and the Ethereum Gas fee dropped to Around $1, the average price of Gas reached 10 Gwei, the lowest level in the year, and the total mining revenue fell by 16% month-on-month.

4. News

(1) The revenue of the Ethereum DeFi protocol hit a record high in May, exceeding US$370 million

Ethereum-based decentralized finance (DeFi) protocols hit an all-time high in May with more than $370 million in revenue, according to data compiled by The Block. In May, Uniswap ranked first in terms of revenue, with a revenue of 153.9 million US dollars, accounting for 41.4% of the total revenue of DeFi protocols. Sushiswap's share ranks second at 20.3%, followed by Aave at 16.6%.

The data shows that the adjusted on-chain transaction volume and miner income of Ethereum hit record highs in May. Among them, the adjusted on-chain transaction volume increased to $666 billion, a 92.7% increase from April. Monthly mining revenue reached $2.35 billion, a 42.4% increase from April. Transaction fees for Ethereum miners also topped $1 billion for the first time in May, up 43.9% from April to $1.03 billion. (The Block)

(2) Data: In May, the transaction volume of NFT on Ethereum reached 191.2 million US dollars

According to data from OKLink, the NFT transaction volume on Ethereum in May was US$191.2 million, an increase of 12.13% from April; the number of NFT transactions in the same period was 77,200, a decrease of 28.47% from April .