ETH Weekly | V God released a detailed plan for "Verkle tree and state expiration"; Goldman Sachs plans to provide Ethereum futures and options to customers (6.14~6.20)

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 fluctuated and fell last week, closing at $2,111 during the week, a month-on-month drop of 18%.                                                                

The daily chart shows that the price has fallen below the 120-day moving average and is currently moving along the lower track of the Bollinger Band. It may fall to $2,000 and the 200-day moving average ($1,864) in the short term; the upper resistance level is $2,350; Mainly in shock or a small rebound.

3. Large transaction

OKlink dataIn terms of funds, the largest net inflow was 450 million US dollars (Monday), and the largest net outflow was 330 million US dollars (Friday); ETH’s net inflow of funds across the network last week was 490 million US dollars, a month-on-month increase of 143.8%; the price level is expected to rebound slightly in the coming week .

OKlink dataIt shows that the number of transfers on the chain rose slightly last week, the number of transfers "above 2000 ETH" and "above 5000 ETH" increased by 11.7% and 18.4% month-on-month respectively, and the number of transfers "above 1000 ETH" decreased by 7% month-on-month; The activity of whales has increased, and large transfers have been the main ones.

3. Ecology and technology

1. Technological progress

OKlink data

It shows that the current top 300 ETH holdings hold a total of 52.61% of ETH, a month-on-month decrease of 0.16%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 38.16%, A month-on-month decrease of 0.07%; 101st to 300th, accounting for 14.45%, a month-on-month decrease of 0.09%; 301st to 500th, accounting for 6.73%, a month-on-month increase of 0.05%; 501st to 1000th, accounting for 7.73%, a month-on-month increase of 0.07 %; after the 1001st place, accounting for 32.95%, up 0.03% month-on-month.

3. Ecology and technology

1. Technological progress

(1) Data: About 700 ETH has been destroyed in the test network where EIP-1559 is deployed

Developers of the Ethereum client OpenEthereum have created a portal to visualize ETH fee burns to monitor how much ETH is burned per block in total after EIP-1559 is deployed. Data shows that about 700 ETH has been destroyed on the test network. It is reported that when EIP-1559 is deployed, if there is a transaction, ETH will be burned in each block.

(2) V God released a detailed plan for "Verkle tree and state expiration"

On June 18, Vitalik Buterin said that he wrote some more detailed plans (including original EIPs) for the Verkle tree and state expiration.

Verkle Tree: Introduces a new Verkle state tree next to the existing hexary Patricia tree. After a hard fork, the Verkle tree stores all edits to the state and a copy of all accessed state, and the hexary Patricia tree can no longer be modified. This is the first step in the multi-stage transition to Ethereum relying entirely on Verkle trees to store execution state.

(3) Ethereum client Geth releases version v1.10.4, increasing compatibility with the London testnet

2. Voice of the Community

According to official news, the Ethereum client Geth v1.10.4 has been released. This upgrade adds compatibility to the London testnet and enables snapshot synchronization. It was previously reported that the Ethereum mainnet is scheduled to be upgraded in London on July 14, but it is necessary to determine the mainnet client upgrade block after the first testnet is successfully forked.

According to official news, Ethereum developer Tim Beiko issued a document announcing that the Ethereum London upgrade is now ready to be deployed on the test network. The upgrade will first be activated in block 10499401 of the Ropsten test network, which is expected to be around June 24, 2021; the Goerli test network will be activated and upgraded in block 5062605, and the estimated time is June 30; the Rinkeby test network will be activated at block 8897988 is activated, and the estimated time is July 7. The Kovan testnet will be upgraded later, expected after the mainnet block passes. Tim Beiko also said that at present, only the testnet (Ropsten, Goerli, Rinkeby) deploys the London upgrade. After the upgrade is successfully activated on these networks, a block will be set for the Ethereum mainnet.

3. Project trends

2. Voice of the Community

MicroStrategy CEO: Ethereum will drive the dematerialization of banking institutions

MicroStrategy CEO Michael Saylor said that the three main components that make up the encryption ecosystem are digital assets, digital currencies, and digital applications. Saylor classified Bitcoin into the category of digital assets, saying that Bitcoin is the most important digital asset; stable coins such as USDT and CBDC are classified as digital currencies. According to the Bitcoin bull, digital applications are the third component. Saylor pointed out that the Ethereum smart contract blockchain, which is a digital application, poses a threat to traditional financial institutions. Saylor noted that as the crypto market matures, all three main components will play distinct roles and have reasons to coexist. Additionally, Saylor claims that Ethereum will drive the dematerialization of banking institutions. (DailyHodl)

3. Project trends

The test version of ZK Rollup (StarkNet), a layer-2 expansion solution developed by StarkWare, a zero-knowledge proof research and development organization, has been launched on Ropsten, the Ethereum test network. This beta version has no whitelist, allowing any developer to write and deploy StarkNet contracts for general computation. Users can interact with these contracts by sending transactions to them and checking their status. State transitions in StarkNet are verified off-chain and then verified on-chain. The team stated that it will improve the interaction between L1 and L2, on-chain data, and composability in the next few weeks.

Bespin, the Raiden Network client version 2.0 version of the Ethereum state channel expansion solution, is officially launched and is available on Ethereum. The team reminds that v2.x clients will not be compatible and will not be able to perform any earlier version transfers, nor will existing client databases be compatible, and all channels opened with older versions will need to be closed, settled and reopened.

(2) Meter announced the launch of the Meter Passport cross-chain interoperability infrastructure and integration with Ampleforth

News Meter announced the launch of the Meter Passport cross-chain interoperability infrastructure and integration with Ampleforth to build multi-blockchain asset classes and dApps. Meter Passport is an N-way blockchain router that allows assets and information to flow directly from one blockchain to another. Ampleforth is one of the first dApps launched on Meter Passport, enabling Ampleforth to not only transfer AMPL tokens across blockchains, but also use inter-blockchain smart contract calls to control the rebalancing of tokens and through the main Total circulation of smart contracts across all blockchains. (Smart Liquidity)

(3) The Raiden network client version 2.0 of the Ethereum state channel solution is officially launched

Bespin, the Raiden Network client version 2.0 version of the Ethereum state channel expansion solution, is officially launched and is available on Ethereum. The team reminds that v2.x clients will not be compatible and will not be able to perform any earlier version transfers, nor will existing client databases be compatible, and all channels opened with older versions will need to be closed, settled and reopened.

According to previous news, Raiden Network launched the Alpha test version of Python client version 2.0 as the next major version update of Raiden Network.

(5) Over 500,000 ETH have been pledged on Lido, the Ethereum 2.0 pledge liquidity solution

According to official news, The Graph, a blockchain data index project, has reached a cooperation with Optimistic, an expansion solution for Ethereum, and will provide developers who develop applications on Optimistic with data indexing and query services connected to Ethereum. In addition, developers will also have the opportunity to Funded through The Graph Foundation. The Graph currently supports more than 19 EVM-based Ethereum scaling solutions, including Polygon, Arbitrum, etc.

4. Borrowing

DefipulseAccording to official news, the amount of Ethereum pledged on the Lido platform has exceeded 500,000. It is reported that Lido is a pledge liquidity solution, which aims to provide pledge liquidity mining services for ETH 2.0 and Terra.

The data shows that last week, the value of locked collateral on the chain dropped from US$62.102 billion to US$53.285 billion, a week-on-week decrease of 14.2%; the previous week (6.7-6.13) saw a net decrease of US$3.638 billion, and last week a net decrease of US$8.817 billion, a month-on-month increase 142%. Specifically, the amount of ETH mortgages dropped from 8.883 million to 8.644 million last week, a drop of 2.6%; the amount of BTC mortgages dropped from 175,073 to 172,821, a drop of 1.2%.

5. Mining   

(data from etherchain.org)

etherchain.org5. Mining

4. News

image description

(data from etherchain.org)

The data shows that the average computing power decreased by 4% month-on-month, temporarily reporting 548.5TH/s; the average mining difficulty decreased by 3.1% month-on-month, temporarily reporting 7089 T; the activity on the chain decreased by 2.2% month-on-month; the network congestion on the chain decreased, and mining Total revenue fell by 2% month-on-month; Ethereum’s 7-day moving average transaction fee has fallen to a six-month low of about $4.5, a 90% drop from a month ago; Data Dashboard data shows that the current average Ethereum Gas fees are at a 6-month low.

4. News