ETH Weekly | Ethereum Goerli test network has been upgraded in London; Twitter CEO once again refused to buy Ethereum (6.28~7.4)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

According to the data from the masters on the Okey Cloud chain, the total transaction volume of DEX on Ethereum in June was 88.051 billion US dollars, a decrease of 53.07% compared with the transaction volume of 187.66 billion US dollars in May. During the same period, the total number of DEX transactions on Ethereum was 5.4176 million, a decrease of 29.82% from 7.7206 million in May.

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 upwards last week, closing at $2,330 during the week, a month-on-month increase of 26.4%.                                                               

The daily chart shows that the price breaks through the middle track of the Bollinger Band and is expected to hit the upper track at $2,477; the lower support level is the middle track at $2,100; the next week will still be dominated by shocks or a small rebound.

3. Large transaction

OKlink dataIn terms of funds, the largest net inflow was 940 million US dollars (Monday), and the largest net outflow was 120 million US dollars (Wednesday); ETH’s net inflow of funds across the network last week was 1.8 billion US dollars, a month-on-month increase of 2963%; the price level may continue to rebound in the coming week.

OKlink dataOKlink data

3. Ecology and technology

1. Technological progress

（1）EthereumIt shows that the current top 300 ETH holdings hold a total of 52.81% of ETH, a month-on-month decrease of 0.15%; in addition, the entire position distribution presents an elliptical structure, and the proportions of each part are: 1st to 100th, accounting for 38.36%, Decreased by 0.24% month-on-month; No. 101-300, accounting for 14.45%, up 0.09% month-on-month; No. 301-500 accounted for 6.69%, up 0.05% month-on-month; No. 501-1000, accounting for 7.7%, up 0.03 month-on-month %; after the 1001st place, accounting for 32.83%, a month-on-month increase of 0.07%.

3. Ecology and technology

1. Technological progress

The Goerli testnet has undergone a London upgrade

2. Voice of the Community

The Ethereum Goerli testnet reached London upgrade block 5062605 on July 1. In previous news, Ethereum developer Tim Beiko issued a document announcing that the Ethereum London upgrade is now ready to be deployed on the testnet. 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.

(2) Ethereum 2.0 client Teku releases version v21.6.1

According to official news, on June 30, the Ethereum 2.0 client Teku released version v21.6.1. The main changes include: reduce CPU usage through batch verification goosip; improve peer ENRs tracking; Eth1 tracking and indicator improvements.

2. Voice of the Community

(1) Galaxy Digital CEO: Ethereum may surpass Bitcoin one day

Galaxy Digital CEO and cryptocurrency billionaire Mike Novogratz said in an interview that Ethereum may one day overtake Bitcoin as the largest cryptocurrency. Ethereum has "very different use cases" as a base layer for Web 3.0. (u.today)

Twitter CEO Jack Dorsey is again refusing to buy Ethereum ( ETH ) despite Twitter releasing 140 NFTs on the Ethereum blockchain. An early believer in Bitcoin, Jack Dorsey has repeatedly argued that since at least 2018, he has believed that Bitcoin will become the single currency of the internet. (Cointelegraph)

3. Project trends

(3) Analysis: Ethereum may be in a better-than-average long trading position

Analyst firm Santiment has highlighted two indicators that suggest Ethereum may be in a better-than-average bullish trading position. One is the MVRV indicator, with Ethereum’s 30-day MVRV hovering at levels that provide a solid risk-reward ratio. The other is social sentiment, which Santiment says weighted social sentiment on Ethereum is at historically low levels, a signal that could favor investors who are buying the dip.

Note: MVRV is the ratio of a crypto asset's market value (also known as market value) to realized market value (also known as realized value) and can be used to compare speculator and holder valuations of an asset. An MVRV ratio above 1 indicates that speculators have a higher average market valuation than holders, while an MVRV ratio below 1 means that holders have a higher market valuation than current speculators. (DailyHodl)

3. Project trends

(1) Element Finance, a fixed-rate lending agreement, claims to support crvLUSD instead of LUSD at launch

Element Finance, a fixed-rate lending protocol, was soft-launched on the Ethereum mainnet on June 30. Element Finance released an update stating that it will directly support crvLUSD (10% APY) instead of LUSD at launch, and hopefully also support crvTricrypto (48.54%). Element explained that, as an experimental protocol, it was found that supporting the underlying Curve token made things simpler, improved security, and introduced new leverage and fixed rate primitives on the LP token.

(2) Balancer has been deployed on the Polygon network, the expansion plan of Ethereum, and launched an incentive pool

Balancer has been deployed on the Polygon network (formerly Matic), the expansion plan of Ethereum, and launched an incentive pool. At present, neither Balancer nor Polygon has officially released an official announcement, but the multiple incentive pools of Balancer on the Polygon network have locked more than 10 million US dollars in various assets.

(3) Connext, the second-layer expansion solution of Ethereum, tests the lightweight universal cross-chain transmission protocol NXTP

According to official news, Connext, the second-layer expansion plan of Ethereum, is testing a new project: Noncustodial Xchain Transfer Protocol (NXTP), a lightweight universal cross-chain transfer protocol. NXTP retains the general xchain transactions of the security properties of the underlying chain and does not rely on any external verification node set.

The latest version of zkSync, the second-layer solution of Ethereum, has completed the code audit conducted by ABDK and will be launched on the mainnet on July 14. Launched a new event system.

(5) The Lyra test version is launched on the Kovan version of the Optimism network on the Ethereum test network

https://twitter.com/ (6) The Uniswap v3 liquidity mining contract has been deployed to the Ethereum mainnet and all testnets

4. Borrowing

DefipulseAccording to the official Twitter, the Uniswap v3 liquidity mining contract has been deployed to the Ethereum mainnet and all testnets. v3 liquidity mining is similar to v2, LPs can pledge their liquidity and receive rewards in proportion to their liquidity contribution. LPs are rewarded as long as liquidity remains within range. v3 also introduces some improvements, LPs can now participate in multiple liquidity mining programs simultaneously on a single token pair, and miners no longer need to choose and switch between rewards. Uniswap Labs will release guidelines, documentation, and other infrastructure for liquidity mining in the near future.

(7) Ernst & Young has open-sourced the Ethereum Layer 2 solution Nightfall 3, using the ZK-Optimistic Rollup mechanism

The data shows that the value of locked-up collateral on the chain rose from US$48.521 billion to US$56.313 billion last week, a week-on-week increase of 16%; the previous week (6.21-6.27) saw a net decrease of US$4.764 billion, and a net increase of US$7.792 billion last week, a month-on-month increase of 263% . Specifically, the amount of ETH mortgages dropped from 8.75 million to 8.739 million last week, a drop of 1%; the amount of BTC mortgages rose from 164,703 to 168,163, an increase of 2.1%.

(data from etherchain.org)

etherchain.orgFrom the perspective of individual projects, the top three lock-up values ​​are: Aave $10.9 billion; Curve $8.4 billion; Instadapp $7.9 billion; Maker $6.23 billion.

image description

4. News

(data from etherchain.org)

The data shows that the average computing power increased by 4.3% month-on-month, temporarily reported at 496TH/s; the average mining difficulty increased by 4.5% month-on-month, temporarily reported at 6388 T; the activity on the chain increased by 8% month-on-month; Around 10Gwei, the total mining revenue decreased by 4.3% month-on-month.

According to statistics from The Block, the total income of Ethereum miners (block rewards and transaction fees, excluding MEV) in June was approximately US$1.11 billion, a decrease of approximately 52.8% from the total income of US$2.35 billion in the previous month.

4. News

(1) Report: The net outflow of Ethereum funds was 50 million US dollars, the highest record since 2015

Net outflows from crypto funds totaled $44 million in the week ended June 25, the fourth straight week of redemptions, according to the CoinShares report. The net outflow of Ethereum products was $50 million for the week, the highest since 2015. Since mid-May, with negative sentiment still prevalent, total weekly net outflows are now $313 million” or 0.8% of total assets under management (AUM). Total outflows from digital asset funds as a percentage of AUM last week totaled 4.9% %. Additionally, multi-asset digital investment products saw inflows of $6 million last week, suggesting investors are seeking to diversify into cryptocurrencies beyond bitcoin and ethereum. (CoinDesk)

(2) Data: Ethereum’s adjusted transfer value soared 976% to $8.3 billion in one year

CryptoRank Platform, an encryption market data aggregation and analysis platform, tweeted that within a year, the adjusted transfer value of Ethereum soared by 976% (from $771 million to $8.3 billion). At the same time, Bitcoin’s adjusted transfer value surged 380% (from $2.04 billion to $9.8 billion).

(3) In June, the DEX transaction volume on Ethereum was 88 billion US dollars, a month-on-month decrease of 53%