ETH Weekly | Ethereum London hard fork will activate the mainnet on August 4; the balance of Ethereum 2.0 pledged addresses exceeds 6.2 million (7.5~7.11)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

According to OKLink data, as of 0:00 on the 12th, the pledge amount of Ethereum 2.0 deposit contract addresses exceeded 6.2 million pieces, reaching 6,261,314 ETH.

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 went down last week, closing at $2,145 during the week, down 8% month-on-month.                                                             

The daily chart shows that the price is always above the middle track of the Bollinger Band, and is expected to hit the upper track at $2,420; the lower support levels are the middle track at $2,000 and $1,800; 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 760 million US dollars (Tuesday), and the largest net outflow was 13 million US dollars (Thursday); ETH’s net inflow of funds across the network last week was 1.61 billion US dollars, a month-on-month decrease of 9%; 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 top 300 ETH holdings currently hold a total of 52.75% of ETH, a month-on-month decrease of 0.06%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 38.31%, A month-on-month decrease of 0.05%; 101st to 300th, accounting for 14.44%, a month-on-month decrease of 0.01%; 301st to 500th, accounting for 6.68%, a month-on-month decrease of 0.01%; 501st to 1000th, accounting for 7.74%, a month-on-month increase of 0.04 %; after the 1001st place, accounting for 32.85%, a month-on-month increase of 0.02%.

3. Ecology and technology

1. Technological progress

Ethereum

The London hard fork may be activated on the mainnet on August 4

The Ethereum test network Rinkeby reached the London upgrade block 8897988 at 01:27:32 on July 8. As of now, all three testnets (Ropsten, Goerli, Rinkeby) have successfully activated the London upgrade.

(2) The balance of the Ethereum 2.0 pledge address exceeds 6.2 million pieces

2. Voice of the Community

According to OKLink data, as of 0:00 on the 12th, the pledge amount of Ethereum 2.0 deposit contract addresses exceeded 6.2 million, reaching 6,261,314 ETH.

(3) Ethereum developers launched Otterscan, an open source block browser based on Ethereum client Erigon

Ethereum developer William Mitsuda launched Otterscan, an open source block browser based on the Ethereum client Erigon (Erigon was formerly known as Turbo-Geth), which is currently in Alpha version. William Mitsuda said that the advantage of Otterscan is that it has good privacy. When querying nodes, it will not send IP addresses or queries to external third-party nodes, and there is no need for network round trips. It is an extremely fast archiving node. Plus, Otterscan is a laptop-friendly block explorer.

(1) Celsius CEO: In the next year or the year after, the market value of Ethereum will completely surpass that of Bitcoin

3. Project trends

Alex Mashinsky, CEO and co-founder of crypto lending platform Celsius, said that the market dominance of bitcoin, the largest cryptocurrency by market capitalization, has begun to lose to ethereum, and ethereum "flips", or replaces bitcoin as the world's most valuable currency. The cryptocurrency hypothetical scenario has now happened. He said that we manage about $17 billion in deposits and tokens from customers, and the number one cryptocurrency in dollar terms is Ethereum. Mashinsky predicted that by 2022 or 2023, the market capitalization of Ethereum will completely surpass that of Bitcoin. (Cointelegraph)

(2) Ethereum client Geth developer: Currently the Geth team is fully funded by the Ethereum Foundation

Previously, Ethereum core developer and Ethereum client Geth developer Péter Szilágyi complained on Twitter that people who copied his code obtained high valuations through aggressive marketing, but his team could not afford to recruit new people. Péter Szilágyi added that the Geth team is fully funded by the Ethereum Foundation. Because they think it is bad practice to open up alternative funding sources lest they end up losing Ethereum Foundation funds (like certain other projects). Additionally, they do not possess the accounting and similar transactional capabilities required to accept and distribute funds.

3. Project trends

(1) Aave, a decentralized lending protocol, may launch Aave Pro, a product for institutional users in July

According to news posted on Twitter by Noah Goldberg, founder of Gold Beech Capital, the decentralized lending protocol Aave will cooperate with institutional-grade security company Fireblocks to launch products for institutional users in July, the first permissioned decentralized liquidity protocol Aave Pro.

It is said that the features of the Aave Pro solution include the use of Aave V2 smart contracts, and the addition of a whitelist system that only allows KYC participants to access the Aave Pro pool; the initial stage of Aave Pro's liquidity pool only contains Bitcoin and Ethereum, which are highly demanded by institutions. Fang, USDC, AAVE four assets, and separate from other liquidity pools in Aave; Aave Pro participants will be institutions, financial technology companies and other entities, KYC of institutional users will be supported by Fireblocks, Fireblocks will also be in the Aave Pro market Add anti-money laundering and anti-fraud controls; Aave Pro is still decentralized and will be managed through the Aave community governance mechanism.

(2) MintClip announced its integration with Polygon, and will launch an NFT market dedicated to YouTube videos on Polygon

According to the official announcement, MintClip announced its integration with Polygon, and will launch the world's first NFT marketplace dedicated to YouTube videos on Polygon. On MintClip, creators can turn YouTube videos into autographed NFTs with one click. The integration with Polygon will provide MintClip users with instant, gas-free NFT minting, providing users with a seamless experience. MintClip will also benefit from Polygon’s interoperability and composability while being able to interact with the Ethereum NFT ecosystem such as OpenSea.

Ethereum-based Shyft Network mainnet launches, connecting DeFi pools without sacrificing composability. Shyft Network aims to help cryptocurrency companies comply with anti-money laundering (AML) rules. In addition to the mainnet launch, the Shyft Federation will also be unveiled, a diverse group of 21 entities who will run nodes on the Shyft Network and ensure it has a decentralized architecture from the start. (CoinDesk)

4. Borrowing

Defipulse(4) 88mph v3 is launched on the Ethereum test network Rinkeby, and the main network will be launched soon

4. Borrowing

5. Mining   

The data shows that the value of locked-up collateral on the chain dropped from US$56.313 billion to US$55.05 billion last week, a decrease of 2.2% in the week; the net increase of US$7.792 billion in the previous week (6.28. A month-on-month decrease of 116%. Specifically, ETH mortgages rose from 8.739 million to 8.916 million last week, an increase of 2%; BTC mortgages fell from 168,163 to 165,351, a decrease of 1.6%.

etherchain.org5. Mining

4. News

image description

(data from etherchain.org)

The data shows that the average computing power increased by 4.25% month-on-month, temporarily reporting 517TH/s; the average mining difficulty increased by 5% month-on-month, temporarily reporting 6705 T; Revenue rose 3.7% quarter-on-quarter.

4. News

(1) Data: Ethereum All Exchange Reserves Hit a 2.5-Year Low

The encryption analysis company CryptoQuant tweeted that the reserves of all Ethereum exchanges reached a 2.5-year low. In this regard, chain analyst Willy Woo said that the two key considerations for this supply and demand trend are: the rise of ETH DeFi DEXes, including Uniswap, etc.; and ETH pledge.

(2) Goldman Sachs report: Ethereum is the blockchain with the highest "practical use potential", and ETH may become the dominant digital value store

Goldman Sachs said in a note to clients on Tuesday that ethereum is the blockchain with the highest "real use potential," suggesting its native token ETH could become the dominant digital store of value. Therefore, Goldman Sachs predicts that in the next few years, the total market value of ETH may exceed that of Bitcoin. Analysts point to bitcoin's first-mover advantage giving it a stronger brand, but argue that bitcoin lacks some of ethereum's use cases and has slower transaction speeds. Due to concerns about hard money and network security, Bitcoin does not yet offer the same level of functionality as Ethereum. As a "younger" network, Ethereum is also able to grow at a faster rate than Bitcoin. Bitcoin has grown by 261% over the past year, while ETH has grown by 856% over the same period. (Cointelegraph)