ETH Weekly | The total number of Ethereum DeFi users has reached 3 million; the London upgrade will be activated on the mainnet between August 3rd and 5th (7.12~7.18)

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 went down last week, closing at $1890.5 during the week, down 11% month-on-month.                                                                

The daily chart shows that the price is always on the lower track of the Bollinger Band, and may fall again in the short term to test the low of $1,700; if it falls below this point, it may fall further below $1,500; the upper resistance is $2,000 and the cloth The middle rail of the forest belt is 2100 US dollars.

3. Large transaction

OKlink dataIn terms of funds, the largest net inflow was 570 million US dollars (Sunday), and the largest net outflow was 120 million US dollars (Tuesday); ETH’s net inflow of funds across the network last week was 1.19 billion US dollars, a month-on-month decrease of 25%; the price level may continue to rebound in the coming week .

OKlink dataIt shows that the number of transfers on the chain decreased slightly last week, and the number of transfers of "above 1000 ETH", "above 2000 ETH" and "above 5000 ETH" decreased by 4.66%, 3.98% and 4.74% month-on-month respectively. The activity of giant whales is basically the same as that of last week. flat.

3. Ecology and technology

1. Technological progress

OKlink data

It shows that the current top 300 ETH holdings hold a total of 52.84% of ETH, an increase of 0.09% 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 38.4%, 101st to 300th, accounting for 14.44%, the same as last week; 301st to 500th, accounting for 6.71%, up 0.03% from the previous month; 501st to 1000th, accounting for 7.65%, down 0.09 from the previous month %; after the 1001st place, accounting for 32.82%, a decrease of 0.03% from the previous month.

3. Ecology and technology

(1) Official announcement of the Ethereum Foundation: The London upgrade will be activated on the mainnet between August 3rd and 5th

2. Voice of the Community

On July 16, the Ethereum Foundation issued an official announcement announcing that after the successful deployment of the testnet, the London upgrade is now ready to be activated on the Ethereum mainnet and will be launched at block 12965000, with an estimated activation time of August 3, 2021 to 5 days. To be compatible with the London upgrade, node operators will need to upgrade the client version they are running. After the London upgrade, the OpenEthereum client will be deprecated and the way target gas limits are handled on the network will be changed. London upgrades include EIP-1559, EIP-3198, EIP-3529, EIP-3541, and EIP-3554. Separately, the Ethereum Foundation stated that all bug bounties related to the London upgrade will be doubled until the upgrade occurs.

(2) Ethereum client Nethermind: difficulty bomb and EIP-3554 are defenses against attackers trying to fork the chain

Ethereum client Nethermind said on Twitter that the difficulty bomb and EIP-3554 are defenses against attackers trying to fork the chain, ensuring that Ethereum has continued maintenance and urgency for changes. Additionally, if core developers procrastinate in deploying changes, a difficulty bomb will set in and ethereum will become unusable. And most importantly, when the Eth1-Eth2 merger happens, everyone will be encouraged to switch to the PoS system, otherwise they will risk staying on an unusable chain. Meanwhile, lead developer Tim Beiko said he doubts the London upgrade would have happened in 1 to 6 months were it not for the difficulty bomb. The London upgrade is currently in the final stages of testing on the Ropsten testnet. More than 100,000 ETH have been burned in the test that started on June 24. Note: The London upgrade will incorporate EIP-3554 to delay the difficulty bomb until December 1, 2021. (BeInCrypto)

2. Voice of the Community

(1) V God will participate in the interview of the new documentary about Ethereum

Film production company Optimist is making the first feature-length documentary about Ethereum, Ethereum: Infinite Garden, and they are raising funds for the documentary on Mirror. The film will feature interviews with various people involved in the development of the world's computers, including Ethereum co-creator Vitalik and Ethereum Foundation executive director Aya Miyaguchi. (CoinDesk)

Netizens on Twitter asked, after the implementation of EIP-1559 in Ethereum, in order for the supply of ETH to start to decrease, how long must the network transaction volume continue (the burn rate exceeds the block reward)? Ethereum developer Tim Beiko said that under the current gas limit, the baes fee reaches 150 gwei (block reward is 133, some are used for uncle block rewards), and the PoW chain will be deflationary. On the chain PoS, according to the current daily circulation (about 1100 ETH), in the case of 11 gwei, it will be deflationary. But post-merger, given the increase in validator revenue (from transaction fees/MEV), PoS issuance will likely increase, so the "deflationary figure" will be higher (will be greater than 11 gwei).

3. Project trends

It is reported that EIP-1559 attempts to reduce transaction fees by introducing a fixed fee and burning mechanism, which is expected to make the fee market of the Ethereum blockchain more predictable and alleviate congestion.

(3) ConsenSys founder: The London hard fork will trigger a "huge" increase in the demand and value of Ethereum

ConsenSys founder Joseph Lubin said in an interview with CNBC that the London hard fork will trigger a "huge" increase in demand and value for ethereum. His team has seen a sharp rise in interest from those looking to build projects on the ethereum platform, as has demand for ETH, a phenomenon Lubin said, combined with the upcoming London hard fork, will effectively make ETH becomes a deflationary asset which will increase the price of Ethereum. (The Daily Hodl)

3. Project trends

(1) NFT platform Chair.finance obtained Polygon Grant and ecological support

According to the official Twitter news, Chair.finance, the world's first decentralized equity NFT trading platform, has officially obtained the Polygon Grant support plan and ecological support. Polygon is the first structured, easy-to-use Ethereum scaling and infrastructure development platform. As the pioneer of NFT2.0, Chair is integrating a brand-new gene into the Polygon ecology—equity NFT. At the same time, Polygon will empower the Chair project with a strategic partnership, providing a more independent, more flexible, safer, and lower gas fee transaction environment for Chair's global NFT users.

(2) Cross-Rollup transfer application Hop Protocol launched Polygon, xDai and Ethereum mainnet

According to the official announcement, the cross-Rollup transfer application Hop Protocol announced that it has been launched on the Polygon, xDai and Ethereum mainnets. Hop said that it will first support users to transfer USDC on Polygon, xDai and Ethereum mainnets. Once the USDC bridge is running smoothly, support will be extended Assets such as DAI, USDT, ETH, WBTC, MATIC, etc. In addition, Hop first supports expansion solutions compatible with EVM, and then will support protocols such as Optimism and Arbitrum. Hop also started the USDC liquidity mining plan on Polygon, and users can obtain MATIC tokens by providing liquidity.

(3) ConsenSys' Ethereum development tool Truffle has added support for Arbitrum

Joseph Lubin, the founder of the Ethereum incubator ConsenSys, tweeted that ConsenSys' Ethereum development tool Truffle has added support for the Ethereum expansion program Arbitrum. Truffle provides developers with the boilerplate structure needed to build applications on Arbitrum through the Arbitrum Box, and developers can use the regular Solidity compiler to compile contracts for Arbitrum.

(4) The Ethereum Foundation and ENS are looking for a team to design technical specifications and specific implementations for logging in to third-party web applications through Ethereum accounts

(5) DeFiPie claims that its application has been attacked and reminds liquidity providers to withdraw all liquidity

4. Borrowing

DefipulseDeFiPie (PIE), a lending protocol based on Ethereum and Binance Smart Chain, tweeted that its application was hacked. The team is currently working with security audit companies to find a solution, and reminded liquidity providers to withdraw from their applications. All liquidity is withdrawn, as it is currently not safe to hold assets in DeFiPie applications. CoinGecko quotes show that PIE is now at $0.00660435, down 66.6% in 24 hours.

The data shows that the value of locked-up collateral on the chain dropped from US$55.05 billion to US$54.558 billion last week, a decrease of 1% in the week; 60%. Specifically, ETH mortgages rose from 8.916 million to 9.342 million last week, an increase of 4.7%; BTC mortgages rose from 165,351 to 183,265, an increase of 10.8%.

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 0.8% month-on-month, temporarily reporting 512.9TH/s; the average mining difficulty decreased by 0.6% month-on-month, temporarily reporting 6664.9 T; the activity on the chain decreased by 2.3% month-on-month; Total revenue rose 1.8% quarter-on-quarter.

4. News

(1) The total number of Ethereum DeFi users has reached 3 million

According to statistics from Dune Analytics, an on-chain data provider, the total number of DeFi users has reached 3 million.

Note: The number of users here is the number of unique addresses. Because a user can have multiple addresses, the data may be overestimated. Among them, the number of Uniswap (UNI) users is 2.35 million; the number of Compound Finance (COMP) users is 325,000, and the number of 1Inch Protocol (1INCH) users is 260,000. (U. Today)

(2) Data: The top ten Ethereum addresses currently hold 20.58% of the total supply of Ethereum

According to Santiment data, the top ten addresses of Ethereum currently hold 20.58% of the total supply of ETH, the highest since May 2017.