ETH Weekly | Ethereum mainnet completes London upgrade; Deribit Ethereum forward call option volume soars (8.2-8.8)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

According to statistics from the ultrasound.money website, within 100 blocks after the upgrade of Ethereum London, the network destroyed a total of 37.56 ETH; in the next two days, the amount of Ethereum destroyed accounted for 36% of the new coin issuance in the same period; as of the 9th At 2 a.m., the Ethereum network destroyed a total of 14,828 ETH.

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with a support level of $3,000 and a resistance level of $3,500.

Second, the secondary market

1. Spot market

Second, the secondary market

(ETH daily chart, picture from OKEx)

(ETH daily chart, picture from OKEx)

2. Fund flow

(BiNuNiu)

image description

3. Large transaction

OKlink dataIn terms of funds, the largest single-day net inflow of the main positions was 84 million US dollars (Sunday), and the largest single-day net outflow was 25 million US dollars (Saturday); ETH's main positions increased by 145 million US dollars last week, a month-on-month decrease of 32%; in the coming week, The price level will likely remain volatile.

OKlink dataIt shows that the number of transfers on the chain rose slightly last week, and the number of transfers of "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" increased by 10.75%, 16.5%, and 24.78% month-on-month, respectively. The activity of giant whales has increased significantly. Start hoarding coins.

3. Ecology and technology

1. Technological progress

OKlink data

It shows that the current top 300 ETH holdings hold a total of 53.23% of ETH, a month-on-month decrease of 0.1%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 38.17%, Decreased by 0.17% month-on-month; No. 101-300, accounting for 15.06%, up 0.1% month-on-month; No. 301-500 accounted for 7.15%, up 0.03% month-on-month; No. 501-1000, accounting for 8.15%, up 0.08 month-on-month %; after the 1001st place, accounting for 31.49%, a decrease of 0.02% from the previous month.

3. Ecology and technology

Ethereum Mainnet Completes London Upgrade

2. Voice of the Community

The Ethereum mainnet reached the block height of 12,965,000 at 20:33 on August 5th, activating the London hard fork network upgrade. This upgrade includes 5 Ethereum Improvement Proposals (EIP), namely EIP-1559, EIP-3198, EIP-3529, EIP-3541 and EIP-3554.

According to statistics from the ultrasound.money website, within 100 blocks after the upgrade of Ethereum London, the network destroyed a total of 37.56 ETH; in the next two days, the amount of Ethereum destroyed accounted for 36% of the new coin issuance in the same period; as of the 9th At 2 a.m., the Ethereum network destroyed a total of 14,828 ETH.

(Odaily Note: EIP-1559 is introduced in the upgrade of Ethereum London, the network will dynamically adjust the Base Fee of each transaction according to the transaction demand and block size, and this part of the fee will be directly burned and destroyed.)

2. Voice of the Community

(1) V God said that the London hard fork made him more confident in the merger of Ethereum

(2) Ethereum developer trent: 5 reasons for users to try new EIP-1559 functions lead to high gas prices

3. Project trends

Ethereum developer trent explained "Why the gas price (baseFee) is high" on Twitter: 1. A large number of NFT airdrops cause congestion; 2. Many services (such as exchanges) disable functions during the network upgrade window. Once each platform is satisfied with the stability of the chain, this pent-up demand will be released; 3. Some miners set the gas limit below 30 million, providing a target of about 13.5 million gas. The gas limit before the upgrade was 15 million. In comparison, the available block space is less, which leads to lower throughput; 4. On the positive side, the ETH market fluctuations lead to an increase in gas prices; 5. Users are trying the new 1559 function : send transactions of type 2, send their first destroy transaction.

(3) Founder of ConsenSys: The Ethereum ecosystem has already surpassed the Bitcoin ecosystem and will lead by a large margin in the future

ConsenSys founder and Ethereum co-founder Joseph Lubin said in an interview with Bloomberg TV that the "next generation economy" will be orders of magnitude larger than the "narrow monetary system." He believes that the Ethereum ecosystem, which is similar to the Internet, has surpassed Bitcoin. "The Ethereum ecosystem has already surpassed the Bitcoin ecosystem in terms of developer activity, daily transaction volume, transaction value, and number of tokens." Joseph Lubin also claimed that Ethereum is "decentralized enough." (U. Today)

3. Project trends

(1) The Ethereum sorting network Eden Network announced its official launch, aiming to resist malicious MEV attacks

According to the official announcement, the Ethereum sorting network Eden Network announced its launch. When the network was launched, it cooperated with Alpha Finance Labs and Band Protocol. In order to take advantage of Eden Network's priority queue, the two parties will share Eden Networks' priority slots. After the upgrade of Ethereum, users, traders and miners will be able to use Eden Network services for free on the Sushi platform.

At the same time, Eden Network aims to minimize malicious MEV in Ethereum. It allows network participants to lease priority slots guaranteed to be placed in Ethereum blocks. In addition to facilitating priority transactions, it also inherently protects users from arbitrary transaction reordering. Eden Network aims to complement the design of EIP-1559 while solving the MEV problem by introducing a new transaction network that helps Block producers make up for lost revenue in exchange for protecting transactors from MEV.

(2) NFT auction platform Origin launched the OGN governance portal

According to official news, NFT auction platform Origin announced the launch of the OGN governance portal, where Origin token holders can make suggestions and vote on Origin's products, changes to the open source code base, and have input on key business decisions and the overall direction of the project. say. OGN governance will be conducted on Snapshot, an off-chain governance platform, utilizing the Ethereum blockchain for vote verification, allowing free and gas-free voting using digital signatures. Those who meet 1000 OGNPOWER can create proposals, and each OGN holder can vote on proposals. Voting rights or OGNPOWER will depend on the average OGN balance in the past 30 days, including OGN pledged in the contract. In the future, various OGN held in the liquidity pool or lending platform.

(3) Smart contract wallet Argent plans to launch Layer 2 wallet in September

Argent, a smart contract wallet, plans to launch a Layer 2 wallet in September. Currently, a waitlist has been opened. Registered users can access and experience Argent's Layer 2 wallet in advance, and have a chance to win a $270,000 cryptocurrency draw.

(4) Ethereum 2.0 client Prysmatic Labs will launch Prysm Eth2 client V2.0.0 in the next few months

4. Borrowing

DefipulseAccording to official news, Prysmatic Labs, the Ethereum 2.0 client, will release the Prysm Eth2 client V2.0.0 in the next few months. The main updates include: Compatible with Altair upgrades; Delete the old version of Slasher, and the new Slasher will be implemented as an internal function of the beacon node ; will also remove deprecated flags and code and refactor the repository to better support the Eth2 standard API.

The data shows that the value of locked collateral on the chain rose from US$70.484 billion to US$78.606 billion last week, an increase of 11.52% a week; the net increase of US$9.261 billion in the previous week (7.26-8.1) was a net increase of US$8.122 billion last week, a month-on-month decrease of 12.3% . Specifically, last week, ETH mortgages dropped from 9.751 million to 9.425 million, a drop of 3.3%; BTC mortgages rose from 191,483 to 196,282, an increase of 2.5%.

5. Mining

(data from etherchain.org)

etherchain.org5. Mining

4. News

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(data from etherchain.org)

The data shows that the average computing power increased by 6% month-on-month, temporarily reported as 589TH/s; the average mining difficulty increased by 2.6% month-on-month, temporarily reported as 7514T; the activity on the chain decreased by 8% month-on-month; due to the implementation of EIP-1559, the Ethereum Gas fee Burned, the total mining revenue decreased by 3.2% month-on-month.

4. News

(1) Data: In July, the revenue of Ethereum miners was $1.03 billion

Statistics from The Block show that the total revenue of Ethereum miners in July was US$1.03 billion, a decrease of about 12% from the US$1.17 billion in June, and only equivalent to about 42% of the historical peak of US$2.46 billion in May. Among them, the transaction fee income is US$180 million, the block income is US$845 million, and the maximum extractable value (MEV) income is US$760,000.

(2) Statistics: The largest ETH whale now owns 39.2% of the total Ethereum supply

Analytics provider Santiment tweeted that the largest crypto whale now owns 39.2% of Ethereum’s total supply. The firm highlighted that this is the largest portion of the ETH supply it has owned in nearly three months since May 12. These "millionaire level" wallets hold between 1,000 and 100,000 ETH each. Their heavy buying of ETH pushed the price back to Sunday’s $2691 level.(3) Report: As of the end of the second quarter, DeFi has attracted 2.91 million Ethereum addresses

According to the ConsenSys quarterly DeFi report, as of July 1, there are now 161 million unique Ethereum addresses, a 10% increase from the end of Q1 2021. At the end of Q2, 2.91 million unique Ethereum addresses interacted with at least one DeFi protocol, a 65% increase from the previous quarter. The report noted that the number of new addresses increased as community-driven education, simple user interfaces, attractive yields, and general awareness of DeFi best practices developed throughout the quarter.

ConsenSys cautioned that non-custodial wallets like MetaMask make it easier for people to create and fund multiple accounts, meaning that the number of addresses and users does not exactly line up. Nonetheless, MetaMask can be considered another important indicator for determining DeFi trends. ConsenSys noted that as of June 1, there were more than 7.3 million monthly active users on MetaMask. At press time, ConsenSys counted 8.5 million monthly active MetaMask users. “This is partly due to the growth of DeFi applications on other EVM-compatible networks that users can access through MetaMask, such as BSC and Polygon,” the report explained. (Cointelegraph)

(4) Deribit Ethereum call option traded