ETH Weekly Report | The Ethereum network has destroyed 370,000 ETHs; the release of NFT by "Time" magazine caused the gas fee to soar (9.22-9.26)

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

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(ETH daily chart, picture from OKEx)

The daily chart shows that the price is supported near the 120-day moving average and may rebound to the $3,200 line in the short term, but there is still a high probability of continuing to fall; if it falls below $2,700, it may further fall to the $2,500 line.

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OKlink dataIn terms of funds, the largest single-day net inflow of the main positions was 9.18 million US dollars (Wednesday), and the largest single-day net outflow was 30.86 million US dollars (Tuesday); ETH’s main positions decreased by 50 million US dollars last week, a month-on-month increase of 65%; in the coming week, the price The level will continue to fluctuate or rebound slightly.

OKlink dataIt shows that the number of transfers on the chain increased sharply last week, and the number of transfers of "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" increased by 49.4%, 35.3%, and 27.6% month-on-month, respectively. The activity of giant whales has increased significantly.

3. Ecology and technology

1. Technological progress

OKlink data

3. Ecology and technology

2. Voice of the Community

1. Technological progress

According to data from Ultrasound.money, as of 00:00 on the 27th, the Ethereum network has destroyed a total of 370,000 ETH. Among them, addresses starting with OpenSea burned 52,791 ETHs, ETH transfers burned 32,117 ETHs, Uniswap V2 burned 20,301 ETHs, Axie infinity and Uniswap V3 burned more than 10,000 ETHs, ranking 5th and 6th on the Ethereum burning list respectively bit.

3. Project trends

2. Voice of the Community

JPMorgan Chase: Institutional Investors Have More Confidence in Ethereum Than Bitcoin

Institutional investors have more confidence in ethereum than bitcoin, according to a JPMorgan analysis of CME futures buying activity. The analysis shows that the rolling average spread between Bitcoin futures prices and spot prices weakened in September and turned from positive to negative. In contrast, the difference between the Ethereum futures price and the spot price remains positive and actually increased in September. This suggests much healthier demand for ether from institutional investors, JPMorgan wrote. (CoinDesk)

3. Project trends<>(1) Polygon announced the launch of Crust, providing a decentralized IPFS storage experience

On September 22, Polygon announced the launch of Crust, providing Polygon users and developers with a decentralized storage experience with more than 6,000 nodes and 2,000 PiB storage capacity. It is reported that, as one of the leading projects on the distributed storage track, Crust Network constructs a decentralized storage market on the chain based on IPFS, allowing users and developers to perform multi-copy IPFS storage, end-to-end encrypted IPFS transmission, and anytime, anywhere Do a file search.

(2) Cross-chain protocol Synapse Network announces support for Arbitrum, the Ethereum expansion plan

(3) DeFi end-to-end privacy protocol Panther Protocol has reached a strategic cooperation with Polygon

https://blog. (4) 1inch aggregation protocol and limit order functions have been deployed to Arbitrum

4. Borrowing

Defipulse1inch, an on-chain transaction aggregator, announced that its aggregation protocol and limit order functions have been deployed to Arbitrum One, the second-layer scaling solution of Ethereum. 1inch stated that Arbitrum can significantly reduce transaction costs and provide an almost instant transaction experience compared to the Ethereum mainnet. Currently 1inch also supports Ethereum, Binance Smart Chain, Polygon, Optimism and other networks.

(5) Golem Network launched Thorg, a desktop application for Ethereum mining

The data shows that the value of locked-up collateral on the chain rose from US$74.118 billion to US$80.984 billion last week, a week-on-week increase of 9.2%; the previous week (9.13-9.19) saw a net decrease of US$13.088 billion, and a net increase of US$6.866 billion last week, a month-on-month decrease of 152% . Specifically, ETH mortgages rose from 7.26 million to 7.832 million last week, a decrease of 7.8%; BTC mortgages rose from 187,800 to 207,315, an increase of 10.3%.

(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 decreased by 1% month-on-month, temporarily reporting 722TH/s; the average mining difficulty increased by 0.7% month-on-month, temporarily reporting 9312T; the activity on the chain decreased by 9.4% month-on-month, and the total mining revenue increased by 0.75% month-on-month.

4. News

According to the data of Okey Cloud Chain masters, the current number of ETH held by Purpose Ether ETF has reached 71155.81, an increase of 983.72 from the previous day. Since September, the net interest of Purpose Ether ETF has increased by 6693 ETH. At present, the total holdings of various Ethereum securities products are 1.4109 million ETH, with a total value of more than 4 billion US dollars.

According to CoinDesk, the NFT for sale of Time Magazine sold out within minutes. The sale caused congestion on the ethereum blockchain, causing transaction fees to skyrocket. According to a data tracker released by analyst Banterlytics, buyers spend almost four times as much on transaction fees as they spend on NFTs. There are 22 addresses paying gas fees over 10 ETH. It is reported that someone paid more than $70,000 in transaction fees for the purchase of 10 Time Magazine NFTs, and the Ethereum Gas fee was as high as 45,000 Gwei. According to Ultrasound data, the Time magazine NFT project (BuildABetterFuture) has destroyed a total of 128.19 ETH.
(2) The total locked position of the Ethereum L2 network reached 3.24 billion US dollars, and Arbitrum accounted for 70.25%