ETH Weekly | The Ethereum developer testnet focusing on the merger of ETH1.0 and ETH2.0 has been launched; O’Neill will release NFT on October 15 (10.4~10.10)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Editor | Hao Fangzhou

1. Overall overview

Produced | Odaily

1. Overall overview

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with a support level of $3,500 and a resistance level of $3,670.

Second, the secondary market

1. Spot market

According to OKEx market data, the price of ETH once rose to US$3,670 last week, and closed at US$3,553 during the week, a month-on-month increase of 4.3%.

(ETH daily chart, picture from OKEx)

The daily chart shows that the price is supported near the 60-day moving average, which is $3,500. It may rebound to $3,800 in the short term, and is expected to hit the $4,000 mark again; if it falls below $3,500, it may fall further to $3,000 Dollar line.

2. Large transaction

OKlink dataIt shows that the number of transfers on the chain dropped sharply last week, and the number of transfers "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" decreased by 26.1%, 17.6%, and 26.5% month-on-month respectively. The activity of giant whales has dropped significantly. Diminished enthusiasm.

3. Rich list address

OKlink dataIt shows that the top 300 ETH holdings currently hold a total of 52.86% of ETH, a month-on-month decrease of 0.03%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 38.67%, 101st to 300th, accounting for 14.19%, down 0.21% from the previous month; 301st to 500th, accounting for 6.58%, up 0.03% from the previous month; 501st to 1000th, accounting for 7.565, down 0.01% from the previous month ; After the 1001st place, accounting for 33.04%, a month-on-month increase of 0.01%.

3. Ecology and technology

1. Technological progress

3. Ecology and technology

1. Technological progress

(1) The Ethereum 2.0 client Prysm released the official version 2.0, supporting the main network Altair hard fork upgrade

Prysm, the Ethereum 2.0 client developed by the Prysmatic Labs team, officially released version 2.0 to support the upcoming hard fork upgrade of the Ethereum 2.0 beacon chain mainnet to upgrade Altair. The team says this is the largest version update of Prysm so far, including 380 changes, improving the performance of beacon chain nodes, and fixing various bugs.

(2) The Ethereum developer testnet focusing on the merger of ETH1.0 and ETH2.0 has been launched

(3) Ethereum EIP-4345 Proposal: Difficulty bomb can be postponed until May 2022

2. Voice of the Community

Ethereum developers Tim Beiko and James Hancock released the EIP-4345 proposal, proposing to delay the Ethereum difficulty bomb until May 2022. According to the proposal, it is expected that Ethereum can complete the Shanghai upgrade and the merger of ETH 1.0 and 2.0 by May 2022, so the difficulty bomb can be postponed until after that date. At present, the EIP-4345 proposal has not terminated the revision, and the proposal content can be revised in the future.

Buterin: Mandatory Bitcoin Adoption in El Salvador Goes Against Cryptocurrency's 'Liberal Ideal'

3. Project trends

Ethereum co-founder Vitalik Buterin criticized El Salvador for mandating Bitcoin adoption in a comment on a Reddit forum on Friday. In a forum titled "Unpopular Opinion: El Salvador's President Shouldn't Be Praised by the Crypto Community," Vitalik said there was nothing unpopular about this view, noting that "making it mandatory for businesses to accept specific cryptocurrencies , which runs counter to the ideal of freedom that should be so important to the crypto space.” Buterin added: “The strategy of pushing BTC to millions of people in Salvador is reckless and puts a large number of innocent people at risk of being hacked or scammed .Shame on everyone (mainly bitcoin maximalists) who praises him uncritically." (CoinDesk)

3. Project trends

(1) GasNow, the Ethereum Gas quotation system, will stop all services on October 16

The Ethereum Gas quotation system GasNow announced that it will stop all services at 00:00 on October 16, including the GasNow website, GasNow API and browser plug-ins.

(2) Subsidiary of Societe Generale Bank Submits a Proposal for Refinancing of Covered Bond Tokens at the MakerDAO Governance Forum

Societe Generale-Forge (SG Forge), a subsidiary of Societe Generale, submitted a proposal on the refinancing of security tokens at the MakerDAO Governance Forum, aiming to refinance OFH, a secured bond token issued on Ethereum last year. Specifically, SG Forge will provide USD loans to Industrial Bank, and Industrial Bank will transfer the ownership of OFH tokens to SG Forge by way of guarantee, and then, SG-Forge will mortgage OFH tokens to Maker representatives to borrow DAI.

(3) DeFi oracle machine Umbrella Network launched on the Ethereum mainnet

According to official news, the DeFi oracle machine Umbrella Network is launched on the Ethereum mainnet. After that, Ethereum-based DApps can communicate with the Umbrella Network code in real time to request and obtain reliable and comprehensive data. In May of this year, Umbrella Network launched the BSC main network. According to the official roadmap, Umbrella Network will continue to complete multi-chain support in the next few months, including Polygon, Solana, Cardano, Avalanche, etc. (Medium)

(4) The stablecoin protocol Angle plans to launch the Euro stablecoin on Ethereum at the end of October

According to official news, the stablecoin to be issued by the stablecoin protocol Angle is called agToken. The first stablecoin to be issued will be the euro stablecoin agEUR, and then the US dollar stablecoin agUSD will be supported. agToken will be issued at the price of the oracle machine. At the beginning, it will support USDC and DAI as collateral, and will soon support wETH and wBTC. In theory, any token and asset can be accepted as collateral. The project’s Euro stablecoin on Ethereum is currently being tested, the mainnet code is being audited and is expected to go live by the end of October.

(5) Etherscan launched the IDM function, allowing users to generate chat records of multiple addresses

The Ethereum block explorer Etherscan announced the launch of the Ethereum IDM (Input Data Messages) function, which is currently available in Beta version, allowing users to generate historical chat records of multiple addresses for easy viewing. Etherscan said the feature could be used to view conversations between hackers and teams, such as the previous Poly Network attack.

(6) StarkWare announced that the ZK Rollup expansion solution StarkNet Alpha will be launched on the Ethereum mainnet in November

(7) Optimism, the Ethereum expansion plan, launched the retroPGF experiment

4. Borrowing

DefipulseIt’s official, Optimism, the Ethereum scaling program, announced that it will donate $1 million in network profits to the first experiment in retrospective public goods funding (retroPGF). The core idea behind retroPGF is to level the playing field between profit-maximizing startups and non-profit/OSS projects. Profit-seeking entities have advantages in terms of potential for exit, early access to investment capital, and incentives for employees. The goal of retroPGF is to create a system that provides the same benefits to nonprofits and OSS projects.

4. Borrowing

5. Mining 

(data from etherchain.org)

etherchain.org(data from etherchain.org)

4. News

The data shows that the average computing power decreased by 1.48% month-on-month, temporarily reporting 732.7TH/s; the average mining difficulty increased by 1.5% month-on-month, temporarily reporting 9453T; the activity on the chain increased by 12.2% month-on-month, and the total mining revenue decreased by 1.6% month-on-month.

4. News

(1) Data: In September, the revenue of Ethereum miners hit a new high of $2.42 billion

According to the data, the revenue of Ethereum miners in September hit a record high of approximately US$2.42 billion. The previous record was in May this year (US$2.41 billion). At the same time, in September, the ratio of network transaction fees ($1.07 billion) to total miner revenue also hit a new high, accounting for 66.52%. In addition, the revenue of Bitcoin miners in September was US$1.31 billion, and transaction fees accounted for 1.47%. (The Block)

(2) Data: The asset size of Ethereum funds reached a record high, accounting for 25.9% of the total size of crypto funds

According to the CryptoCompare report, the asset management scale of Bitcoin funds in September fell by 7.8% month-on-month to US$35.1 billion (67.9% of the total scale), while the asset management scale of Ethereum funds reached a record high, currently at 25.9%. In terms of average daily trading volume, Grayscale’s Ethereum Trust (ETHE) was the most traded encrypted asset management product in September, with an average daily trading volume of $250 million (accounting for 250 million U.S. dollars of the month’s total trading volume), an increase of 29% month-on-month 42.4%), surpassing the trading volume of Grayscale Bitcoin Trust (GBTC) for the first time.

(3) NBA Hall of Famer Shaquille O'Neal and Ethernity Chain jointly released the NFT series, which will be released on October 15

NBA Hall of Famer and serial entrepreneur Shaquille O'Neal will release his personal NFT collection in partnership with Ethernity Chain. The series, titled "Shaquille O'Neal: The Eras of Dominance Collection," will run on the Ethereum Layer 2 platform Ethernity and is scheduled to go on sale on October 15. The collection consists of five different NFTs depicting scenes from the three teams that O'Neal played for during his career (Los Angeles Lakers, Orlando Magic, and Miami Heat). Buyers will win a pair of custom shoes in a size 22, a private video call with O'Neill himself, and a chance to dine at O'Neill's music festival. (CoinDesk)