ETH Weekly Report | 17% of addresses control more than 80% of Ethereum NFTs; Israel's central bank team uses Ethereum's technology to conduct CBDC experiments (10.18~10.24)

秦晓峰

Odaily资深作者

@QinXiaofeng888

2021-10-25 08:11 (UTC+8)

This article is about 5045 words, reading the full article takes about 8 minutes

Data: The total locked position on Ethereum exceeded 100 billion US dollars.

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Data: The total locked position on Ethereum exceeded 100 billion US dollars.

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Editor | Hao Fangzhou

Produced | Odaily

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Second, the secondary market

1. Spot market

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The Bank of Israel is working on a central bank digital currency (CBDC) and is experimenting with technology based on Ethereum. Yoav Soffer, the CBDC project manager of the Bank of Israel, said that they did an experiment with Ethereum technology, not because we thought it would be a technology we would use, but because it was a technology that we could use now. In the pilot project, the IT department set up a trial environment based on the Ethereum blockchain, running on a closed network that is not connected to the Ethereum mainnet. The Bank of Israel tested economic, legal and technical aspects of the CBDC during the pilot, using techniques similar to those used earlier by central banks in Australia, Hong Kong and Thailand.

1. Spot market

2. Large transaction

OKlink data(ETH daily chart, picture from OKEx)

3. Rich list address

OKlink dataOKlink data

3. Ecology and technology

1. Technological progress

It shows that the number of on-chain transfers rose slightly last week, with “above 1,000 ETH” and “above 2,000 ETH” rising by 5.7% and 2% month-on-month, respectively, but the number of transfers “above 5,000 ETH” decreased by 30.7% month-on-month. Enthusiasm has dropped significantly.

3. Rich list address

OKlink data

It shows that the current top 300 ETH holdings hold a total of 53.17% of ETH, an increase of 0.26% 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 39.37%, 101st to 300th, accounting for 13.8%, down 0.06% from the previous month; 301st to 500th, accounting for 6.39%, down 0.09% from the previous month; 501st to 1000th, accounting for 7.48%, down 0.06 from the previous month %; after the 1001st place, accounting for 32.99%, a decrease of 0.13% from the previous month.
1. Technological progress

2. Voice of the Community

(1) Ethereum 2.0 client Nimbus releases v1.5.2, officially recommends all verification nodes to upgrade

(2) Geth client developer Péter Szilágyi proposed a technical solution to the problem of client diversity: the niche client project

3. Project trends

Péter Szilágyi of the Geth client proposed a technical solution to the problems of Eth2 due to the lack of client diversity. Ethereum has multiple client implementations, but Geth / go-ethereum stands out as a majority client with 80%~90% network share. While this is a compliment to the stability of the client and its developers, this situation has undesirable consequences. The minority project is not about actually setting up and running an ethereum client. The minority project assumes that validators are already familiar with how best to deploy to their infrastructure; and how to provision and maintain different independent clients in a reasonably stable manner. Its goal is to be the communication layer between the consensus layer and the execution layer clients, so that anyone can run multiple clients (majority, minority, and combination) and accept a state change (whether it is an execution result or to update the consensus) before reaching an N/M consensus.

A high-level communication layer between consensus layer and execution layer clients has the added benefit of being able to collect and report behavioral metrics uniformly across various clients; and potentially detect operational degradation issues before they get out of control and cause network outages. The communication middleware also allows for the uniform collection of an audit trail of events between the two tiers, potentially helping to debug client-side issues.

2. Voice of the Community
The victim projects in the Parity Multisig Wallet hack incident jointly issued a document, saying that as long as the hacker returns 90% of the stolen funds, he will not be held accountable

The three Ethereum projects Swarm City, Aeternity and Edgeless Project, which were victims of the Parity Multisig Wallet hack in 2017, jointly issued a document asking the hacker to return the stolen ETH. If the hacker returns 135,000 ETH (90% of the stolen amount), he will not be held accountable. Hackers are responsible. Over the past four years, the three projects have been monitoring every transaction at the hacker’s address. Most of the ETH is still in the hacker’s wallet, and some ETH has been transferred to exchanges such as Binance and FTX. Addresses related to the hacker and asked the exchange to freeze the funds transferred from these accounts to the exchange.

3. Project trends
(1) Arbitrage bots make an average daily profit of $6,800 by sending spam to the Polygon network

Flipside Crypto data shows that an arbitrage bot managed to turn 14 ETH into 218.5 ETH (currently worth $813,694) just by spamming the Polygon network for 120 days, with an average daily profit of about $6,800. The attack exploiting the low-cost capabilities of the Polygon network began in early May, and at some point in June, the volume of push transactions on the Polygon network was as high as 8 million per day. During the same time period, the largest transaction volume on the Ethereum network was 1.2 million.

Data found on a Polygon forum suggests that attackers inflate transaction volume by 90% by stuffing each block with “meaningless transactions” and only pay about 0.02 MATIC to spam an entire block, About $1000 for a full day. A deeper look into transactions and address interactions on the Polygon network reveals that approximately 30% of the network's transaction volume comes from two contracts identified as arbitrage bots, making thousands of transactions to various DEXs every day. The exact reason why the spammer chose to fill each block when the bot was only making 2000-4000 transactions per day is uncertain, but one theory is that it was done to prevent anyone else from making transactions earlier.

In response to spammers, the team behind Polygon eventually decided to increase the minimum cost of a transaction from 1 gwei to 30 gwei as a way to combat spam and improve the health of the network. (Cointelegraph)

(2) The Ethereum Foundation and other teams launch a website login.xyz to track the progress of "Sign-In with Ethereum"

The Ethereum Foundation, Ethereum Domain Name System ENS, and digital identity company Spruce have jointly launched login.xyz, a website that tracks the progress of "Sign-In with Ethereum." The site has everything you need to follow the Ethereum login standardization process, such as the recently submitted EIP 4361 draft specification for the Ethereum login standard, as well as an introduction to "Sign-In with Ethereum", how to sign up for the upcoming community call , videos and notes from past community calls, a list of early projects supporting the standard, and other updates.

Sign-In with Ethereum is a set of technical specifications for logging in to third-party web applications through Ethereum accounts, enabling users to control their digital identities through Ethereum accounts and ENS configuration files instead of relying on traditional middlemen. It is currently used in Web3 and aims to standardize on best practices to make Web2 services easier to adopt as well.

(3) The lossless option protocol KAKI was officially released and launched on the Arbitrum mainnet

The non-destructive option protocol KAKI announced its official release and launch on the Arbitrum mainnet. KAKI has previously been audited by SlowMist. KAKI said that it will soon provide a cross-bridge service for fast transfers between Arbitrum and Ethereum based on the lossless protocol, providing a better infrastructure for the Arbitrum ecosystem.

(5) Empire Token launches the Empire NFT market on BSC, and plans to expand to Ethereum and Solana in November

Optimism, the Ethereum expansion program, stated on Twitter that in order to conduct more tests on possible problems before the mainnet goes live, the launch of OVM (Optimism Virtual Machine) version 2.0 will be postponed for two weeks. It will go live at 1:00 on November 12. According to previous reports, Optimism announced that version 2.0 of its OVM will be deployed to the Ethereum mainnet on October 28, and there may be a downtime of 4 to 6 hours at that time.

4. Borrowing

DefipulseEmpire Token recently launched the Empire NFT marketplace on Binance Smart Chain (BSC). This November, Empire also plans to expand the marketplace to Ethereum and Solana chains. Where users can mint, trade and auction their crypto collectibles. One of the planned features is to allow users to rent out their artwork for commercial use. In this way, creators' digital assets can be rented directly to publishers through the marketplace. Another feature is allowing projects to use the platform as a Launchpad for their NFT collections and be able to list and trade NFTs using their native tokens. (Globe Newswire)

5. Mining

(data from etherchain.org)

etherchain.orgThe data shows that the value of locked collateral on the chain rose from US$95.39 billion to US$103.054 billion last week, an increase of 8% a week; the net increase of US$4.467 billion in the previous week was a net increase of US$7.664 billion last week, a month-on-month increase of 71.5%. Specifically, ETH mortgages rose from 7.196 million to 7.466 million last week, an increase of 3.7%; BTC mortgages rose from 198,443 to 210,487, an increase of 6%.