ETH Weekly Report | Uniswap’s total transaction volume exceeded 500 billion US dollars; the Ethereum beacon chain has activated the Altair hard fork upgrade (10.25~10.31)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

The amount of Ethereum destroyed has set a historical record for two consecutive days. On October 27, the amount of Ethereum destroyed was 14,820, and on October 28, the amount of Ethereum destroyed was 16,800, the highest in history. In addition, according to ultrasound.money data, the total amount of Ethereum destroyed exceeds 670,000, with a total value of about 3 billion US dollars.

Second, the secondary market

1. Spot market

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with support at $4,000, $3,850, and resistance at $4,460.

Second, the secondary market

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2. Large transaction

OKlink data2. Large transaction

3. Rich list address

OKlink data3. Rich list address

3. Ecology and technology

1. Technological progress

OKlink data

3. Ecology and technology

2. Voice of the Community

1. Technological progress

Altair Hard Fork Upgrade Activated on Ethereum Beacon Chain

On October 27, the Ethereum beacon chain has activated the Altair hard fork upgrade at Epoch 74240.

V God: Layer 2 is the future of Ethereum scaling

3. Project trends

At the 2021 Seventh Blockchain Global Summit hosted by Wanxiang Blockchain Labs, Vitalik Buterin, founder of Ethereum and chief scientist of Wanxiang Blockchain Labs, delivered a speech saying that Layer 2 is the future of Ethereum expansion. Using Layer 2 to realize the expansion of Ethereum is the only safe way to realize the expansion of Ethereum and at the same time preserve its decentralization, because decentralization is the core of the blockchain.

In addition, V God said that both DeFi and NFT are developing very well, but he believes that there is a phenomenon that people work so hard that DeFi is very complicated. For example, revenue farming makes smart contracts have contract risks, and the risks may be greater than the benefits. He thinks the most useful protocol is the simplest one.

He also believes that NFT is very valuable, which gives creators a new business model, but he reminds the public that people should not assume that NFT is economically sustainable in its current form, and NFT needs to go through multiple stages. Bitter Winter: "We see that projects in this field perform very well in 6 months to 1 year, but they will become unknown in 1-2 years. I think we must wait patiently and understand the long-term sustainable NFT What will it be like?"

3. Project trends

(1) The L2 to L1 cross-chain bridge Across Protocol will be publicly released on November 8, and 100% of the ownership will be allocated to the community

Official news, L2 to L1 cross-chain bridge Across Protocol announced the launch, quickly cross-chain from L2 to L1 by securing transactions. Specifically, Across has established a fund pool on the Ethereum mainnet. Cross-chain users will receive funds immediately after submitting a cross-chain request, and users who provide liquidity to the fund pool will receive rewards. The decentralized financial contract agreement UMA The Optimistic Oracle is used to ensure the speed and security of assets cross-chain. Across Protocol will be released publicly on November 8th, and 100% ownership will be allocated to the community. Details of this distribution will be included in the second release announcement.

(2) MetaMask has added a token detection function to prevent new token airdrop scams

MetaMask has added a token detection function, which can automatically detect tokens in two or more token lists. The feature, designed to prevent new types of fraudulent token airdrop scams, is off by default and is currently experimental and only available on the Ethereum mainnet. Users can enable this feature through the "Settings" option.

(3) Yield Protocol, a fixed-rate lending protocol, launches its V2 beta version on the Ethereum mainnet

(4) The stablecoin protocol MakerDAO will support minting DAI through Lido Finance's wstETH token as collateral

4. Borrowing

DefipulseThe proposal to add wstETH tokens from the Ethereum 2.0 pledge agreement Lido Finance as collateral in MakerDAO was approved. The initial debt limit of the wstETH-A treasury is 5 million DAI, and the debt downline is 10,000 DAI. In addition, the proposal also proposes to increase the debt ceiling of the GUNIV3DAIUSDC1-A vault from 10 million DAI to 50 million DAI, and the Debt Ceiling Instant Access Module of the three vaults ETH-A, ETH-B, and WBTC-A ) parameters will also be adjusted. The proposal will be implemented at 1:43 a.m. on October 29, Beijing time. MakerDAO only supports wstETH. Users need to pledge ETH in Lido Finance to get stETH, and then convert stETH to wstETH through the one-click packaging function of Lido Finance. Finally, users can use wstETH to stake into MakerDAO to cast DAI.

The data shows that the value of locked-up collateral on the chain dropped from US$103.054 billion to US$98.9 billion last week, a decrease of 4% a week; a net increase of US$7.664 billion in the previous week and a net decrease of US$4.154 billion last week, a month-on-month decrease of 154%. Specifically, last week, ETH mortgages dropped from 7.466 million to 6.476 million, a drop of 13.2%; BTC mortgages dropped from 210,487 to 201,640, a drop of 4.2%.

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 rose by 1.3% month-on-month, temporarily reporting 785TH/s; the average mining difficulty rose by 1.3% month-on-month, breaking through the 10,000 T mark, and temporarily reporting 10072 T, a record high; the activity on the chain rose by 10% month-on-month , the total mining revenue rose slightly by 1.2% month-on-month.

4. News

(1) Data: The amount of Ethereum destroyed hit a record for two consecutive days, with a total amount of more than 670,000 destroyed

The amount of Ethereum destroyed has set a historical record for two consecutive days. On October 27, the amount of Ethereum destroyed was 14,820, and on October 28, the amount of Ethereum destroyed was 16,800, the highest in history. In addition, according to ultrasound.money data, the total amount of Ethereum destroyed exceeds 670,000, with a total value of about 3 billion US dollars. (The Block)

(2) Data: Since June, Ethereum gas fees have surged by nearly 2300%

According to BitInfoCharts, the average transaction fee on Ethereum has soared to $51.45, an increase of 2,293% since the end of June. Just seven days ago, the average transaction fee on Ethereum was $22.52. Ethereum gas fees have been particularly volatile this month. The average fee on October 15 was $45.74, almost double the $23.79 on the 1st of the month. (Decrypt)