ETH Weekly | Ethereum is expected to merge in Q2 of 2022; Ethereum is in a state of deflation for 4 consecutive days (11.1~11.7)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

1. Overall overview

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 $4,500, $4,300, and resistance at $4,668.

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

Ethereum is expected to be merged in Q2 of 2022, and the first task after the merger is to unlock the ETH locked in the Staking contract

Coinbase encryption engineer yuga tweeted to summarize the Ethereum community conference call on November 6. The key information of the meeting includes: the merger is expected to take place around the second quarter of 2022 (subject to change); no downtime is expected during the merger , which is a "consensus hot swap"; the merger divides the business logic of Ethereum into two layers. The consensus layer is to verify that nodes vote on blocks, finality, etc., node clients include Prysmatic Labs and Teku, and the execution layer is to build nodes Blocks, verification transactions, etc., clients include Geth and Nethermind; after the merger, the node operator must propose a consensus node in addition to the existing execution node; the ETH locked in the Staking contract will remain locked after the merger. The first task of the Ethereum community after the merger is to unlock the pledged ETH. Earlier news, Ethereum Developers Conference: Contracts based on hard-coded assumptions based on average block times will be affected by the merger.

(1) Goldman Sachs report: Ethereum may rise to $8,000 by the end of the year

3. Project trends

Goldman Sachs Global Markets Managing Director Bernhard Rzymelka released a research report showing that the price of Ethereum may reach $8,000 by the end of the year, and detailed that since 2019, the transaction and inflation breakeven point of the cryptocurrency have been consistent. Goldman Sachs analysts noted based on charts that “the partial backdrop looks supportive of Ethereum.” (Bitcoin.com)

(2) Ethereum Foundation: Eth 2.0 team will issue a fix for the attack before the merger

On October 19, researchers at Stanford University shared three scenarios on how to attack Eth 2.0’s proof-of-stake (PoS) design: allowing a single verification node to increase profits; potentially causing a network crash; and possibly causing an unexpected network reorganization. Danny Ryan, a core developer at the Ethereum Foundation, said that this is a serious attack that poses a threat to the stability of the ETH2 Beacon Chain. Meanwhile, all three attacks can be mitigated with simple fixes. Ethereum Foundation developers will implement this fix before the start of the decisive phase of the ETH1-ETH2 transition. Deployment of this fix will not delay the merge and will not cause an Ethereum chain reorganization. (U. Today)

3. Project trends

(1) Decentralized multi-chain Swap Symbiosis.finance announced that the testnet has been integrated into the Avalanche network

On November 2, the decentralized multi-chain Swap Symbiosis.finance announced that the testnet has been integrated into the Avalanche network. Through the integration, users can exchange any token on Ethereum, BSC and Polygon for all tokens on the Avlanche network. It is reported that Symbiosis Finance recently completed a $2 million seed round of financing, with investors including Blockchain.com, AVATAR (Avalanche Asia Star Fund), Wave Financial, DAO Maker, BTC Inc, Kairon Labs, Gate.io and angel investor Richard Dai.
(2) HackerLink will start supporting Grant Factory on November 14

(3) 25% of the total supply of ENS governance tokens will be airdropped to users, open for claim on November 8

Optimism, the Ethereum layer-2 expansion solution, announced that OVM 2.0 version has been released on the Ethereum test network Kovan, and it is expected to be deployed on the Optimistic Ethereum network on November 11. After the deployment is complete, Optimism will achieve EVM Equivalence (EVM Equivalence), simplify the developer's development process and reduce transaction costs.
Brantly Millegan, Director of Operations of Ethereum Domain Name Service (ENS), issued a document stating that ENS airdrop claims will be opened on November 8, and users must claim tokens before May 4, 2022, after which the remaining tokens will be sent to their DAO treasury.

A total of 100 million ENS, 25% of the total supply will be airdropped to users (over 137,000 eligible addresses), 25% will be given to ENS contributors (more than 100 individuals and teams, and hundreds of Discord users), 50% will go to the DAO community treasury. The airdrop will be distributed to the .eth secondary domain name registration address that has been registered or is currently valid. The weight of the airdrop is mainly calculated according to the account rather than the domain name. The formula is 0.27 multiplied by the number of days holding at least one ENS domain name, plus 0.067 multiplied by The number of days until the domain name expires. If the account additionally sets reverse resolution, the above result will be multiplied by 2. As previously reported, the Ethereum Name Service (ENS) announced on Monday that it will decentralize its governance through the use of delegators and the governance token ENS.

(4) Optimism will complete the deployment of OVM 2.0 on November 11

Optimism, the Ethereum layer-2 expansion solution, announced that OVM 2.0 version has been released on the Ethereum test network Kovan, and it is expected to be deployed on the Optimistic Ethereum network on November 11. After the deployment is complete, Optimism will achieve EVM Equivalence (EVM Equivalence), simplify the developer's development process and reduce transaction costs.

Other major improvements in OVM2.0 include: contracts whose source code has not been verified by Etherscan will be cleared together with their storage, contracts whose source code has been verified will be recompiled with a standard Solidity compiler, EOA will no longer be a contract wallet, etc. .

(5) Amber Group released a proposal to purchase SSV tokens and introduce partners for SSV.Network

(6) Aave V3 will introduce support for Ethereum Layer 2 and cross-chain functions

4. Borrowing

DefipulseAave released an update describing V3 of its protocol and the new features included in the update. The V3 update is poised to create the next-generation Layer-0 DeFi protocol," noting that it will improve user experience, capital efficiency, decentralization, and security. The update will introduce several noteworthy features, including support for various first-tier blockchains on Ethereum. Layer 2 network support; will also include a cross-chain feature called Portal, allowing assets to move between Aave deployments on different networks, including Ethereum, Solana, Polygon, Fantom, etc. Another upcoming feature is Efficient Mode .This will help users obtain the highest borrowing rates and yields, automatically optimizing users' investments without requiring them to search for the best opportunities.The update will also decentralize the listing of new assets, allowing Aave governance to be granted to various entities through on-chain The right to vote to list assets on the platform. Finally, the upgrade will bring risk management improvements such as the introduction of a segregated mode for debt ceilings. It will also introduce supply caps, borrowing caps, and various other limits that governance members and administrators can set .Aave has not yet announced when V3 will be live. (Crypto Briefing)

The data shows that the value of locked-up collateral on the chain rose from US$98.9 billion to US$105.69 billion last week, an increase of 6.8% a week; a net decrease of US$4.154 billion in the previous week and a net increase of US$6.79 billion last week, a month-on-month increase of 263%. Specifically, last week, ETH mortgages rose from 6.476 million to 6.483 million, a slight increase of less than 1%; BTC mortgages rose from 201,640 to 215,659, an increase of 6.9%.

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 2.66% month-on-month, temporarily reporting 806.5TH/s, a record high; the average mining difficulty increased by 3.1% month-on-month, temporarily reporting 10387 T, setting a new record high; the activity on the chain rose by 1.6% month-on-month, The total mining revenue decreased slightly by 0.66% month-on-month.

4. News

(1) Data: Ethereum is in a state of deflation for 4 consecutive days

According to data from Okey Cloud Chain, the supply of Ethereum was in a state of deflation for 4 consecutive days from October 27 to 31, and the total supply decreased from 117,457,744 to 117,449,172, a decrease of 8572 within 4 days. On August 5th, Ethereum implemented the EIP-1559 proposal. Users need to pay a fixed base fee for each transaction, and the base fee will be completely destroyed. Since the implementation of the scheme, Ethereum has destroyed more than 710,000 coins, currently worth about $3 billion.

(2) Data: Ethereum NFT trading volume on OpenSea dropped by 12% again in October

According to Dune Analytics, Ethereum NFT transaction volume on the OpenSea platform fell from $3.4 billion in August to $3 billion in September, and then to nearly $2.64 billion in October, both down 12 percent. The drop follows a sharp increase in transaction volume on the platform, which jumped to $3.4 billion in August from about $329 million in July. Sales of some of the largest ethereum NFT collectibles have lost momentum recently, with trading volume on CryptoPunks falling from $679 million in August to nearly $218 million in September and then $157 million in October, according to Cryptoslam. . Meanwhile, Art Blocks sales fell from nearly $589 million in August to $243 million in September. (Decrypt)

(3) CME Group plans to launch micro-Ethereum futures on December 6

CME will launch micro ethereum futures on Dec. 6, pending regulatory review. One-tenth the size of an ethereum, the contract offers an efficient and cost-effective new way to fine-tune ethereum exposure to enhance trading strategies while retaining the benefits of CME's larger ethereum futures Features and benefits. (PR Newswire)