ETH Weekly | The Ethereum community will hold the second merger meeting on December 3; institutional Ethereum product holdings increased by 19% in the third quarter (11.15-11.21)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

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Produced | Odaily

Second, the secondary market

1. Spot market

It's official, Ethereum developers trent and Tim Beiko will be hosting the second merge meeting on December 3 at 14:00 UTC, hoping to hear questions from wallets, applications, explorers, infrastructure providers. Discussions include that the block time will change from 13 seconds to 12 seconds after switching from PoW to PoS, which will affect the loan contract that makes assumptions for calculating the annual interest rate; the transaction fee is transferred to the verification node address of the execution layer; the verification node should run the execution layer at the same time and consensus client; EIP-4399; Kintsugi milestone and testnet; merged client architecture post from Tim, and more.

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with a support level of $4,000 and a resistance level of $4,500.

According to OKEx market data, the price of ETH once fell below US$4,000 last week, and closed at US$4,367 during the week, a month-on-month decrease of 4.7%.

2. Large transaction

OKlink dataThe daily chart shows that the price is currently moving below the Bollinger Bands, with the resistance at $4,990 on the middle rail, and may continue to fall to around $4,000 in the short term; if it falls below $4,000, the next support level is $3,950 (60-day moving average ) and $3,550 (120-day moving average).

3. Rich list address

OKlink dataIt shows that the number of on-chain transfers rose slightly last week, with "above 1000 ETH", "above 2000 ETH" and "above 5000 ETH" rising by 10.2%, 16.3%, and 19.4% month-on-month, respectively.

3. Ecology and technology

1. Technological progress

3. Rich list address

OKlink data

It shows that the top 300 ETH holdings currently hold a total of 53.11% of ETH, a month-on-month decrease of 0.14%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 39.23%, A month-on-month decrease of 0.09%; No. 101-300, accounting for 13.79%, a month-on-month decrease of 0.23%; No. 301-500 accounted for 6.31%, a month-on-month decrease of 0.02%; No. 501-1000, accounting for 7.4%, a month-on-month increase of 0.04 %; after the 1001st place, accounting for 33.21%, a month-on-month increase of 0.13%.

3. Ecology and technology

1. Technological progress

(1) ChainSafe released the Ethereum JavaScript library Web3.js v1.6.1 version"(2) The Ethereum community will hold the second merger meeting on December 3"（Ambcrypto）

2. Voice of the Community

It's official, Ethereum developers trent and Tim Beiko will be hosting the second merge meeting on December 3 at 14:00 UTC, hoping to hear questions from wallets, applications, explorers, infrastructure providers. Discussions include that the block time will change from 13 seconds to 12 seconds after switching from PoW to PoS, which will affect the loan contract that makes assumptions for calculating the annual interest rate; the transaction fee is transferred to the verification node address of the execution layer; the verification node should run the execution layer at the same time and consensus client; EIP-4399; Kintsugi milestone and testnet; merged client architecture post from Tim, and more.

(3) Ethereum developers: The merger of ETH 1.0 and ETH 2.0 should start in April or May next year

Ethereum developer Tim Beiko said that if the code is completed by February, the merger of ETH 1.0 and ETH 2.0 should start sometime in April or May next year. he also said

2. Voice of the Community

3. Project trends

(1) V God: Verifiers cannot collude to increase proposal rewards, because verifiers do not have the ability to create invalid blocks

Ethereum co-founder Vitalik stated that validators cannot collude to increase proposal rewards because validators do not have the ability to produce invalid blocks. Users automatically reject invalid blocks, so from a protocol standpoint it's equivalent to them not publishing anything at all. Regarding the double-spending attack, this is exactly why the committee-based cumulative finality model is proposed. The only thing validators above 50% can do without being automatically penalized is censorship. For that, a community-coordinated soft fork may indeed be the only option. Again, I think the same applies to content consensus solutions, which would greatly benefit Ethereum's security. The difference between validity and transaction inclusion is that we have no consensus on when a transaction is published in the mempool, and therefore cannot reach consensus on whether a transaction is published "on time". There is an inherently large gray area. One of the big benefits of having blocks instead of transactions as the main unit of analysis is that there is usually only one block per slot, so the gray area becomes smaller and trying to figure out what level of censorship the chain is computationally much more tractable .

(2) Founder of Uniswap: Abandoning Ethereum is a very bad choice

Uniswap founder Hayden Adams responded to the previous tweet about Three Arrows Capital CEO Su Zhu saying that he had given up supporting Ethereum and said that Layer1 public chains prioritize expansion over decentralization. This is understandable and many users want this. But abandoning Ethereum is a terrible choice, and it is an insult to ETH 2.0 and Ethereum Layer 2 developers, especially those who have gained huge wealth from Ethereum developers.

3. Project trends

(1) Polygon partners with Vera to bring decentralized NFT leasing, lending and staking to its 100+ NFT applications

Polygon integrates with Vera, and Polygon's NFT application ecosystem will be able to use Vera's first DeFi service while avoiding the high gas fees required by Ethereum and maintaining compatibility with OpenSea, the world's largest NFT market. It is reported that Vera provides NFT leasing, lending and mortgage services in a decentralized manner. (Smart Liquidity)

(2) Ethereum Layer 2 developer StarkWare completes USD 50 million in Series C financing, led by Sequoia Capital

StarkWare, an Israel-based Ethereum Layer 2 developer, has raised $50 million in Series C financing and is now valued at $2 billion. This round of financing was led by Sequoia Capital, with participation from existing investors Paradigm, Three Arrows Capital, Alameda Research, Founders Fund, and IOSG. StarkWare uses ZK-rollups as its scaling technology, and StarkWare’s Ethereum scaling engine, StarkEx, is used by several crypto projects, including dYdX, Sorare, and Immutable. StarkWare co-founder Kolodny said StarkEx has settled transactions worth more than $200 billion, facilitating around 50 million trades. StarkWare will launch StarkNet Alpha on Ethereum before the end of this month, a permissionless decentralized ZK-Rollup that enables independent deployment of smart contracts. (The Block)

(3) The Ethereum Foundation allocated $1 million for Ethereum and blockchain education

The Ethereum Foundation is allocating $1 million to fund education and outreach on Ethereum and blockchain technology. According to a blog post published on Tuesday, the Ethereum Foundation will split the $1 million grant pool in half, with $500,000 going to Coin Center, the Electronic Frontier Foundation and Fight for the Future, a pair of lawmakers. Organizations conducting crypto education, another $500,000 will be decided by the Gitcoin community on how the funds will be distributed. (The Block)

(4) Polygon will invest $1 million to support projects on Gitcoin and become a Gitcoin donation payment channel

Polygon announced that it will invest $1 million to support projects on Gitcoin. The funds will be evenly distributed in each round of donations in the next five quarters of Gitcoin, and Polygon will be in the 12th round of secondary funding that Gitcoin will hold in December 2021 Donated $200,000. Polygon became the fourth organization to donate more than $500,000 after ENS, Badger, and the Ethereum Foundation, and also made the main matching pool of the next round of donations reach $1 million, surpassing the 815,000 in the eleventh round The U.S. dollar hit an all-time high. In addition, Gitcoin will also add Polygon as one of the payment channels for donations, which previously only supported donations via Ethereum and zkSync.

(5) ConsenSys, the developer of Ethereum wallet MetaMask, completed a financing of 200 million US dollars, and HSBC and others participated in the investment

New York-based blockchain technology company ConsenSys completed $200 million in financing, with participation from HSBC, Animoca Brands, Dragonfly Capital, Coinbase Ventures, Marshall Wace, IOSG Ventures, and American hedge fund Third Point, and ConsenSys’ valuation reached $3.2 billion . ConsenSys products include Ethereum wallet MetaMask and developer tool Infura, etc. ConsenSys said MetaMask has a total of 21 million monthly active users, a 38-fold increase from last year. Infura users grew from 100,000 to 350,000, a 250% increase. The funding will be used to grow its presence in Asia, employ 400 staff and promote mainstream adoption of NFTs. (The Block)

(6) The Ethereum expansion solution StarkNet released Alpha V4 on the Goerli test network, and it is expected to be deployed to the main network at the end of the month

(7) The Ethereum storage layer protocol Arcana Network launched the Alpha test network and launched a bug bounty program of $25,000

4. Borrowing

DefipulseArcana Network, a decentralized storage and data privacy platform on Ethereum, launched Quantum Descent, an Alpha test network for developers, which includes functions such as identity and access management, decentralized storage, end-to-end encryption, and non-custodial key management. Launched a $25,000 bug bounty program, rewards will be graded according to the severity of the bug and the priority assigned to the bug by the Arcana team. Among them, the testnet will be launched on November 17, 2021 IST time, and the bug bounty program will be launched from November 17, 2021 to December 17, 2021 IST time.

4. Borrowing

5. Mining

(data from etherchain.org)

etherchain.orgFrom the perspective of individual projects, the top three lock-up values ​​are: Maker $18.59 billion; Curve $15.61 billion; AAVE $12.81 billion.

4. News

5. Mining

image description

(data from etherchain.org)

The data shows that the average computing power decreased by 2.1% month-on-month, temporarily reporting 825TH/s; the average mining difficulty decreased by 1.5% month-on-month, temporarily reporting 10847T; the activity on the chain decreased by 6% month-on-month, and the total mining revenue fell by 2.2% month-on-month.

4. News

(1) The US SEC document revealed that the holdings of institutional Ethereum products increased by 19% in the third quarter