ETH Weekly Report | Ethereum merged public test network Kiln has been launched; the number of Ethereum 2.0 deposits exceeded 10 million ETH (3.7~3.13)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

1. Overall overview

Second, the secondary market

1. Spot market

According to the data from the masters on the Okeyun chain, the current Ethereum 2.0 deposit contract address has received 10.083 million ETH, accounting for 8.5% of the current circulation of Ethereum, and a new pledge of 262,928 ETH has been added in the past week, an increase of 45.18% from the previous month; There are 316,693 addresses for staking, with 8,653 new addresses added in the past week. As of now, the annualized yield of ETH2.0 pledge is about 5.04%.

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with support at $2,500 and resistance at $2,700 and $2,950.

According to OKX market data, the price of ETH once rose to around US$2,770 last week, and closed at US$2,580 during the week, a month-on-month decrease of 1.7%.

2. Large transaction

OKlink dataThe daily chart shows that the price is currently fluctuating in a box, and the price may continue to test the $2,700 mark (the middle track of the Bollinger Band) in the short term; the lower support level is $2,430 and $2,150 (the previous low), and the upper resistance level is $2,700 and $2950.

3. Rich list address

OKlink dataIt shows that the number of on-chain transfers dropped sharply last week, with "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" decreasing by 28%, 24.5%, and 21.8% month-on-month respectively.

3. Ecology and technology

1. Technological progress

3. Rich list address

OKlink data

It shows that the current top 300 ETH holdings hold a total of 53.58% of ETH, an increase of 0.07% 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 40.08%, A month-on-month increase of 0.09%; 101st to 300th, accounting for 13.5%, down 0.02% from the previous month; 301st to 500th, accounting for 5.98%, basically maintained; 501st to 1000th, accounting for 7.05%, down 0.03% from the previous month ; After the 1001st place, accounting for 33.42%, a decrease of 0.02% from the previous month.

3. Ecology and technology
1. Technological progress

(1) The Ethereum merged public test network Kiln has been launched, and the PoW phase will last for a week

(2) The EL client prepared for Ethereum merger is officially named "Paris"

2. Project trends

Tim Beiko, the core developer of Ethereum, posted on the social networking site that the EL client prepared for the merger and upgrade of Ethereum was officially named "Paris".

According to the roadmap, two clients, EL and CL, need to be prepared for the merger and upgrade of Ethereum to the PoS consensus. When the network reaches certain conditions, the first post-PoW block of Ethereum will be passed by the verifier through the EL and CL client nodes. Jointly created. It had previously been decided to name the CL client "Bellatrix".

(3) The amount of ETH pledged in the Ethereum 2.0 deposit contract accounts for 8.5% of the total circulation

According to the data from the masters on the Okeyun chain, the current Ethereum 2.0 deposit contract address has received 10.083 million ETH, accounting for 8.5% of the current circulation of Ethereum, and a new pledge of 262,928 ETH has been added in the past week, an increase of 45.18% from the previous month; There are 316,693 addresses for staking, with 8,653 new addresses added in the past week. As of now, the annualized yield of ETH2.0 pledge is about 5.04%.

Ethereum Layer 2 developer StarkWare is raising a new round of financing at a valuation of $6 billion, which is still open and may raise at least $100 million.

Espresso Systems is developing Layer 1 infrastructure to provide fast and low-fee transactions by combining the PoS consensus protocol with the zkRollup mechanism to bundle multiple transactions in a more efficient manner.
The company’s Configurable Asset Privacy (CAPE) smart contract application for Ethereum aims to provide creators with customizable privacy settings regarding sender and receiver addresses, the amount and type of assets held or transferred. CAPE will initially support the creation and wrapping of ERC-20 tokens, followed by NFTs. (CoinDesk)

Prior to news on November 16, 2021, StarkWare, an Israel-based Ethereum Layer 2 developer, completed a $50 million Series C round of financing, with a current valuation of $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.

(2) Espresso Systems completed $32 million in financing, led by Greylock Partners and Electric Capital

Espresso Systems, a Web 3 application extension and privacy system, completed $32 million in financing, led by Greylock Partners and Electric Capital, with participation from Sequoia Capital, Blockchain Capital, and Slow Ventures. Funds from this round of financing will be used to expand the team, product development and bring products to market.

Espresso Systems is developing Layer 1 infrastructure to provide fast and low-fee transactions by combining the PoS consensus protocol with the zkRollup mechanism to bundle multiple transactions in a more efficient manner.

The company’s Configurable Asset Privacy (CAPE) smart contract application for Ethereum aims to provide creators with customizable privacy settings regarding sender and receiver addresses, the amount and type of assets held or transferred. CAPE will initially support the creation and wrapping of ERC-20 tokens, followed by NFTs. (CoinDesk)

(3) Alchemy announces support for StarkNet, the Ethereum expansion plan

Alchemy and StarkWare announced a strategic partnership, and Alchemy will support StarkNet, the Ethereum scaling solution. Through this partnership, StarkNet expects more developers to start building on-chain using Alchemy's full suite of proprietary platform infrastructure technologies, while StarkNet provides users with higher throughput and lower gas costs.

(4) Boba Network, the Ethereum L2 expansion plan, starts hybrid computing on the main network

Boba Network, an Ethereum L2 scaling solution, announced that its hybrid computing solution is now live on the Ethereum mainnet. Hybrid computing integrates smart contracts with technologies such as artificial intelligence and machine learning to trigger more complex off-chain algorithms. Developers can use this to deploy DeFi protocols, take advantage of off-chain models that are more capital efficient than on-chain, or develop games and metaverses that use the scalability of off-chain computing to enhance on-chain contracts. Furthermore, to test the capabilities of hybrid computing, Boba Network plans to host a hackathon on March 21, in which developers can test how best to use this innovation in fields such as machine learning, data science or quantum computing.

(5) Smart contract wallet Argent announced the full opening of Layer 2 account registration

Smart contract wallet Argent announced the full opening of Layer 2 account registration, and now anyone can access its Ethereum zkSync network Layer 2 wallet. Its Layer 2 wallet supports lower Gas fees, faster transaction speed, and provides pledge and income farming services, and the carbon emissions of network transactions will be reduced to 1/100.

(6) Sense Finance, a fixed-rate lending protocol, will launch on the Ethereum mainnet next week

(8) Synthetix will release Debt Pool Synthesis to merge the debt pools of Ethereum and Optimism

Optimism, a layer-2 solution for Ethereum, announced that it will enable a multi-client architecture. Optimism said that maintaining the upgrade key in L2 may cause security problems, and the reason for the existence of the upgrade key is that the code is complicated to write, and it is difficult to implement error-free code.
Ethereum achieves high security and availability through an interoperable multi-client ecosystem, and Optimism will also use the multi-client path to decentralization, targeting at all the necessary components to convert a standard Ethereum client into an Optimism client. to 1000 lines of code. Optimism will work with external teams and incentivize them to create additional clients, enabling a multi-client architecture once the Optimists Alliance is formed and Bedrock is released.

3. Borrowing

DefipulseAccording to official news, the synthetic asset protocol Synthetix will release Debt Pool Synthesis to merge the debt pools of the Ethereum mainnet and the Optimism network, allowing the liquidity of the Synthetix protocol to be interchangeable at L1 and L2. After the merger is completed, SNX inflation staking rewards will be provided proportionally to all stakers, there will be no difference in SNX rewards on Optimism or the Ethereum mainnet, sUSD (transaction) fees will still be earned based on network staking, and debt hedging will no longer depend on The debt on the network pledged by the user will depend on the comprehensive debt pool.

3. Borrowing

4. Mining

(data from etherchain.org)

etherchain.orgFrom the perspective of individual projects, the top three lock-up values ​​are: Maker $15.2 billion; Curve $10.54 billion; Aave $8.53 billion.

4. News

4. Mining

image description

(data from etherchain.org)

The data shows that last week, the average computing power rose by 1.5% month-on-month, temporarily reporting 1015TH/s; the average mining difficulty rose by 3% month-on-month, temporarily reporting 13004T; the activity on the chain rose by 7% month-on-month, and the total mining revenue rose slightly by 0.2% month-on-month ; Etherscan data shows that the Ethereum network Gas fee once dropped to 16 gwei, and is currently 30 gwei.

4. News

(1) Data: Ethereum billionaire address holdings are increasing despite falling prices
Santiment, an on-chain indicator platform, tweeted that the supply of Ethereum billionaire addresses (holding 1 million to 10 million ETH) has been high for the past six months. These addresses account for 21.6% of all ETH in circulation. Adding roughly 2.2% to supply in six months, it shows that ethereum billionaires are buying more ETH even as prices fall.

(2) The NFT project "Boring Ape" BAYC donated $1 million to Ukraine's official Ethereum wallet

The Bored Ape Yacht Club (BAYC) announced on Twitter that it has donated 388.999 ETH (about $1 million) to the official Ukrainian Ethereum wallet address. According to the ranking data of the NFT market OpenSea, BAYC is currently the second largest NFT collection by transaction volume, with registered secondary market sales exceeding 417,000 ETH ($1 billion). According to data compiled by Merkle Science, Ukraine has so far received more than $88 million worth of cryptocurrency donations, of which ETH is worth about $7 million.