ETH Weekly | V God said its influence on Ethereum has declined; Optimism may launch Token OP soon (4.18~4.24)
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
1. Overall overview
secondary title
In terms of the secondary market, the current ETH price may continue to consolidate in the short term, with a support level of $2,850 and a resistance level of $3,000.
Second, the secondary market
1. Spot market
1. Spot market
According to OKX market data, the price of ETH once fell below $3,000 last week and closed at $2,944 during the week, a month-on-month decrease of 4.1%.
The daily chart shows that the price is consolidating and fluctuating around $3,000. In the short term, the price may continue to test the $2,900 mark, and may further fall to around $2,500; the current upper resistance level is $3,000, which has strong resistance.
2. Large transaction
OKlink dataIt shows that the number of transfers on the chain decreased slightly last week, and the "over 1000 ETH", "over 2000 ETH" and "over 5000 ETH" decreased by 7.5%, 15.5% and 22% respectively from the previous month.
3. Rich list address
OKlink dataIt shows that the top 300 ETH holdings currently hold a total of 53.08% of ETH, a month-on-month decrease of 0.17%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 39.81%, A month-on-month decrease of 0.05%; 101st to 300th, accounting for 13.27%, a month-on-month decrease of 0.12%; 301st to 500th, accounting for 5.88%, a month-on-month decrease of 0.02%; 501st to 1000th, accounting for 7.19%, a month-on-month increase of 0.13 %; after the 1001st place, accounting for 33.88%, a month-on-month increase of 0.16%.
3. Ecology and technology
1. Technological progress
1. Technological progress
(1) Ethereum developers will decide the delay time of the difficulty bomb before April 29
In addition, ETH core developers will no longer accept Shanghai's proposal, which is the first hard fork of the merged network. As for the timing of the merger, there was no report update, but Q3 2022 is still on target. Therefore, developers have until April 29 to decide how long they want to delay the difficulty bomb plan. According to previous news, the Ethereum difficulty bomb is expected to arrive in June.
(2) Chief Engineer of ConsenSys: The second shadow fork of the Ethereum mainnet went very smoothly
Prysm generates blocks late, causing many people to miss votes, and Sync committee participation is low. Nimbus was producing invalid blocks, neither of these issues were merge related and both have been fixed.
2. Voice of the Community
2. Voice of the Community
(1) V God: My influence on Ethereum keeps declining
Ethereum co-founder Vitalik Buterin has claimed that his influence on Ethereum is "constantly declining," saying he has less influence today than he did six months ago. “I feel like my influence on Ethereum is going down every six months. I’m less now than I was six months ago. Six months ago, I was less than I was a year ago. A year ago, I was less than I was 18 months ago. Less," Buterin said in a recent interview with U.S. tech entrepreneur and investor Naval Ravikant.
He further noted that there are many people in the Ethereum community, and even he has to "convince them to move in a certain direction." If you watch some of the "Ethereum Improvement Proposals - EIPs" that I personally promoted, some of them didn't even succeed. So for a lot of them, you have to work really hard to accommodate all the concerns. When asked what the biggest initiative he pushed that was never adopted, Buterin cited EIP-4488 as an example, saying that "if I had more control," it would be in Ethereum today. (Crypto News)
(2) ConsenSys: The merger of Ethereum will completely change the way of building and accessing Ethereum
The Ethereum infrastructure development company ConsenSys released a report stating that the merger of Ethereum will completely change the way of building and accessing Ethereum. The following are the 4 keys after the merger:
Diverse and open PoS will democratize network participation and distribute rewards more equitably through new mechanisms, validators, and innovations.
Energy efficiency improves the network's approach to consensus, ensuring Ethereum can sustainably support the next generation of Web3 creators and developers without harming the planet.
The merger will bring about an updated cryptoeconomic model, reduce the issuance of ETH, and provide stronger security guarantees for end users and the DeFi industry.
3. Project trends
3. Project trends
(1) Optimism, the second-layer expansion network of Ethereum, may launch Token OP soon
Optimism, the second-layer expansion network of Ethereum, published "A New Chapter", reviewing past progress, network achievements, financing information, etc., and said that it will open a new chapter driven by "community ownership and governance", and more information will be released soon. According to community speculation and the official roadmap, Optimism may launch Token OP soon. According to official information, Optimism has helped users save more than US$1.1 billion in gas costs, deployed more than 6,800 contracts, facilitated a transaction volume of more than US$17.4 billion, and generated more than US$24.5 million in revenue.
(2) Lido will allocate 2 million LDOs to fund Ethereum protocol contributors
Protocol Guild could become a base layer complement to Gitcoin and retroactive public product financing etc. The Protocol Guild differs from the basic compensation and incentive plan in that the Protocol Guild aims to provide its members with tokens of various projects in Ethereum, rather than ETH.
(3) Data: Nearly 29% of Ethereum on the Eth2 beacon chain is pledged through Lido
According to Dune Analytics, staking protocol Lido is the largest Ethereum staking service provider, with almost 29% of Ethereum on the Eth2 beacon chain staked through Lido. The protocol has a 90% dominance in the liquidity staking space. The second largest staking provider is Kraken, accounting for 8.75%; followed by Staked.us, accounting for 3.35%.
According to DeFi Llama, Lido is now the fourth largest DeFi protocol on Ethereum with a TVL of $10.7 billion. It is also the second largest DeFi protocol by cross-chain TVL, worth $19 billion. Terra, worth nearly $8 billion, is also staked through Lido. (The Defiant)
MakerDAO announced that the Maker protocol will be deployed to StarkNet, the second-layer extension solution of Ethereum. This is the first time that the protocol has integrated a network other than the Ethereum mainnet.
Specifically, the deployment will be carried out in four stages, among which the simple cross-chain bridge between the Ethereum mainnet and StarkNet L2 will be launched on April 28, and the fast withdrawal and cross-chain bridges between different Layer 2 will be launched successively thereafter (expected to be completed by the end of July), multi-collateral Dai (to be completed by the end of this year or Q1 of 2023 at the latest), and other functions, thereby significantly reducing the cost of DAI transactions and minting. (CoinDesk)
(6) The Beta version of the Coinbase NFT market is online
Sanchan Saxena, vice president of products at Coinbase, revealed that the market will integrate other blockchains in the future and will soon fully support fiat currency deposit channels.
The Beta version of the Coinbase NFT marketplace is live. Starting today, the beta NFT marketplace will be accessible to everyone, but initially only certain users will be able to buy or sell NFTs. The Coinbase NFT marketplace currently supports Ethereum-based NFT and ETH payment methods.
Sanchan Saxena, vice president of products at Coinbase, revealed that the market will integrate other blockchains in the future and will soon fully support fiat currency deposit channels.
According to Coinbase, Coinbase NFT is a Web3 social marketplace for NFTs. In addition to supporting NFT transactions, its NFT marketplace will allow community members to interact with creators and collectors. (The Block)
The Ethereum project accelerator Decent Labs announced the launch of Decent DAO and completed a financing of US$10 million. BlockTower Capital and GSR led the investment, and Cumberland DRW, Digital Currency Group and 1kx participated in the investment. The post-money valuation is US$56 million.
It is understood that Decent Labs aims to empower projects in the Web3 field by not only investing but also participating in construction. Decent Labs launched the decentralized developer framework Fractal last month. (CoinDesk)
It is understood that Decent Labs aims to empower projects in the Web3 field by not only investing but also participating in construction. Decent Labs launched the decentralized developer framework Fractal last month. (CoinDesk)
Ethereum expansion network Scroll completed a $30 million Series A financing, led by Polychain Capital, Bain Capital Crypto, Robot Ventures and other members of the Ethereum community also participated in this round of financing. According to reports, Scroll is an Ethereum expansion network using zk-rollup technology. It plans to launch a test network in the second half of this year. This round of financing will be used to expand engineering and operation team members. Scroll’s total funding to date is about $33 million, and the project has previously raised about $3 million from angel investors. (The Block)
(10) Stripe announced that it will use the Polygon network to trial encrypted payments on Twitter
The online payment service provider Stripe announced that it will use the Ethereum expansion program Polygon to trial encrypted payments on Twitter, initially only supporting USDC transfers on Polygon. Twitter's various monetization services, such as Super Follows and Ticketed Spaces, are expected to integrate with the pilot. In addition, FTX is also using Stripe to build new user training and authentication functions. (CoinDesk)
Infura, the Ethereum RPC infrastructure, issued an announcement saying: "We have found some ETH1, Palm, Optimism, Polygon, Filecoin, and Arbitrum API endpoints are down. Currently, the downtime is limited to the listed components, which are temporarily unavailable. We are currently working on Investigate to identify the root cause and take remedial action. The root cause has been identified and we are working on a fix."
4. Borrowing
DefipulseAt 16:27 UTC on April 22 (0:27 on April 23, Beijing time), the status update on the official website of Ethereum infrastructure provider Infura showed that the downtime problem of API endpoints such as ETH1, Palm, and Optimism has been resolved, and all service functions Normal operation has resumed.
5. Mining
5. Mining
(data from etherchain.org)
etherchain.org(data from etherchain.org)
4. News
4. News
(1) Report of the Ethereum Foundation: As of the end of Q1 this year, treasury funds are about 1.6 billion US dollars, and a total of 48 million US dollars will be spent in 2021
The Ethereum Foundation has released its operational report for the first quarter of 2022. According to the report, as of March 31, 2022, the treasury funds of the Ethereum Foundation are approximately US$1.6 billion, of which encrypted assets are approximately US$1.3 billion (99.1% are Ethereum, accounting for nearly 3% of the entire ETH supply), $300 million in non-crypto assets.
All expenditures include: Layer 1 research and development expenditure ($21.8 million), Layer 2 research and development expenditure ($1.9 million), zero-knowledge proof application research and development ($3.6 million), development platform ($5.9 million), Community development ($9.7 million), internal operations and support ($5.1 million).
Vanguard, an American investment advisory platform that manages approximately $7 trillion in assets, announced that starting April 28, platform customers will no longer be able to buy and transfer most over-the-counter (OTC) securities, which will include the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Vanguard investors who already own GBTC and ETHE will still be able to keep them in their personal portfolios after the rule change goes into effect on April 28. As for the reason, Vanguard said that its investment philosophy emphasizes long-term and enduring strategies, so the company will cut some products and services around OTC securities.
(3) 21Shares and ETF Securities will cooperate to launch Bitcoin ETF and Ethereum ETF
21Shares and Australian asset management company ETF Securities announced that they will launch two trading platform-traded funds (ETFs) on April 27: ETFS 21Shares Bitcoin ETF and ETFS 21Shares Ethereum ETF, which will track the prices of BTC and ETH in Australian dollars respectively and trade in Chicago Options The trading platform CBOE conducts transactions. (PR News Wire)
(4) NBA launches playoff "dynamic" NFT The Association
The NBA has started minting its 18,000 Ethereum-based NFT series called The Association on Wednesday local time (April 21, Beijing time). It is reported that the characteristics of this series of NFTs will evolve during the playoffs according to the real performance of each player, which means that dunks, blocks, three-pointers, rebounds or assists will change the player's image. The NFT background and "frame" will also change based on the player's team performance. Additionally, NFTs will be minted for free. (Decrypt)
