ETH Weekly | Optimism will issue token OP and conduct airdrops; Yuga Labs metaverse project Otherside starts casting (4.25~5.1)

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

On April 27, Optimism, the Ethereum expansion program, officially announced that it will issue the native token OP and announce the economic model. It is reported that the initial total supply of OP is 4,294,967,296 pieces, and the total supply will be increased at a rate of 2% per year, and 19% of the initial OP supply is reserved for user airdrops; currently Optimism has announced the airdrop query page for OP Airdrop#1, which only supports Users can inquire about the airdrop situation, and the specific airdrop distribution date will be announced later.

In terms of the secondary market, the current ETH price may continue to consolidate in the short term, with a support level of $2,800 and a resistance level of $2,950.

According to OKX market data, the price of ETH fell to US$2,713 last week, and closed at US$2,805 during the week, a month-on-month decrease of 4.7%.

2. Large transaction

OKlink dataThe daily chart shows that the price is consolidating and fluctuating around $2,800. In the short term, the price may continue to test down to $2,700, and may further fall to around $2,500; the current upper resistance level is $2,950, which has strong resistance.

3. Rich list address

OKlink dataIt shows that the number of on-chain transfers rose slightly last week, with "1,000 ETH or more", "2,000 ETH or more" and "5,000 ETH or more" rising by 26.5%, 21.5%, and 33.8% month-on-month respectively.

3. Ecology and technology

1. Technological progress

（1）3. Rich list address

OKlink data

It shows that the current top 300 ETH holdings hold a total of 53.19% of ETH, an increase of 0.11% 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 39.92%, A month-on-month increase of 0.11%; the 101st to 300th, accounting for 13.27%, basically the same; the 301st to 500th, accounting for 5.88%, basically the same; the 501st to 1000th, accounting for 7.13%, down 0.06% from the previous month; After the 1001st place, accounting for 33.82%, a decrease of 0.06% from the previous month.

1. Technological progress

2. Project trends

Ethereum core developers: will continue to look for loopholes through shadow forks, the implementation of the difficulty bomb has not yet reached a consensus

Ethereum core developer Tim Beiko shared content from The Merge session on Twitter. This meeting showed that the two previous shadow forks went relatively smoothly without any major problems. However, before the official fork of the testnet, we will continue to use the shadow fork to find possible loopholes. In terms of MEV, the results of the meeting discussion show that mev-boost will have an additional constraint in the future, and the builder of the block needs to respect the gas limit chosen by the verifier. Finally, Tim Beiko expressed his views on the difficulty bomb. Since the difficulty bomb has a great impact on miners and user experience, he believes that the setting and activation of the difficulty bomb should be cautious. The client team members even support the removal of the difficulty bomb.
(2) The number of Ethereum beacon chain network verifiers exceeded 360,000, and the total number of ETH pledges exceeded 12 million

According to the latest data from the official website of Ethereum, the number of verifiers on the Beacon Chain network of Ethereum has exceeded 360,000, and so far it is 363,733. In addition, the current total pledge amount of the Ethereum beacon chain is 12200394 ETH.

2. Project trends

(1) The EdgeSwap public beta version of the Layer2 trading protocol is now online

The Layer2 trading protocol EdgeSwap has now opened the public beta version, and the public beta will last until 18:00 on May 9, 2022 (UTC+8). In addition, EdgeSwap will enable the Swap function 24 hours after the start of the public beta. In order to motivate early users, during the first round of public testing, it has released 600 whitelist addresses, and will release more than 1,000 whitelist addresses in the community.

It is reported that EdgeSwap is developed by Edge Labs, adopts ZK Rollup technology, and is an L2 transaction protocol based on Ethereum.

(2) The "FantasyNFT" launched by the Fantasy Club studio will start casting on May 10

The "FantasyNFT" series inspired by Jay Chou's "Fantasy" album launched by the Hong Kong Encryption Art Studio (Fantasy Club) will start whitelist casting on May 10th, Beijing time. This series of NFT is issued based on Ethereum, with a total of 10,000 pieces. It is reported that the number of participants in the FantasyNFT Discord server has exceeded 20,000. It is currently cooperating with Showme, a Web 3.0 subscription NFT social network. FantasyNFT will continue to update the project status in the official Discord.

(3) The Ethereum-themed documentary "Ethereum: Infinite Garden" commemorates the transfer of NFT to the new contract

NFT artist Pplpleasr said on Twitter that the commemorative NFT of crowdfunding contributors to the first feature-length documentary "Ethereum: Infinite Garden" raised funds using NFT has been transferred to the new contract, and holders of the old commemorative NFT need to actively apply for it. At the same time, holders of the new commemorative NFT will be eligible for the whitelist of the second chapter of the media work called "White Rabbit" launched by the decentralized video platform Shibuya.
(4) Genie has integrated the Coinbase NFT smart contract, and users can participate in the experience of the Coinbase NFT beta version
Scott, founder and CEO of Genie, an NFT aggregation market, tweeted that Genie has completed the integration of Coinbase NFT smart contracts. Scott also said that Genie users will receive an invitation code for the Coinbase NFT Beta test version. In addition, Genie integrates NFT trading markets X2Y2 and LooksRare. According to previous reports, the Beta version of the Coinbase NFT market was launched, initially only specific users could buy or sell NFT. The Coinbase NFT marketplace currently supports Ethereum-based NFT and ETH payment methods.

(5) The NFT aggregator Gem has integrated the NFT automatic market maker agreement sudoAMM contract

SudoAMM, an automated market maker (AMM) protocol designed specifically for NFT transactions, is planned for the Ethereum mainnet and aims to be the infrastructure for other NFT projects.

0xmons, co-founder of sudoAMM, said that the user interface (UI) is being tested. 0xmons recently tweeted about a transaction that used a contract it deployed on April 24. 0xmons previously published an overview of the basic model of sudoAMM, comparing sudoAMM to Uniswap V3.

In addition, according to Vasa, the chief developer of the NFT aggregator Gem, Gem has integrated the sudoAMM contract and will soon add it to the user interface.

sudoAMM allows users to use a custom Bonding Curve to deposit ETH, a series of NFTs, or both ETH and NFTs. This allows users to place limit orders by deploying ETH to the pool and commit on-chain to buy a specific series of NFTs at a selected price. Likewise, users will be able to deposit selected series of NFTs to sell tokens at a fixed price or on a bonding curve. (The Defiant)

(6) MoonPay will launch NFT platform HyperMint

Encrypted payment company MoonPay is recruiting Solana engineers, Ethereum engineers, and AWS and DevOps experts to build its minting-as-a-service NFT platform HyperMint. According to MoonPay, the platform will become the AWS in the NFT field, which can help NFT projects shorten the time to market from months to weeks or even days. (The Block)

(7) PandaDAO will airdrop to the wallet address holding PEOPLE on the Ethereum chain

(8) Bilibili authorizes overseas users to release Cheers UP NFT series on Ethereum

3. Borrowing

DefipulseBilibili has authorized the release of the cheers up nft series for overseas users, which dildains 10,000 PFP Type NFTHEREUM. AMONG THEM, 2 33 Are Reserved by the Project Team, and 9,767 are distributed to Wallets that have passed the lottery verification. (Yahoo Finance)

3. Borrowing

4. Mining

(data from etherchain.org)

etherchain.orgFrom the perspective of a single project, the top three lock-up values ​​are: Aave $14.52 billion; Compound $10.84 billion; Curve $9.94 billion.

4. News

4. Mining

image description

(data from etherchain.org)
The data shows that last week, the average computing power rose by 0.2% month-on-month, temporarily reporting 1077TH/s; the average mining difficulty rose by 1.6% month-on-month, temporarily reporting 13905T; the activity on the chain decreased by 3.3% month-on-month, and the total mining revenue rose by 9.6% month-on-month. The main reason is that the Yuga Labs metaverse project Otherside started casting, which led to a surge in GAS; NFTGo data shows that the gas fee generated by the Otherdeed casting activity reached 52,500 ETH.

4. News

(1) Report: After the merger of Ethereum, it will become a quasi-government bond

In a report titled "Decoupling," Tom Dunleavy, senior research analyst at Messari, argued that Ethereum's merger could be a major turning point in investors' economic outlook. He noted that in the past, Bitcoin and Ethereum have had a strong positive correlation with the U.S. stock market. The correlation between the two cryptocurrencies and the Nasdaq and S&P 500 ranged from 40-50% over longer periods to around 90% over shorter periods.

By contrast, assets such as gold and U.S. government bonds have historically had a negative correlation with stocks. However, at present, this negative correlation has become weaker and weaker. Gold and bonds have both crashed along with stocks during the inflation-fueled market downturn in 2020.