ETH Weekly | The Ethereum Ropsten test network has completed the merger; a building in New York will be sold through Opensea, priced at 15,000 ETH (6.6-6.12)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

On June 9, the Ethereum Ropsten testnet merged. As of now, the transition date for the proof-of-stake (POS) of the Ethereum mainnet has not yet been determined, and it is currently only a merger experiment based on the testnet. After completing the Ropsten transition, two other testnets (Goerli and Sepolia) will also transition to proof-of-stake before shifting focus to mainnet.

Second, the secondary market

1. Spot market

In terms of the secondary market, the current ETH price may continue to consolidate in the short term, with support at $1,500 and resistance at $1,620 and $1,800.

(ETH daily chart, picture from OKX)

According to OKX market data, the price of ETH fell to $1,424 last week and closed at $1,526 during the week, a month-on-month decrease of 15.7%.

2. Large transaction

OKlink dataThe daily chart shows that the price is currently consolidating at $1,500. In the short term, the price may drop again to around $1,400 and may further fall to around $1,000. The support level is $1,400; the upper resistance level is $1,620 and $1,800.

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" increasing by 14%, 10.3% and 4.3% month-on-month, respectively.

3. Ecology and technology

1. Technological progress

3. Rich list address

OKlink data

3. Ecology and technology

2. Voice of the Community

1. Technological progress

The Ethereum Ropsten testnet has been merged

On June 9, the Ethereum Ropsten testnet merged. As of now, the transition date for the proof-of-stake (POS) of the Ethereum mainnet has not yet been determined, and it is currently only a merger experiment based on the testnet. After completing the Ropsten transition, two other testnets (Goerli and Sepolia) will also transition to proof-of-stake before shifting focus to mainnet.

2. Voice of the Community

3. Project trends

(1) Ethereum developers: Ethereum is expected to merge between late August and November

Ethereum developer Tim Beiko said that Ethereum is expected to merge between late August and November, and only catastrophic events or failures can prevent mergers this year. It is almost impossible to give an exact date when the merger will take place because of the technical issues involved. Additionally, there are signs that developers are delaying Ethereum’s difficulty bomb as they are currently fixing bugs they found during the Ropsten merger. (Be in Crypto)

The mining pool 2Miners issued an article saying that Ethereum's switch to PoS instead of PoW is its biggest mistake. 2Miners pointed out: Ethereum adopts PoW and GPU mining, and individuals can participate in mining with a minimum of a few hundred dollars; PoS requires 32 ETH (currently about 60,000 US dollars), which reduces the degree of decentralization. Pledging 32 ETH faces huge risks, such as being stolen, slashed, and price fluctuations. The profit of PoS is 10 times that of PoW, but there is no profit for miners, and ordinary users lose their source of income. PoS security is questionable. PoS will increase the number of fraudulent platforms offering pooled staking, destroying trust in cryptocurrencies, with consequences that could be worse than the LUNA and UST debacles.

Aurora Labs, the core development team behind Aurora, rewarded a white hat with $6 million for reporting bugs through Immunefi. The hacker discovered a serious vulnerability on the Aurora network in April, and Aurora has now fixed it. According to Immunefi, this is a critical inflation bug on the Aurora engine (the Ethereum Virtual Machine Environment built on top of the NEAR protocol) that could have allowed malicious entities to inflict losses of over 70,000 ETH (currently worth about $122 million). (The Block)

3. Project trends

(1) Analysis: From a technical perspective, Celsius may be insolvent

According to the analysis of Twitter user yieldchad, from a technical perspective, Celsius may be insolvent. The project has a total of 1 million ETHs, but only 268,000 (nearly 27%) have sufficient liquidity; the other 445,000 are Lido’s stETH, which can only be exchanged for 287,000 ETHs at the current Curve exchange rate ;The last 288,000 pieces were directly pledged into the Ethereum 2.0 contract, and they will not be available for a while (at least within 1 year). At a rate of 50,000 ETH per week, Celsius will run out of liquid ETH within five weeks.

(2) Aurora Labs rewarded a white hat with $6 million for reporting critical vulnerabilities through Immunefi

Aurora Labs, the core development team behind Aurora, rewarded a white hat with $6 million for reporting bugs through Immunefi. The hacker discovered a serious vulnerability on the Aurora network in April, and Aurora has now fixed it. According to Immunefi, this is a critical inflation bug on the Aurora engine (the Ethereum Virtual Machine Environment built on top of the NEAR protocol) that could have allowed malicious entities to inflict losses of over 70,000 ETH (currently worth about $122 million). (The Block)

(3) Web3 security ecological infrastructure Go+ Security launches malicious address API service

According to official news, Go+ Security, the Web3 security ecological infrastructure, has launched the malicious address API service, which collects black addresses for the risk scenarios that ordinary users may encounter when trading or transferring money on the chain, and protects the privacy of ordinary users through early warning or blocking. On-chain security. At present, more than 50,000 black addresses have been collected in total, and public chains such as Ethereum, BNB Chain, Polygon, Heco, Arbitrum, and Avalanche have been supported.

(4) Unsecured lending protocol TrueFi launched on Optimism

(5) GET Protocol and Immutable X will jointly create a secondary ticketing market on the chain

Geode Finance, an Ethereum 2.0 pledge agreement, announced the completion of a $3 million seed round of financing, led by Multicoin Capital, with participation from Eden Network, Yield Yak, GSR Markets, C² Ventures, and Ciara Sun, founder and managing partner of C² Ventures.

According to official news, GET Protocol, the NFT ticketing market solution, has reached a partnership with Immutable X, the Ethereum NFT Layer 2 solution, to launch its global NFT ticketing secondary market on Immutable X, allowing ticket holders to mint and trade tickets at zero Gas fees , and will be connected to the fiat currency entrance.

The proposal on "keeping APE in the Ethereum ecosystem" initiated by the ApeCoin community finally won 53.62% of the votes in favor. ApeCoin participants advocate staying on Ethereum for some time to come, rather than migrating to other L1 chains or sidechains.

4. Borrowing

Defipulse(7) Geode Finance, the Ethereum 2.0 pledge agreement, completed a $3 million seed round of financing, led by Multicoin Capital

4. Borrowing

5. Mining

(data from etherchain.org)

etherchain.orgFrom the perspective of individual projects, the top three lock-up values ​​are: Maker $8.5 billion; Aave $6.71 billion; Curve $4.9 billion.

4. News

5. Mining

image description
(data from etherchain.org)

The data shows that last week, the average computing power rose by 0.1% month-on-month, temporarily reporting 1087TH/s; the average mining difficulty increased by 1% month-on-month, temporarily reporting 14961T; the activity on the chain decreased by 2.8% month-on-month, and the total mining revenue decreased by 3% month-on-month.

4. News

(1) An American real estate company sold a building in New York as an NFT at a price of 15,000 ETH

U.S. real estate firm Okada & Company has listed its first commercial property as an NFT on the OpenSea marketplace for 15,000 ETH (approximately $28.7 million).

It is reported that Okada & Company is selling a 46,299-square-foot property in the United States in the Chelsea neighborhood of New York City, which is located on the west side of Manhattan. It is a seven-story office and retail building near Madison Square Park and other New York City landmarks. According to the realtor, the deal has a token, an NFT that will be minted on the ethereum blockchain. (Cryptonews)