ETH Weekly | Ethereum will undergo a hard fork upgrade at the end of June, postponing the difficulty bomb; Goldman Sachs executes the first Ethereum derivatives transaction (6.13-6.19)

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

In terms of the secondary market, the current ETH price may continue to consolidate in the short term, with support at $900 and resistance at $1,200 and $1,500.

(ETH daily chart, picture from OKX)

According to OKX market data, the price of ETH once fell to $881 last week, and closed at $1071 during the week, a month-on-month drop of 29.8%.

2. Large transaction

OKlink dataThe daily chart shows that the price is currently consolidating at $1,000. In the short term, the price may drop to around $900 again. The support level is $881; the upper resistance level is $1,200 and $1,500.

3. Rich list address

OKlink dataIt shows that the number of on-chain transfers rose sharply last week, with "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" increasing by 185%, 232%, and 171% month-on-month respectively, mainly due to the sharp drop in the price of Ethereum. Liquidation volume increased.

3. Ecology and technology

1. Technological progress

3. Rich list address

OKlink data

It shows that from the perspective of the distribution of holding addresses, exchanges accounted for 9.82%, an increase of 0.27% month-on-month; DeFi projects accounted for 17.56%, a month-on-month decrease of 0.79%; Compared with 40.05%, an increase of 0.44% month-on-month; other addresses accounted for 32.59%, an increase of 0.09% month-on-month.

1. Technological progress

2. Voice of the Community

The seventh Ethereum mainnet shadow fork configuration file is released and is expected to be tested on June 22

Parithosh, a member of the Ethereum Foundation, tweeted that the configuration file for the 7th Ethereum mainnet shadow fork has been released and will test the repairs deployed on the Ropsten testnet. It is expected to arrive at the terminal at 22:00 Beijing time on June 22 Total difficulty (TTD) and trigger shadow fork.

According to previous news, the Ethereum mainnet will undergo a Gray Glacier hard fork upgrade at block height 15050000 (about the end of June) to delay the difficulty bomb for about 2-3 months, so all users must upgrade before the block is activated. The Ethereum client Geth released version v1.10.19, introducing the Gray Glacier hard fork to force an upgrade.

Earlier news, Ethereum developer Tim Beiko said that Ethereum is expected to merge between late August and November, and only catastrophic events or failures can prevent this year's merger. 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.
(1) The founder of ConsenSys claims that his ETH holdings are less than 0.5% of the total circulating supply of Ethereum

3. Project trends

Joseph Lubin, co-founder of Ethereum and founder and CEO of ConsenSys, said at Consensus 2022 that while he will not disclose his personal ETH holdings, his ETH holdings have never approached 0.5 of Ethereum's total circulating supply %. In addition, he added: "Since genesis, I have not acquired any tokens." Lubin explained the above in response to a question from Galaxy Digital researcher Christine Kim, who previously believed that Lubin's ETH holdings Between 5% and 10% of the total circulating supply of the workshop. (CoinDesk)

(2) V God issued an article listing 8 non-financial application scenarios that can use blockchain

Vitalik Buterin, the founder of Ethereum, published a blog "In which non-financial applications can blockchain be used?" 》 said that he has always strongly supported the trend of using blockchain for non-financial applications, and people need to stay away from both "blockchain omnipotence" and "blockchain minimalism". He said he sees value in blockchain in many cases, sometimes for really important goals like trust and censorship, sometimes just for convenience.

Vitalik also listed 8 non-financial application scenarios where blockchain can be used in the article: user account key change and recovery, proof of modification and revocation, negative reputation, proof of scarcity, public knowledge, and other blockchain applications interoperability, open source metrics, data storage. The two non-financial applications Vitalik said he is most confident in so far are interoperability with other blockchain applications and account management.

3. Project trends

(1) The MakerDAO vault sold about 28,000 ETH again to repay the debt

On June 13, according to Paidun monitoring, the MakerDAO vault sold 27,946.97 ETH (about 37.4 million U.S. dollars) again to repay the debt. Earlier in the day, according to a tweet from Ethereum developer mariano.eth, the MakerDAO vault sold 65,000 ETH at an average price of $1,155 to repay debt and reduce risk, and brought 150,000 ETH to the DeFi platform Oasis.app. million in transaction fees.

(2) ZK Rollup order book DEX ZigZag has submitted the token source code on GitHub

According to official news, the on-chain encyclopedia project Everipedia purchased the ENS domain name everipedia.eth from OpenSea at a price of 2 WETH, and plans to extend the application of Everipedia to the second layer network of Ethereum.

(4) Ethereum development platform Tenderly adds 4 new functions to simplify Web3 development
According to official news, the Ethereum development platform Tenderly has added 4 new features to simplify Web3 development, as follows: Web3 Actions: automated serverless functions that allow teams to execute custom code; War Room Aid Kit: instant defense against vulnerabilities and detection of vulnerabilities ; Tenderly Sandbox: In-browser editor that enables developers of all skill levels to share code snippets and instantly see results as they are being built; Debug Chrome Extension: Run this on any transaction on 20+ Tenderly-supported networks .

https://chainge-finance.medium.com/chainge-finance-integrates-with-(5) DeFi application Chainge Finance integration 1inch

The decentralized DeFi application Chainge Finance integrates DEX aggregator 1inch. Through this cooperation with 1inch, Chainge users will be able to obtain deep cross-chain liquidity on several networks, including Ethereum, BNB Chain, Polygon, Arbitrum, Optimism, Gnosis, Avalanche and Fantom.

(6) Volt Protocol, an anti-inflation stable currency protocol, was launched on the Arbitrum network

Volt Protocol, an anti-inflation stablecoin protocol, announced that it has launched Arbitrum, the second-tier expansion solution of Ethereum. Users can use the Peg Stability Module (PSM) on Arbitrum to mint and exchange VOLT to obtain DAI or USDC. The average transaction cost is 5 times lower than that of the Ethereum mainnet. .

Volt said that the VOLT infrastructure deployed on the Ethereum mainnet is also deployed on the Arbitrum network. The VOLT system on the Ethereum mainnet operates independently of the system on Arbitrum, but the two VOLTs are interchangeable and can be exchanged on either network . The anchor price and target price of VOLT are the same on the Ethereum mainnet and the Arbitrum network. PSMs on Arbitrum will charge a minting fee of 0.5% and a redemption fee of 0.05%.

(7) The first stable version of Warp 2.0 is about to be audited, which can convert the Solidity language to StarkNet Cairo

Greg Vardy, chief technology officer of the Ethereum client Nethermind, tweeted that the first stable version of Warp 2.0 will be audited soon. Warp brings Solidity to StarkNet, making it possible to convert Ethereum smart contracts into StarkNet Cairo contracts.

(8) Optimism will upgrade the public node infrastructure on June 24

Optimism, the second-tier network of Ethereum, tweeted that it will upgrade the public node infrastructure at 2:00 a.m. Beijing time on June 24. It is expected that the public nodes will be shut down for 30 minutes, and users can switch to third-party nodes before maintenance. It is reported that this network upgrade is one of the main action items in Drop#1, which will allow Optimism to route requests through multiple providers to add support for splitting traffic between multiple providers.

(9) NFT liquidity solution provider XCarnival completes Ethereum mainnet token on-chain

According to official news, XCarnival has completed its Ethereum mainnet launch, and at the same time completed the deployment of its governance token XCV in Ethereum token liquidity. This time XCV Ethereum will deploy a total of 200 million tokens, and at the same time, 200 million tokens will be locked on the BNB Chain to ensure that the total amount of XCV 1 billion tokens remains unchanged. The 200 million tokens deployed on Ethereum this time will balance XCarnival's revenue distribution, risk taking and governance of the Ethereum mainnet.
The MakerDAO community has voted to approve the proposal to use rETH as collateral, rETH is the Ethereum liquidity staking token of Rocket Pool, a decentralized Ethereum staking protocol.

4. Borrowing

Defipulse(11) Lido DAO proposes to change the governance system and introduce a dual governance solution for stakers and LDO holders

4. Borrowing

5. Mining

(data from etherchain.org)

etherchain.orgFrom the perspective of a single project, the top three locked positions are: Maker 7.66 billion US dollars; Curve 4.9 billion US dollars; Aave 4.15 billion US dollars

4. News

5. Mining

image description

(data from etherchain.org)

The data shows that the average computing power last week decreased by 10.3% month-on-month, temporarily reporting 974TH/s; the average mining difficulty decreased by 7.5% month-on-month, temporarily reporting 13836T; the activity on the chain increased by 8% month-on-month, and the total mining revenue increased by 1.6% month-on-month; Due to the increase in on-chain liquidation, the Ethereum network Gas fee once rose to 207 gwei last week.