ETH Weekly | Testnets such as Ropsten, Rinkeby, and Kiln are about to be deprecated; Ethereum merger will be executed on the Sepolia testnet on July 6 (6.20-6.26)
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 $1,135 and resistance at $1,280 and $1,400.
(ETH daily chart, picture from OKX)
According to OKX market data, the price of ETH once rebounded to $1,280 last week, and closed at $1,223 during the week, a month-on-month increase of 14.1%.
2. Large transaction
OKlink dataThe daily chart shows that the price is currently consolidating at $1,200. In the short term, the price may test the $1,300 mark again. However, due to the obstruction of the middle track of the Bollinger Band, the price may pull back to around $1,100 again. The support level is $1,135; the upper resistance Bits are $1280, $1400.
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” falling by 60%, 70%, and 67% month-on-month respectively. The trading enthusiasm of giant whales has dropped significantly.
3. Ecology and technology
1. Technological progress
3. Rich list address
OKlink data
It shows that the current ETH network pledge rate is 10.91%, an increase of 0.05% month-on-month, and the number of ETH pledges has increased by nearly 70,000; from the perspective of the position address distribution, exchanges accounted for 9.78%, a month-on-month decrease of 0.04%; DeFi projects accounted for 17.47% %, down 0.09% month-on-month; large addresses (top 1,000 addresses and excluding exchanges and DeFi projects) accounted for 39.92%, down 0.13% month-on-month; other addresses accounted for 32.85%, up 0.26% month-on-month.
3. Ecology and technology
1. Technological progress
(1) The Beacon Chain has been deployed on the Ethereum Sepolia testnet, and the Ethereum merger will be executed on the Sepolia testnet on July 6
(2) The Ethereum Foundation announced that it will soon abandon testnets such as Ropsten, Rinkeby and Kiln
2. Voice of the Community
According to official news, the Ethereum Foundation announced that it will soon deprecate testnets such as Ropsten, Rinkeby, and Kiln, but users and developers still have time to complete the migration before they are completely closed.
The goal of this series of measures is to encourage users and developers to migrate to Goerli or Sepolia as soon as possible to test Ethereum in the merged environment. After the merger, Rinkeby will no longer be a suitable testing environment for the Ethereum mainnet. Unplanned mainnet upgrades may no longer work on deprecated testnets.
3. Project trends
Earlier in early June, Tim Beiko, the core developer of Ethereum, tweeted that the Ethereum Rinkeby and Ropsten testnets will be closed at the end of the year, Kiln will be closed after the mainnet is merged, and the Goerli and Sepolia testnets will be retained after the mainnet is merged. .
2. Voice of the Community
V God: The standard for Ethereum is higher
According to Vitalik Buterin, the standard for Ethereum is higher. Random cheating centralized chains can do whatever they want, they have to answer this question themselves, (although I reserve the right to use them as examples of what I object to, as I do with centralized institutions) .
3. Project trends
(1) ZK Rollup order book DEX ZigZag will publicly sell ZZ tokens on June 24
According to official news, ZK Rollup order book DEX ZigZag will open IDO on its own DEX at 23:00 on June 24. The first round of public offering will allow users to become part of DAO in the early stage and have voting rights for token use cases , while making a decision on the airdrop. The total number of ZigZag tokens ZZ is 100 million, and the supply of this IDO is 2 million, which only supports USDC payment.
As the UST integration and subsequent unpegging impacted our finances, one of our goals for selling tokens was to recover enough funds to cover liabilities, officials said. Having sufficient funds to maintain our developer compensation is another priority for ZigZag Exchange to grow.
Currently, due to infrastructure constraints, ZigZag will only offer spot transactions on zkSync. After the release of zkSync2.0 and StarkNet, leveraged trading and perpetual contracts without permission will be introduced. The swap fee on zkSync is only about $0.1. ZZ will be released with governance capabilities, but its use cases can touch more than just governance. There is also the possibility of providing revenue sharing in the future, which will be determined by the DAO.
According to previous news, on June 20, ZigZag is suspected to have deployed the smart contract of ZZ tokens on Ethereum, with a total of 100 million tokens.
(2) The multi-chain protocol XCarnival launched XCV pledge on the Ethereum mainnet
According to official news, NFT liquidity solution provider and multi-chain protocol XCarnival announced that XCV Staking has been launched on the Ethereum network. According to previous reports, XCarnival has completed its Ethereum mainnet launch, and at the same time completed the token liquidity deployment of its governance token XCV on Ethereum. 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.
(3) DEX aggregator ParaSwap launched a peer-to-peer NFT trading application
DEX aggregator ParaSwap announced the launch of a peer-to-peer NFT trading application that allows sellers to create custom orders for their NFTs that can be sent directly to buyers and use ParaSwap's DEX engine on the backend. The app also allows buyers and sellers to use the Token of their choice for transactions. There is no transaction fee for the first three weeks or before the transaction volume reaches 500,000 US dollars, and the Gas fee generated by using Tokens other than Ethereum on the platform will be refunded.
(4) DeFi revenue protocol Timeless Finance is launched on the Ethereum mainnet
According to official news, the DeFi revenue protocol Timeless Finance is launched on the Ethereum mainnet. It is reported that Timeless is not only an on-chain income market, but also highly liquid and scalable, that is, it can increase the yield or hedge against the decline of the yield. The first yield market launched by Timeless Finance is the Yearn WETH vault.
(5) Doodles announced the upcoming launch of a new NFT series "Doodles 2"
NFT project Doodles tweeted "Doodles 2...coming soon", announcing that it will launch a new NFT series. According to Decrypt, the collection will expand from an initial 10,000 avatars to millions, and will feature a wider range of traits on wearable items. These new avatars will not be built on Ethereum, but the team did not announce which blockchain the new series will launch on.
(6) Lido added 8 new Ethereum pledge node operators, with a total of 29 nodes
According to official news, Lido DAO announced that it has approved the addition of 8 new Lido Ethereum pledge node operators, and is going through the formalities of merging into the mainnet. The 8 new node operators selected by the Lido Node Operators Subsidiary Governance Group (LNOSG) out of 42 applications have been approved and completed the snapshot on June 5, 2022, bringing the total number of Lido staking operating nodes to 29 .
(7) StarkWare releases StarkEx V4.5, which supports Volition, ERC-1155 and transaction bundling
StarkWare, the Ethereum Layer 2 expansion development team, officially released StarkEx V4.5, which supports Volition, a hybrid on-chain (Rollup mode) and off-chain data (Validium mode) solution, allowing users to choose to store data in each transaction. On-chain or off-chain, it also fully supports ERC-1155 Token and transaction bundling.
StarkWare stated that in the future, L3 StarkEx on StarkNet, StarkEx high throughput and support for ERC-1155 casting will be realized. Among them, L3 StarkEx on StarkNet can directly realize interoperability with StarkNet applications, and can also reduce the cost of proving and updating new status. Gas cost and lower latency to make state updates.
(8) Optimism has launched the second round of governance proposal voting
(9) Lido starts voting to decide whether to limit the pledge amount of Ethereum
4. Borrowing
DefipulseLiquidity staking protocol LidoFinance has launched a community vote to decide whether Lido will self-limit the total amount of Ethereum pledged. It is reported that the ETH currently pledged in Lido accounts for about 30% of the total. Voting will end at 17:00 on July 1, Beijing time.
4. Borrowing
5. Mining
(data from etherchain.org)
etherchain.orgFrom the perspective of individual projects, the top three lock-up values are: Maker $7.91 billion; Aave $6.55 billion; Curve $4.45 billion.
4. News
5. Mining
image description
(data from etherchain.org)
The data shows that last week, the average computing power decreased by 6.6% month-on-month, temporarily reporting 909TH/s; the average mining difficulty increased by 1.8% month-on-month, temporarily reporting 14088T; the activity on the chain decreased by 9% month-on-month, and the total mining revenue decreased by 9.3% month-on-month.
4. News
(1) The total market value of the 4 leading stablecoins surpassed that of Ethereum for the first time
According to the latest analysis data from the blockchain analysis company Glassnode, the total market value of the top four stablecoins (USDT, USDC, BUSD, and DAI) has surpassed the market value of Ethereum, which is $3 billion higher than the latter. Throughout 2020-22, the combined market capitalization of the top 4 stablecoins reached 50% of Ethereum’s market capitalization on several occasions, however there was a major breakout in May and June of this year, the first such event. Since the beginning of May, stablecoin redemptions outflowing from the market have totaled $9.92 billion. USDT had the most redemptions at $13 billion, followed by DAI at $2 billion, as investors opted to end leverage (or be liquidated) through MakerDAO treasuries. In addition, since May 1, the supply of USDC has increased by $5 billion, which indicates that the market's preference for stablecoins may shift from USDT to USDC.
(2) In the past 7 days, the average daily transaction fee of Uniswap exceeded the transfer fee of Ethereum network
According to data tracker Crypto Fees, Uniswap’s average total user fee in the past 7 days was US$4.1 million, exceeding the average daily transfer fee on the Ethereum network ($3.9 million). On January 1, 2022, the average daily transfer fee of Ethereum is nearly 10 times that of Uniswap user fees.
Katie Talati, director of research at Arca, an encrypted asset management company, said that market volatility has increased recently, and Uniswap trading volumes and fees have increased significantly as trading volumes have picked up everywhere. At the same time, usage of the Ethereum network has plummeted, and many applications and users are migrating to the Layer 2 blockchain. The transaction volume of applications such as Uniswap on Polygon and Arbitrum has increased. (Bloomberg)
