ETH Weekly | Sepolia, the Ethereum test network, is expected to upgrade the execution layer on August 17; V God published an article discussing different types of ZK-EVM (8.1-8.7)
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 a support level of $1,650 and a resistance level of $1,820.
(ETH daily chart, picture from OKX)
According to OKX market data, the price of ETH last week closed at $1,711,1698, a month-on-month decrease of 1%.
2. Large transaction
OKlink dataThe daily chart shows that the price is currently consolidating at $1,600-$1,700. In the short term, it may step back on the middle track of the Bollinger Band ($1,650) and $1,500. The upper resistance level is $1,820.
3. Rich list address
OKlink dataIt shows that the number of transfers on the chain dropped sharply last week, and the "over 1000 ETH", "over 2000 ETH" and "over 5000 ETH" decreased by 21.9%, 28.35% and 41% respectively from the previous month. The trading enthusiasm of giant whales has dropped significantly.
3. Ecology and technology
1. Technological progress
OKlink data
Ethereum core developer Tim Beiko said that in order to ensure that the community is ready for the reorganization of the Ethereum mainnet merger, the team will determine the mainnet merger time as soon as possible. If the merger of the Goerli testnet goes well, the development team will make a preliminary setting of the total difficulty (TDD) of the Ethereum mainnet merger in a conference call on August 11. Then, according to the follow-up progress, the TDD will be re-determined on August 18.
(1) Sepolia, the Ethereum testnet, is expected to undergo an executive layer upgrade on August 17
Sepolia, the Ethereum testnet, will undergo a merged execution layer (EL) upgrade at block height 1735371 (expected on August 17). This upgrade will cause disconnection of clients on the execution layer that have not been converted to PoS, and node operators need to upgrade the execution layer clients before this. A similar upgrade is expected once Goerli and the ethereum mainnet transition to PoS, the Ethereum Foundation said.
Ethereum core developer Tim Beiko said that in order to ensure that the community is ready for the reorganization of the Ethereum mainnet merger, the team will determine the mainnet merger time as soon as possible. If the merger of the Goerli testnet goes well, the development team will make a preliminary setting of the total difficulty (TDD) of the Ethereum mainnet merger in a conference call on August 11. Then, according to the follow-up progress, the TDD will be re-determined on August 18.
2. Voice of the Community
(3) V God published an article discussing different types of ZK-EVM
Vitalik Buterin, the founder of Ethereum, published an article discussing different types of ZK-EVM and ZK-EVM-like projects, as well as the trade-offs between them. Buterin describes the classification of different "types" of multiple EVM equivalents, and the benefits and costs of trying to achieve each type.
V God concluded that, personally, I hope that over time, through the combination of ZK-EVM improvements and Ethereum’s own improvements, making it more friendly to ZK-SNARK, everything will become Type 1 ( fully equivalent to Ethereum). In such a future, we will have multiple ZK-EVM implementations that can be used both for ZK rollups and for validating the Ethereum chain itself. In theory, Ethereum does not need to standardize on a single ZK-EVM implementation for Layer 1; different clients can use different proofs, so we continue to benefit from code redundancy.
However, it will take quite some time before such a future can be realized. In the meantime, we will see many innovations in the different paths of scaling Ethereum and Ethereum-based ZK-rollups.
(1) V God: Centralized stablecoins such as USDT and USDC may become the decisive factor in determining the controversial hard fork of Ethereum in the future
Ethereum co-founder Vitalik Buterin said that centralized stablecoins like Tether (USDT) and Circle USD (USDC) could become "an important determinant of contentious hard forks in the future."
Buterin believes that centralized stablecoins may be an "important" determinant of which blockchain protocol the industry "respects" in a hard fork: "At the moment of merger, you will have two (separate) networks …then you have exchanges, you have oracle providers, you have stablecoin providers, and they somehow decide which (network) they respect.” Buterin explained: “Because at that point, a There will be 100 billion USDT on the chain and 100 billion USDT on the other chain, so they (Tether) need to stop respecting one of them.”
Hasu, director of strategy at Flashbots, said in response to the ETH PoW fork that many people, including him, have been predicting for years that miners will fork Ethereum to squeeze the last profit from their investment. A large amount of computing power does not bring any significant value to the chain. The chances of major stablecoins being redeemed on forked chains are 0, and anyone who says anything else is a liar.
3. Project trends
Nobody wants to use or build PoW ETH. He has studied ETC, BCH, and BSV forks, which are actually dividing their respective communities. In all cases, their minority are true believers, not for short-term deals. ETH PoW does not have 1% backing.
Vitalik Buterin said in a webinar on Saturday that the ethereum merger will not adversely affect the minting of new tokens on ETC. He does not expect any adverse impact on the blockchain, as most of the ethereum community supports the merger. There are concerns that miners flocking to ETC could disrupt the merger. Ideally, users shouldn't notice any difference, says developer Tim Beiko. Buterin added that ETC has a strong community and a strong product that provides PoW. The ETC community strongly advocates PoW values. Still, the market is likely to split. (Be in Crypto)
(1) ENS’ revenue in July exceeded $9 million, a record high
Crypto infrastructure provider Ankr Network has released a series of software development kits (SDKs) that allow developers to provide token staking and yield mining services for their projects and platform users. These SDKs will initially be available on the Ethereum, Polygon, BNB Chain, Avalanche and Fantom networks first. (Crypto Potato)
(3) Game Space joins Polygon to airdrop NFT to Steam users, and supports deposit and withdrawal of NFT assets
(4) Ankr Network releases a series of SDKs, which will allow developers to provide token pledge and mining services for their users
(6) Rocket Pool opens protocol DAO governance stage 0
Offchain Labs, the developer of Ethereum scaling solution Arbitrum, announced that the ArbitrumOne mainnet will be migrated to Nitro on August 31. Offchain Labs stated that a week before the mainnet migration, that is, on August 24, a shadow fork migration is planned as the last rehearsal before the mainnet migration. Shadow forks allow to run a parachain that replicates the state of another chain and still receive incoming transactions from the main chain.
4. Borrowing
DeFiLlama Offchain Labs, the developer of Ethereum scaling solution Arbitrum, announced that the ArbitrumOne mainnet will be migrated to Nitro on August 31. Offchain Labs stated that a week before the mainnet migration, that is, on August 24, a shadow fork migration is planned as the last rehearsal before the mainnet migration. Shadow forks allow to run a parachain that replicates the state of another chain and still receive incoming transactions from the main chain.
5. Mining
(data from etherchain.org)
etherchain.orgThe data shows that the value of locked-up collateral on the chain rose from US$63.43 billion to US$68.12 billion last week, an increase of 7.3% a week; the net increase of US$4.58 billion in the previous week was a net increase of US$4.69 billion last week, a month-on-month increase of 2.5%. Specifically, the amount of ETH mortgages rose from 37.38 million to 23.2 million last week, a drop of 37.9%. From the perspective of individual projects, the top three lock-up values are: MakerDAO $8.59 billion; Lido $7.3 billion; Uniswap $6.24 billion.
4. News
image description
The data shows that last week, the average computing power increased by 0.23% month-on-month, temporarily reporting 933.7TH/s; the average mining difficulty decreased by 0.3% month-on-month, temporarily reporting 11796T; the activity on the chain decreased by 0.3% month-on-month, and the total mining revenue remained basically unchanged .
4. News
(1) Coinbase Prime Launches Ethereum Staking Service to US Institutional Clients
Coinbase issued a document on Monday that it has launched Ethereum staking services to US institutional customers on Coinbase Prime. Coinbase Prime provides an end-to-end staking experience for institutions, where customers can create a wallet, decide how much to stake, and initiate staking from the ETH assets page of their Coinbase Prime account. According to the announcement, Coinbase Prime also offers token staking services including Solana, Polkadot, Cosmos, Tezos, and Celo.
(2) Bank of America: Ethereum needs scalability improvements to maintain its market position
Bank of America (BAC) said in a research note that the ethereum blockchain’s transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) appears imminent as it needs scalability improvements to maintain its market position . The bank stated that without scalability improvements, Ethereum is unlikely to continue as the main blockchain operating system, saying, “PoS reduces Ethereum’s energy Barriers to entry that generate yield and change the supply and demand dynamics of ETH."
The analyst also noted that newer blockchains such as Binance Smart Chain (BSC), Tron, Avalanche, and Solana have taken market share from Ethereum due to their PoS consensus mechanism, greater scalability, and lower transaction fees . These functional advantages “may become key as decentralized applications emerge in the Web3 ecosystem,” the bank added. (CoinDesk)
