ETH Weekly | a16z Crypto launched the Ethereum light client Helios; the report said that the Polygon chain has become the Web3 entrance for Web2 consumers (11.7-11.13)

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 $1,200 and a resistance level of $1,300.

(ETH daily chart, picture from OKX)

Second, the secondary market

1. Spot market

etherchain.orgAccording to OKX market data, the price of ETH fell to $1,070 last week and closed at $1,231 during the week, a 24.1% month-on-month drop.

(ETH daily chart, picture from OKX)

OKlink dataThe data shows that in the past week, the Ethereum network produced 50,131 blocks, which was basically the same as last week; the number of active addresses per week was 3,034,329, a month-on-month increase of 5.8%; block reward income was 6,413 ETHs, a month-on-month increase of 52.5%; The weekly ETH burning volume reached 20,579, an increase of 84% month-on-month.

4. Rich list address

OKlink dataOKlink data

3. Ecology and technology

It 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" rising by 177%, 173%, and 163% month-on-month, respectively. The trading enthusiasm of giant whales has increased significantly.

4. Rich list address

OKlink data

It shows that the total amount of pledged ETH in the entire network is 14,971,543 ETH, and the pledge rate is 12.51%, an increase of 175,120 compared with last week; from the perspective of the distribution of holding addresses, exchanges accounted for 10.11%, a decrease of 0.45% from the previous month; DeFi projects accounted for 17.8 %, down 0.11% month-on-month; large addresses (top 1,000 addresses and excluding exchanges and DeFi projects) accounted for 38.18%, down 0.5% month-on-month; other addresses accounted for 33.93%, up 1.06% month-on-month.

（1）3. Ecology and technology

1. Technological progress

a16z Crypto Launches Ethereum Light Client Helios

a16z Crypto launches the Ethereum light client Helios, which is written based on the Rust language, synchronizes within two seconds, does not use storage, and provides trustless access to Ethereum, and its functions are the same as a full node. Helios converts data from an untrusted centralized RPC provider to a verifiably secure local RPC. Helios works with a centralized RPC that can verify its authenticity without running a full node.

2. Voice of the Community

Ethereum developers call on DApp developers to switch from Goerli testnet to Sepolia testnet

Ethereum developer lightclients called on DApp developers to stop using the Goerli testnet and use the Sepolia testnet instead. Because the ETH supply problem of the Goerli testnet is difficult to solve.

(2) V God published a criticism of "effective altruism", and CZ agreed

Vitalik Buterin, the co-founder of Ethereum, published a critique of "effective altruism" on social media, pointing out that the biggest problem with effective altruism is the lack of a specific theory for allocating resources, "making crazy big bets and constantly accumulating wealth, because You tell yourself that you will donate it in the future; if you send a coin, there is no need to keep part of it yourself, you can donate it directly to charity.” Afterwards, CZ replied below Twitter to express his support, saying that "if you need to donate, you can use the top ten currencies."

(3) V God: Due to the centralized nature of FTX, its failure is inevitable

Ethereum co-founder Vitalik Buterin said the FTX debacle was inevitable due to its centralized nature. When asked about the debacle of FTX and other cryptocurrency companies this year, Vitalik said, "We saw a lot of these things this year because their model is fundamentally bad." He pointed out that FTX's marketing is similar to The "individualistic style" of "1930s dictators", which is completely contrary to the decentralized ethos of the cryptocurrency industry.

V God added that FTX’s fraud is more serious than Mt.Gox and Luna, “Mt.Gox looks sketchy, but never over-whitewashes itself, and Luna is the same, FTX is the opposite, it is completely compliance virtue signaling (unlike compliance), the second type of fraud is more serious than the first.” (Decrypt)

3. Project trends

(1) Web3 social platform SO-COL has launched the main network on Ethereum

According to official news, the Web3 social platform SO-COL has launched the main network on Ethereum and will start a large number of community activities. According to previous reports, in February this year, SO-COL announced the completion of a $1.75 million seed round of financing led by Animoca Brands and DeFiance Capital, with Three Arrows Capital, Mechanism Capital, Global Founders Capital, Double Peak Group, Antifund, Genblock Capital and Kronos Research Participate in voting.

(2) StarkWare established the StarkNet Foundation to promote the ecological development of StarkNet

DeFiLlama (3) Di Iorio, the co-founder of Ethereum, released a new project to bring blockchain computers to more users

4. News

Ethereum co-founder Anthony Di Iorio has unveiled a project, dubbed Andiami, that combines game theory with cutting-edge hardware to bring blockchain computers to more users. Andiami is looking to combat blockchain centralization by enabling cryptocurrency users to run full nodes with little technical expertise. A full node is a computer that stores the complete transaction history of the blockchain network.

The tentative timeline for the project extends to 2025, with 2023 focusing on the game theory component of the project, consisting of a game called The Quest for Liberty, a player kit and digital life tokens that players earn in the game from 2024 to 2025, the focus shifts to Andiami's flagship hardware product, The Cube, a plug-and-play blockchain computer that can run full nodes for networks like Bitcoin and Ethereum. (CoinDesk)

4. Borrowing
The data shows that the value of locked collateral on the chain fell from $31.96 billion to $24.59 billion last week, a 23% drop in a week. Specifically, the number of ETH mortgages dropped from 20.28 million to 20.11 million last week, a drop of 1%. From the perspective of individual projects, the top three lock-up values ​​are: MakerDAO $6.63 billion; Lido $5.64 billion; AAVE $3.6 billion.
4. News

(1) Report: Polygon chain has become the Web3 entrance for Web2 consumers

Brokerage firm Bernstein said in a research note that the Polygon blockchain has become a major gateway for moving Web2 consumers to Web3. Starbucks, NuBank, Reddit, Draftkings, Robinhood, and Meta/Instagram (Meta) have chosen to use the network.

MATIC token prices jumped 30% in two days last week after Meta said it would launch a toolkit that would allow Instagram users to mint and sell Polygon-based NFTs.