​ETH Weekly | "Shanghai Upgrade" will launch the public test network in early February; the discount rate of the Grayscale Ethereum Trust Fund is close to 60% (1.2-1.8)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

secondary title

1. Overall overview

In terms of the secondary market, the current ETH price may continue to consolidate in the short term, with support at $1,300 and resistance at $1,350 and $1,450.

Second, the secondary market

1. Spot market

According to OKX market data, the price of ETH closed at $1,274 last week, a month-on-month increase of 6.5%.

(ETH daily chart, picture from OKX)

(ETH daily chart, picture from OKX)

2. Network operation

etherchain.orgThe data shows that in the past week, the Ethereum network produced 50,150 blocks, which was basically the same as last week; the number of active addresses per week was 3,048,898, a month-on-month increase of 21.1%; the block reward income was 3,365 ETH, a month-on-month increase of 50.5%; The weekly ETH burning volume reached 13,514, a month-on-month increase of 20.6%.

3. Large transaction

OKlink dataIt shows that the number of on-chain transfers decreased slightly last week, and the “above 1000 ETH”, “above 2000 ETH” and “above 5000 ETH” dropped by 10.23%, 11.16% and 11.21% month-on-month respectively. The trading enthusiasm of giant whales has dropped significantly.

4. Rich list address

OKlink dataIt shows that the total amount of pledged ETH in the entire network is currently 15,948,775 ETH, and the pledge rate is 13.34%, an increase of 88,048 compared with last week; from the perspective of the distribution of holding addresses, exchanges accounted for 10.4%, a decrease of 0.02% from the previous month; DeFi projects accounted for 24.86 %, up 0.16% month-on-month; large addresses (top 1000 addresses and excluding exchanges and DeFi projects) accounted for 29.98%, down 0.14% month-on-month; other addresses accounted for 34.78%, up 0.01% month-on-month.

3. Ecology and technology

1. Technological progress

3. Ecology and technology

1. Technological progress

The first Ethereum core developer meeting in 2023: Open testnet for Shanghai upgrade in early February, mainnet upgrade in March

The developers agreed to remove code changes related to the EOF implementation from the Shanghai upgrade, and also agreed to reject any other Ethereum Improvement Proposals (EIPs) from the Shanghai upgrade in place of the EOF EIP, primarily to ensure that the schedule for pledged ETH withdrawals does not will be delayed. As the only major code change in the Shanghai upgrade, staked ETH withdrawals are being tested on a developer-focused testnet. Additionally, the developers agreed to focus the Cancun upgrade after the Shanghai upgrade on EIP-4844.

2. Voice of the Community

According to previous reports, Evan Van Ness, founder of Ethereum News Weekly, tweeted that the Devnet test network for Ethereum pledged withdrawals has been launched recently. The relevant withdrawal function will be launched soon, probably at the end of the first quarter of next year. Parithosh, a member of the Ethereum Foundation, commented, "We will soon have a more public testnet for everyone to withdraw funds."

2. Voice of the Community

(1) Ethereum developers have submitted EIP-5988 to reduce the cost of on-chain reserve proof fees

The eips.ethereum page shows that Ethereum developers have submitted an improvement proposal EIP-5988. It is understood that the proposal introduces a new pre-compiled solution, which aims to improve the efficiency of running zero-knowledge proofs on the Ethereum network and reduce the cost of reserve proofs such as Merkle-based proofs on the chain. Proof-of-reserve is often used to verify that a user’s crypto assets are fully retained with an exchange or crypto firm.

However, Dankrad Feist, a researcher at the Ethereum Foundation, believes that although there are not many zero-knowledge proof-friendly hash functions on the Ethereum chain, the introduction of EIP-5988 may have unknown consequences for the security of the chain, because any type of The inclusion of any hash function in the Ethereum protocol requires caution. It is unclear whether EIP-5988 will be deployed in the next "Shanghai" upgrade. In addition, Ethereum core developer Tim Beiko said that abdel.stark (Head of StarkWare Exploration, Ethereum core developer) presented the proposal.

(2) Ethereum developers: Proposal EIP-6269 has been submitted to standardize the definition of "fully equivalent EVM"

(3) V God has officially obtained the RNS.ID digital ID card

 3. Project trends

According to the official Twitter, the RNS.ID team of the digital ID card of the Republic of Palau tweeted that Vitalik Buterin, founder of Ethereum, has officially obtained the RNS.ID digital ID card. It is reported that in January 2022, the Republic of Palau announced the cooperation with Cryptic Labs to launch the RNS (Root Name System) digital residence plan.

3. Project trends

(1) The Uniswap community initiated the proposal to deploy Uniswap V3 on StarkNet. If the proposal is passed, it is expected to be implemented before the second quarter

Ethereum client Nethermind researcher Deven Matthews initiated a proposal to deploy Uniswap V3 on StarkNet in the Uniswap community. Deven Matthews said that the Nethermind team has translated the Solidity code base of Uniswap V3 Core to Cairo through the Solidity to Cairo translator Warp developed by it, and tested it on StarkNet's local test network.

In addition, Deven Matthews also said that if the proposal is passed, UniswapV3 is expected to be fully deployed on the StarkNet mainnet by the second quarter. StarkNet offers high computational scalability and unique design decisions, secured by the Ethereum consensus. StarkNet is aligned with Ethereum and believes that the goals of Ethereum's ecosystem are aligned with those of Uniswap.

(2) WTF Academy, a Web3 open source university, received funding from the Ethereum Fund

WTF Academy, a Web3 open source university, announced that it has received funding from the Ethereum Foundation. The funding will be used to create open-source Solidity tutorials (in Chinese and English), instructional videos, and a testing website. It is reported that the goal of WTF Academy is to guide 10,000 developers into the Web3 field.

(3) ENS will register more than 2.2 million domain names in 2022, accounting for 80% of the total

Ethereum domain name service ENS tweeted that more than 2.2 million ENS domain names will be registered in 2022, accounting for 80% of the total number of registered domain names. Dune's latest data shows that the total number of ENS registered domain names reached 2,827,898, and independently held addresses reached 630,414.

The Cointelegraph article analyzed that the number of ENS registered domain names will increase significantly in 2022, partly due to the integration of ENS by exchanges and industry players such as Coinbase. The data shows that September last year was the month with the largest number of ENS domain name registrations, with a total of more than 437,000 ENS domain name registrations. May 2022 is also a good month, as low gas fees on the Ethereum network drive a surge in .eth domain name registrations.

(4) The Ethereum side chain SKALE will launch the ZK plan this month

Ethereum sidechain SKALE, driven by the developer community, agreed to launch the ZK program this month to incorporate ZK into the SKALEverse ecosystem, providing configurable options for all developers deploying on the SKALE network.

(5) Encrypted market maker Wintermute's Dex Bebop is integrated into Arbitrum

According to official news, Dex Bebop, a subsidiary of encrypted market maker Wintermute, announced that it will support the Arbitrum network. The Bebop platform allows traders to enter or exit multiple positions through a single transaction, that is, exchanging one token for a token combination or exchanging a token combination for a token. The protocol currently supports the Ethereum mainnet, Polygon, and Arbitrum.

(6) South Korean game giant Wemade will launch an Ethereum Layer 2 platform using zero-knowledge proof technology in March

(7) NFT protocol Collection launched the NFT DEX protocol on the Goerli testnet

4. Borrowing

DeFiLlama 4. Borrowing

4. News

The data shows that the value of locked collateral on the chain rose from $22.9 billion to $24.47 billion last week, a week-on-week increase of 6.8%. Specifically, the amount of ETH mortgages remained basically unchanged last week, remaining at 19.05 million. From the perspective of individual projects, the top three lock-up values ​​are: Lido $6.41 billion; MakerDAO $6.4 billion; Curve $3.49 billion.

4. News

(1) Data: The total number of transactions on the Ethereum network in 2022 will exceed 400 million, which is 338% more than that of the Bitcoin network

The Ethereum network surpassed Bitcoin last year in terms of total transaction volume, with Ethereum's total transaction volume reaching 408.5 million in 2022, 338% more than the Bitcoin network's 93.1 million transactions, and Ethereum's average daily transaction volume is about 1.1 million, the average daily transaction for Bitcoin is about 255,000. Furthermore, transactions on the Bitcoin network are more stable and cyclical than Ethereum, which is more volatile. (Cointelegraph)

(2) Data: In December, the income of Ethereum validators fell by more than 9% month-on-month to US$80.32 million

According to The Block data, Bitcoin miners’ revenue in December increased by 0.85% from November to $477 million, the historical high of which was in March 2021 ($1.75 billion). After the Merge merger of Ethereum in mid-September, the income of validators decreased significantly with the reduction of handling fees. In December, it fell again by nearly 9.58% to $80.32 million compared with November; the historical high of this data was in May 2021 (2.49 billion ).

（4 (3) Data: CME Cryptocurrency Trading Volume Drops to Two-Year Low in December

Total cryptocurrency derivatives volume on derivatives giant CME plummeted 49.2% to $14.2 billion in December 2022, the lowest level since October 2020. Among them, Bitcoin futures trading volume fell 48.3% to $13.2 billion, Ethereum futures trading volume fell 55.3% to $481 million, and cryptocurrency spot trading volume also plummeted 48.4% to $544 billion, the lowest since December 2019 level.