ETH Weekly | Shanghai's upgraded copy of the "Shadow Fork" blockchain has been successfully created; V God wrote an article introducing the concept of "stealth address" to solve the privacy protection problem of Ethereum (1.23-1.2

1. Overall overview

1. Overall overview

Parithosh Jayathi, an engineer at the Ethereum Foundation, said that a copy of the "Shadow Fork" blockchain of the "Shanghai Key Upgrade" has been successfully created. The shadow fork is a smaller test fork that deploys some of the changes that need to be implemented before the "Shanghai" upgrade. Marius Van Der Wijden, an engineer at the Ethereum Foundation, said that in the hours after the fork occurred, there were some outages on Ethereum nodes using the Geth client. Additionally, the Shanghai upgrade public testnet will go live in the next few days, the developers said.

Second, the secondary market

Second, the secondary market

1. Spot market

According to OKX market data, the price of ETH fell to US$1,512 last week, and closed at US$1,611 during the week, a month-on-month decrease of 1.4%.

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The daily chart shows that the price is currently consolidating around $1,600, and the price may continue to test $1,650 and $1,700 in the short term; the lower support levels are $1,600 and $1,500.

2. Network operation

etherchain.org3. Large transaction

3. Large transaction

OKlink data4. Rich list address

4. Rich list address

OKlink dataIt shows that the total amount of pledged ETH in the entire network is currently 16,327,831 ETH, and the pledge rate is 13.66%, an increase of 285,264 in the past two weeks; from the perspective of the distribution of holding addresses, exchanges accounted for 10.5%, an increase of 0.07% from the previous month; DeFi projects Accounted for 25.43%, up 0.64% month-on-month; large addresses (top 1000 addresses and excluding exchanges and DeFi projects) accounted for 29.53%, down 0.53% month-on-month; other addresses accounted for 34.57%, down 0.17% month-on-month.

3. Ecology and technology

3. Ecology and technology

（1 ）1. Technological progress

New Withdrawal Developer Site by Ethereum Client Nethermind Goes Live

According to official news, the new withdrawal developer website (withdrawal-devnet-3) developed by Ethereum client Nethermind is live. The new website has made minor changes to the withdrawal format based on discussions at the previous core developer meeting. The field amount in the withdrawal format has been changed from wei to gwei.

(2) Shanghai upgraded public test network will be launched soon

Parithosh Jayathi, an engineer at the Ethereum Foundation, said that a copy of the "Shadow Fork" blockchain of the "Shanghai Key Upgrade" has been successfully created. The shadow fork is a smaller test fork that deploys some of the changes that need to be implemented before the "Shanghai" upgrade. Marius Van Der Wijden, an engineer at the Ethereum Foundation, said that in the hours after the fork occurred, there were some outages on Ethereum nodes using the Geth client. Additionally, the Shanghai upgrade public testnet will go live in the next few days, the developers said. (coindesk)

2. Voice of the Community

V God wrote an article introducing the concept of "stealth address" to solve the privacy protection problem of Ethereum

Vitalik Buterin, co-founder of Ethereum, recently published an article "An Incomplete Guide to Stealth Addresses", pointing out that one of the biggest challenges in the future of the Ethereum ecosystem is privacy, and proposed the concept of "stealth address" (stealth address) as a possible privacy solution .
The scheme will anonymize P2P transactions, NFT transfers, and ENS registrations for user protection. Vitalik proposes that users receiving assets can generate and keep a "spending key" secret, and use this key to generate a stealth meta-address that can be registered on ENS. This address can be passed to the transaction sender, who performs cryptographic calculations on the meta address to generate a stealth address belonging to the recipient. The sender can transfer assets to the receiver's stealth address, and can also issue a temporary key to confirm that the stealth address belongs to the receiver, and each new transaction generates a new stealth address.

Vitalik pointed out that in addition to implementing a "key blinding mechanism", the Diffie-Hellman key agreement algorithm needs to be adopted to ensure that the link between the stealth address and the user's meta address is not disclosed, and the use of ZK-SNARKs technology to transfer funds Pay the gas fee.

3. Project trends

(1) DeSyn Protocol, the Web3 asset management portfolio platform, launched the Ethereum mainnet and started token airdrops

On January 18, DeSyn Protocol, the Web3 asset management portfolio platform, officially launched the Ethereum mainnet. DeSyn Protocol breaks through the limitations of traditional asset management ETF/Portfolio, and realizes the innovation of Defi asset management on the chain of ETF and Portfolio. Support users to freely create and manage various investment portfolios based on smart contracts. It also supports a variety of asset management strategies that can be flexibly combined. In addition, it provides asset management services with a complete fundraising, investment, management and exit process, thereby reducing the cost of creation, management and participation. Additionally, Certik and Slowmist each conducted two rounds of security code audits on their contracts. At the same time as the launch, the official Twitter of DeSyn Protocol released an airdrop of 100,000 USDT.

(2) Aave V3 has been deployed to the Ethereum mainnet, which will comprehensively reduce the Gas cost of all functions

According to the official Twitter, Aave announced that it has deployed Aave V3 on the Ethereum mainnet. New features and optimizations include: Efficient Mode: Allows users to improve capital efficiency when supplying and borrowing stablecoins and liquid collateralized derivatives (LSDs) and other related assets ;Isolation mode: While maintaining the security of the protocol, more assets are allowed to be listed on Aave as collateral in isolation mode to isolate liquidity risks; Gas optimization: Comprehensively reduce the gas cost related to all functions by about 20-25% .

(3) ENS DAO members propose to sell 10,000 ETH to cover operating costs for the next two years

A governance proposal from members of the Ethereum Name Service (ENS) DAO proposes liquidating 10,000 ETH to cover operating costs for the next two years. The draft proposal was submitted on January 18 and is currently being discussed in the ENS community. The DAO's vaults currently hold 40,746 ETH and 2.46 million USDC. Through the Gnosis auction, the sale of 10,000 ETH will generate at least $13 million in USDC stablecoins. (CoinDesk)

(4) ZigZag will airdrop ZZ tokens to early market makers, accounting for about 2% of the total supply

Ethereum's second-tier ZK Rollup order book DEX ZigZag announced that it will conduct the first round of token airdrops to reward early market makers. zkSync has taken a snapshot of the eligible market makers at 14:00 on January 17, Beijing time. Approximately 2% of ZigZag's total token supply will be allocated to eligible market makers, each market maker will receive at least 100 ZZ tokens, and the specific reward will increase according to the number of orders they complete. Tokens will be automatically airdropped around 14:00 on January 20, Beijing time. No need to manually claim the airdrop. For other upcoming rounds of airdrops, standards and snapshots have not yet been formulated and are still under discussion.

(5) Optimism RetroPGF 2 has opened for nominations and will distribute 10 million OP to fund projects and developers

Optimism, the second-layer expansion plan of Ethereum, said on Twitter that the second round of retrospective public product fundraising (RetroPGF 2 ) is open for nominations, and the nomination period will end at 3:00 on February 1, Beijing time. Voting will begin on February 1. 21st to March 7th. RetroPGF Round 2 will distribute 10 million OP tokens to public goods that support the development and usage of the OP Stack. Nominated categories can include infrastructure, tools, and utilities, among others. Optimism will also bring in a first-generation Citizens' House to manage the distribution of funds.

(6) OpenSea’s Ethereum NFT transaction volume exceeded $320 million in January, the first consecutive growth in the past year

Dune data shows that from January 2023 to the present, the NFT market OpenSea’s Ethereum NFT transaction volume has exceeded 320 million US dollars, which has exceeded the 283.5 million US dollars in December last year. It is also a positive signal after several consecutive months of decline in transaction volume. Historical data shows that in January 2022, OpenSea recorded its best month ever with $4.86 billion in Ethereum NFT sales. Beginning in 2022, OpenSea has seen five consecutive months of NFT transaction volume of at least $2 billion, but has experienced wild fluctuations during this period. The last two consecutive months of sales growth (in dollar terms) was December 2021-January 2022. (Decrypt)

(7) Index Coop launched dsETH, an Ethereum liquid mortgage index token

Index Coop, a cryptocurrency index protocol, announced the launch of Diversified Staked ETH Index (dsETH), an Ethereum liquid collateral index token. The dsETH index components include rETH (Rocket Pool), wrapped stETH (Lido) and sETH 2 (StakeWise), which can be traded on DEX or Buying through a process called Flash Mint also allows users to simply purchase tokens and let the rewards accrue over time.

(8) Lido: Soliciting community opinions on the proposal to allow ETH withdrawals after the Ethereum Shanghai upgrade is completed

While the Ethereum community is preparing for the upcoming Shanghai hard fork in March, the development team of the liquid staking project Lido also revealed plans to create a withdrawal function within the protocol. The team is working on a proposal to allow withdrawals after the Shanghai upgrade is completed Solicit community feedback. Lido is currently one of the largest holders of pledged ETH, controlling about 29% of the ETH pledged volume. According to defillama data, Lido's current total lock-up volume is about 8 billion US dollars, accounting for 17% of the total DeFi lock-up volume. % .

Lido developers stated that due to the asynchronous nature of Ethereum withdrawals, the withdrawal process must be asynchronous, and Lido has proposed in the Ethereum protocol engineering team to solve these problems through the withdrawal request queue in the protocol. The Lido developers further explained that they plan to offer multiple withdrawal modes including a turbo function and a bunker function, but are currently seeking community feedback to ensure all important factors are considered and to identify any potential improvements. (News Bitcoin)

(9) Aave has purchased 2.7 million CRV to make up for the excess debt of Aave V2

Aave team member Marc Zeller stated in the Aave Governance Forum that after the execution of the AIP-144 CRVBadDebtRepayment contract, 2.7 million CRVs have been purchased, and the remaining excess debt on the Aave V2 agreement has been settled within about 15 hours and a dozen transactions. It is reported that an Ethereum address starting with "0x 57 E 04 " shorted CRV in November 2022, causing Aave V2 to generate 2.64 million CRV bad debts. Two weeks later, an Aave community member offered to use Aave's existing USDC and aUSDC holdings to pay off the entire CRV debt.

(10) The Compound community proposes to increase the supply cap of cbETH in cWETH v3 on the Ethereum mainnet

The Compound community initiated proposal 146, proposing to increase the cbETH supply cap in cWETH v3 on the Ethereum mainnet, from the current cap of 7,100 to 20,000.

DeFiLlama 4. Borrowing

The data shows that the value of locked collateral on the chain rose from $26.74 billion to $28.85 billion last week, a week-to-week increase of 7.8%. Specifically, the number of ETH mortgages rose from 17.26 to 17.52 million last week, an increase of 1.5%. From the perspective of individual projects, the top three lock-up values ​​are: Lido $8.28 billion; MakerDAO $7.28 billion; Curve $4.44 billion.

4. News

(1) Report: The deployment of Ethereum smart contracts will increase by 293% in 2022, and the fourth quarter is the peak of activity

According to a new report from Alchemy, the number of smart contracts deployed on Ethereum will increase by 293% in 2022 compared to 2021, reaching a growth rate similar to last year's peak. It is worth noting that this peak of activity will occur in the fourth quarter of 2022, when the FTX crash leads to a large outflow of funds. According to the report, the number of smart contracts deployed in the fourth quarter of 2022 increased by 453% quarter-on-quarter to 4.6 million. In addition, in the fourth quarter of 2022, the deployment of smart contracts on the Ethereum Goerli testnet increased by 187%, a year-on-year increase of 721%, reaching a record high of 2.7 million. (Decrypt)

(2) The National Australia Bank created the Australian dollar stablecoin AUDN on the Ethereum chain

According to sources, the National Australia Bank (NAB) created the Australian dollar stablecoin AUDN on the Ethereum network in December last year to allow its business customers to use Australian dollars to settle transactions based on blockchain technology in real time. It is reported that AUDN is anchored 1:1 with the Australian legal currency hosted by the bank. NAB aims to launch transactions by mid-year, including carbon credit trading and remittances overseas.

AUDN will not be open to customers for at least three months as NAB conducts internal tests, including transferring funds between subsidiaries and branches, which are being carried out under the supervision of the banking regulator.

Additionally, another stablecoin, AUDE, launched late last year by fintech firm Ettle in partnership with Meadow Labs, will be available to retail and institutional investors on Ethereum and the Algorand chain. (Australian Financial Review)

(3) The total sales of NFT on the Ethereum chain exceeded 35 billion US dollars, ranking first