ETH Weekly | Ethereum mainnet will undergo Shapella upgrade on April 12; Lido V2 is expected to be launched in mid-May (3.13-3.19)

1. Overall overview

1. Overall overview

Ethereum core developers confirmed in the conference call that there will be a Shanghai (Shapella) upgrade on the Ethereum mainnet on April 12th, which will enable pledged ETH withdrawals, pending confirmation of the date by the developers on GitHub, which will be fixed no longer change. The Shanghai upgrade, more accurately known as “Shapella,” marks the completion of ethereum’s full transition to a proof-of-stake (PoS) network and will eventually enable pledged ETH withdrawals.

Arbitrum will airdrop the governance token ARB to its community members on March 23. The airdrop token will account for 12.75% of the total token supply, and the token will be distributed to users who have used the network in the past year. Among them, the airdrop will distribute 11.5% of the total supply to Arbitrum users, and another 1.25% to the DAO and Protocol Guild in the Arbitrum ecosystem, which is a DAO composed of Ethereum developers. Most of the supply will go to the Arbitrum Foundation, which will be controlled by the newly formed Arbitrum DAO. Additionally, the governance token ARB will also be used to govern the arbitrrum Nova network and any other second-layer networks officially sanctioned by the DAO. The token will not be used to pay transaction fees on the network.

Second, the secondary market

Second, the secondary market

1. Spot market

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ETH daily chart via OKX

The daily chart shows that the price is currently consolidating around $1,750, and the support level is $1,700. If the support is valid, it is expected to continue to hit $1,800; the price may continue to test $1,800 in the short term.

2. Network operation

etherchain.org3. Large transaction

3. Large transaction

OKlink data4. Rich list address

4. Rich list address

OKlink data3. Ecology and technology

3. Ecology and technology

1. Technological progress

1. Technological progress

(1) The Ethereum mainnet will undergo a Shanghai (Shapella) upgrade on April 12

Ethereum core developers confirmed in the conference call that there will be a Shanghai (Shapella) upgrade on the Ethereum mainnet on April 12th, which will enable pledged ETH withdrawals, pending confirmation of the date by the developers on GitHub, which will be fixed no longer change. The Shanghai upgrade, more accurately known as “Shapella,” marks the completion of ethereum’s full transition to a proof-of-stake (PoS) network and will eventually enable pledged ETH withdrawals.

Beaconcha data shows that the transaction at epoch 162304 of the Ethereum Goerli testnet has been confirmed, marking the completion of the testnet Shapella upgrade. However, due to the low validator participation rate, the epoch was not finalized at that time. During a YouTube livestream, Ben Edgington, product lead for ethereum client Teku, admitted that the low participation rate may be due to validators not upgrading the Goerli fork in a timely manner.

2. Voice of the Community

2. Voice of the Community

Vitalik Buterin, the co-founder of Ethereum, posted that self-custody is very important, and social recovery and multi-signature are good ways to achieve this goal. He himself uses a multi-signature wallet to store most of his funds, as does the Ethereum Foundation. Once social recovery wallets become mature enough, Vitalik's proposal is to use social recovery for hot wallets that store a small portion of an individual's or organization's funds, and multisig for cold wallets that store an individual's or organization's savings.

3. Project trends

3. Project trends

(1) Polygon: The Polygon wallet suite will be supported when the zkEVM mainnet Beta launches at the end of the month

Polygon announced that the Polygon wallet suite will also be available on Polygon zkEVM when the mainnet Beta of Polygon zkEVM launches later this month. The Polygon wallet suite will provide almost the same user experience as Polygon PoS on the Polygon zkEVM, including bridging, Fast Finality, asset management, no mapping, etc. Additionally, Matic.js SDK and Gas Station will also be supported shortly after the Polygon zkEVM Mainnet Beta launch.

As previously reported, Polygon will release the beta version of the zkEVM mainnet on March 27. Polygon says its zkEVM has EVM equivalence and has passed 100% of the Ethereum test vectors applicable to zkEVM. Developers can copy-paste code that works on Ethereum and use it to build on Polygon zkEVM without changing a thing, and all Ethereum tools work seamlessly with Polygon zkEVM.

(2) The blockchain company RockX launched Bedrock, a liquidity staking platform, with Amber Group as one of the first customers

Singapore-based blockchain company RockX has announced the launch of Bedrock, a liquidity staking platform aimed at attracting retail and institutional investors for liquidity investing. In addition, Bedrock will also provide KYC and AML compliance services for Ethereum staking institutions. It is reported that, as an investor of RockX, Amber Group will be one of the first customers of Bedrock platform. According to previous news, RockX completed a US$6 million Series A financing in April last year, with Matrixport, FBG Capital and others participating. (CoinDesk)

(3) Lido V2 is expected to launch on the Ethereum mainnet in mid-May and open stETH withdrawals

Lido tweeted that Lido V2 will be launched on the Goerli test network next week. After about 4 weeks of testing, the Ethereum mainnet is expected to be launched in mid-May. Withdrawals of stETH will not start on mainnet until all audits on the chaincode are complete (expected end of April), which is currently expected to start around mid-May.

Previously, the Lido community passed the V2 upgrade proposal with 100% support. According to the Lido team, the V2 smart contract underwent a total of 7 audits at a cost of $1.2 million. 2 of them have been completed and 5 are in progress. As of last Friday, all critical issues identified in the audit had been fixed. The updated contract has been deployed to the Ethereum Zhejiang testnet for testing.

(4) ImmutableX, the Ethereum NFT layer-2 expansion solution, will announce two major updates on March 21

According to the official website and tweets, ImmutableX, the Ethereum NFT layer-2 expansion solution, will announce 4 major updates in the next 2 months. The official believes that this update is the largest Token utility upgrade in the history of IMX and will permanently change the foundation of IMX. It is reported that two of the upgrades will be announced in the early morning of March 21, Beijing time.

(5) Coinbase will allow ETH pledged withdrawal after Shanghai-Capella upgrade

Coinbase said on Twitter that it will begin accepting unstaking requests 24 hours after Shanghai-Capella upgraded to the ethereum network. Coinbase pointed out, "The process of unstaking is controlled by the Ethereum protocol, and we are just a channel. We don't know the exact time to wait for unstaking." Start pledged ETH withdrawal after code audit to ensure user safety.

(6) The Ethereum client Nimbus will update the donation wallet to a multi-signature address, which will be transferred within 24 hours

According to the official Twitter, the Ethereum client Nimbus will update the donation wallet address to a multi-signature address to reduce management risk. It will reduce management donation risk and strengthen internal operations. Funds from the original donation address will be transferred to this new address within the next 24 hours. The Nimbus donation address on Gitcoin will be updated with this new address in the coming days. Nimbus retains access to the funds in the original donation address.

(7) Arbitrum will airdrop the governance token ARB to its community members on March 23

Arbitrum will airdrop the governance token ARB to its community members on March 23. It is reported that the token will control the governance of the Arbitrum One and Nova networks through the DAO, which will be supported by the Security Council.

Airdrop tokens will represent 12.75% of the total token supply, and tokens will be distributed to users who have used the network in the past year. Among them, the airdrop will distribute 11.5% of the total supply to Arbitrum users, and another 1.25% to the DAO and Protocol Guild in the Arbitrum ecosystem, which is a DAO composed of Ethereum developers. Most of the supply will go to the Arbitrum Foundation, which will be controlled by the newly formed Arbitrum DAO. Additionally, the governance token ARB will also be used to govern the arbitrrum Nova network and any other second-layer networks officially sanctioned by the DAO. The token will not be used to pay transaction fees on the network.

(8) LinksDAO confirmed that it has won the bid for the Scottish Golf Club

LinksDAO has confirmed it has won the bid to buy Scotland's Spey Firth Golf Club. The final purchase price is unknown. In its first attempt at acquiring a golf course, LinksDAO voted in February and gained support from participants. After selling more than 9,000 NFTs in just 24 hours at the beginning of the year, LinksDAO raised about $11 million worth of Ethereum.

Succinct Labs announced the launch of Telepathy, a zkSNARK-based Ethereum interoperability protocol. The protocol allows developers to implement trustless communication from Ethereum to other chains with the security of the Ethereum light client protocol. At present, the protocol has been launched on the main network, and a demo has been released for users to experience.

4. Borrowing

DeFiLlamaThe data shows that the value of locked collateral on the chain rose from $25.96 billion to $287.1 billion last week, a 10.5% increase in a week. Specifically, the number of ETH mortgages dropped from 17.6 million to 15.94 million last week, a drop of 9.4%. From the perspective of a single project, the top three locked positions are: Lido 10.35 billion US dollars; MakerDAO 7.68 billion US dollars; Aave 4.7 billion US dollars.

4. News

4. News

(1) The National Australia Bank completed the first inter-bank cross-border stablecoin transaction on the Ethereum network

National Australia Bank says it has completed the first intra-bank cross-border transaction using its own stablecoin via ethereum. The deal is part of NAB’s pilot for the Australian dollar-backed stablecoin. National Australia Bank intends to issue a stablecoin coded "AUDN", which will be managed as a liability on its books. The company plans to further support trading in AUD, NZD, SGD and USD, as well as EUR, JPY and GBP. Digital asset infrastructure provider Fireblocks and fintech platform Blockfold will assist with smart contract matters, direct token custody, and minting and burning. (BlockWorks)

(2) Fidelity launched the encrypted investment product Fidelity Crypto, which supports Bitcoin and Ethereum transactions

Fidelity Digital Assets has quietly opened up access to its encrypted investment product, Fidelity Crypto, to the public. Millions of users can now trade bitcoin and ethereum commission-free on the platform, with the company charging a spread of no more than 1 percent and withdrawals not yet enabled.
According to people familiar with the matter, the general opening of Fidelity Crypto has been carried out in the past few weeks. It's important to note, however, that the service isn't available in all US states.

Access to the app was previously restricted to users on a waitlist, and new users must now create a Fidelity Brokerage account during the setup process. (The Block)

(3) Data: On March 16, 183 Ethereum validators voluntarily withdrew, setting the second highest record since the merger