ETH Weekly | V God said that Ethereum 2.0 may merge as early as August; after the deployment of EIP-1559, a total of 2.35 million ETHs were destroyed (5.16-5.22)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

At the ETH Shanghai conference held on May 20, 2022, Ethereum founder Vitalik Buterin said that Ethereum 2.0 is currently undergoing final network testing. If all problems are resolved, the merger may be carried out as early as August. Other situations are also possible in September or October.

Second, the secondary market

1. Spot market

Second, the secondary market

(ETH daily chart, picture from OKX)

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2. Large transaction

OKlink data2. Large transaction

3. Rich list address

OKlink data3. Rich list address

3. Ecology and technology

1. Technological progress

OKlink data

It shows that the current ETH pledge rate of the entire network is 10.68%, an increase of 0.05% month-on-month, and the number of ETH pledges has increased by nearly 70,000; in addition, from the perspective of the distribution of holding addresses, exchanges accounted for 9.39%, an increase of 0.13% month-on-month; DeFi projects accounted for Compared with 18.4%, it increased by 0.04% month-on-month; large addresses (the top 1000 addresses and excluding exchanges and DeFi projects) accounted for 39.6%, a decrease of 0.28% month-on-month; other addresses accounted for 32.63%, an increase of 0.13% month-on-month.

3. Ecology and technology

1. Technological progress

Vitalik Buterin, founder of Ethereum, said at the ETH Shanghai Conference on May 20, 2022 that Ethereum 2.0 is currently undergoing final network testing. If all problems are resolved, the merger may take place as early as August. situation, also possible in September or October.

2. Voice of the Community

In addition, Vitalik added that the Ethereum ecology is now too focused on financial applications such as DeFi. The risks of financial applications are too high, and there is little room for improvement. More applications in other fields need to be developed.

Ethereum smart contract programming language Solidity released v0.8.14 version. This update fixes two important bugs. The first vulnerability is related to ABI-encoded nested arrays directly from calldata. The second vulnerability is triggered in certain inheritance structures and can cause memory metrics to be interpreted as calldata metrics. Additionally, this release includes several minor bug fixes and improvements."application"V God: I hope to see Ethereum become a more Bitcoin-like system

3. Project trends

Vitalik Buterin, the founder of Ethereum, tweeted that there are still some open contradictions in my thoughts and values. I have been thinking about it, but I still feel that I have not fully resolved it. There is a tension between my desire to see Ethereum become a more Bitcoin-like system, emphasizing long-term stability, including cultural stability, and realizing that getting there will require quite a bit of actively coordinated short-term change . I tend to rely less on individuals and try to build fixed systems that will stand the test of time. I'd like to see Ethereum become an L1 that can survive the real extremes, but I realize that many critical applications on Ethereum already depend on something far more fragile than anything we think is acceptable in the Ethereum protocol design There are many security assumptions, and there is a contradiction between the two. I don't like many modern financial blockchains

application

(high price NFTs etc.) but I grudgingly appreciate that these things are a big part of keeping the crypto economy running and pay for all the cool DAO/governance experiments I love.

3. Project trends

(1) Terra Land will be migrated to the Ethereum blockchain, and users can apply for new TLAND tokens based on the snapshot

Terra Land stated on Twitter that in view of the current situation in the Terra ecosystem, we are moving the platform to the Ethereum blockchain and will keep the community updated on the progress of the work through official channels. The TLAND team recommends to stop trading TLAND tokens. Users can claim new TLAND tokens on the Ethereum network according to the snapshot between 11:29 and 12:45 CET on May 12th. Snapshot data will be released soon.

(2) Coinbase will allow some users to access Ethereum-based Dapps

Coinbase will begin allowing a small subset of its app users to access Ethereum-based decentralized applications (dapps) directly from the Coinbase app. This addition will help users: buy NFTs on various marketplaces including OpenSea and Coinbase’s own NFT platform; trade on decentralized exchanges like Uniswap and Sushiswap; DeFi platform lending.

This extension will be powered by Coinbase's new dapp wallet and browser. The new Android-based service will be rolled out to a limited number of users in the United States first, with plans to expand to all users and platforms soon. (CoinDesk)

(4) Layer 2 cross-chain protocol Zecrey received a strategic investment of USD 6 million from Binance Labs

Yuga Labs is considering migrating ApeCoin to other L1s. According to people familiar with the matter, both Avalanche and Flow hope to be the solution for ApeCoin's migration plan, believing that they are more suitable for hosting such a large NFT ecosystem like Yuga Labs is building.
According to previous reports, on May 1, Yuga Labs stated that its metaverse project Otherside casting activity caused short-term congestion on the Ethereum network and even crashed the Ethereum browser Etherscan. So it is clear that ApeCoin needs to be migrated to its own chain in order to scale properly, and I hope to encourage DAOs to start thinking in this direction. (CoinDesk)

According to an official announcement, Binance Labs announced a $6 million strategic investment in Zecrey, a Layer 2 cross-chain protocol. The funds will be used for Zecrey’s development team expansion, marketing and branding, and blockchain collaborations. Zecrey is a Layer 2 privacy cross-chain protocol based on ZK Rollup, which can realize cross-chain aggregation and management of digital assets in different public chains (Ethereum, NEAR, Solana, BNB Chain, etc.). According to previous news in March, Zecrey completed an angel round of financing of US$4 million, led by Spartan Group and Shima Capital, and participated by Spark Digital Capital and others.

(5) Yuga Labs considers migrating ApeCoin to other L1s, and both Avalanche and Flow provide solutions

Yuga Labs is considering migrating ApeCoin to other L1s. According to people familiar with the matter, both Avalanche and Flow hope to be the solution for ApeCoin's migration plan, believing that they are more suitable for hosting such a large NFT ecosystem like Yuga Labs is building.

According to previous reports, on May 1, Yuga Labs stated that its metaverse project Otherside casting activity caused short-term congestion on the Ethereum network and even crashed the Ethereum browser Etherscan. So it is clear that ApeCoin needs to be migrated to its own chain in order to scale properly, and I hope to encourage DAOs to start thinking in this direction. (CoinDesk)

(6) Aztec Connect, the second-tier privacy solution for Ethereum, will be launched on the mainnet on June 9

Aztec Connect, the second-level privacy solution for Ethereum, will be launched on the mainnet on June 9, and relevant code audits will be conducted three to four weeks before the launch, zk.money account migration will be performed two weeks before the launch, and the core Deployment of contract and cross-chain bridge mainnet. If all goes well, the test version will be removed according to the scheduled time and zk.money will be deployed to the mainnet environment. After going online, users can use Lido Finance to pledge Ethereum through Aztec and use Element Finance to obtain income.

(7) NFT liquidity solution provider XCarnival has completed the public beta of the Ethereum test network and will soon launch the Ethereum main network

NFT liquidity solution provider XCarnival recently launched XPawn, an Ethereum point-to-pool lending product, and launched a public test on the Ethereum testnet. It is reported that XCarnival supports more than 30 kinds of assets including BAYC, CloneX, Moonbirds, Doodles, etc., retains the NFT ownership of the pledger, supports them to receive various airdrops, and sets up a liquidation fund to protect the assets of the pledger. In addition, when XCarnival is launched on the Ethereum mainnet, it will launch a 96-hour liquidity incentive event.

(8) The Ethereum Foundation initiated a data availability sampling requirement proposal on Github

(9) Cross-chain bridge Wormhole pays $10 million bug bounty to white hat hacker satya0x

4. Borrowing

DefipulseThe Web3 bug bounty platform Immunefi announced that on February 24, the anonymous white hat hacker satya0x disclosed a serious vulnerability in the core bridge contract of the Wormhole of Ethereum. Potential lockup of user funds. The cross-chain bridge Wormhole verified and fixed the problem on the same day it was reported, without any loss of user funds. To this end, Wormhole paid satya0x a record-breaking $10 million bug bounty.

The data shows that the value of locked-up collateral on the chain dropped from US$56.673 billion to US$56.271 billion last week, a decrease of 1% a week; the net decrease of US$14.18 billion in the previous week was a net decrease of US$400 million last week, an increase of 97% month-on-month. Specifically, the amount of ETH mortgages rose from 6.562 million to 6.569 million last week, remaining basically unchanged; the amount of BTC mortgages dropped from 166,711 to 155,014, a drop of 7%.

5. Mining

(data from etherchain.org)

etherchain.org5. Mining

4. News

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(data from etherchain.org)

4. News

from22V Research(1) Norges Bank selected Nahmii, the Ethereum expansion plan, to cooperate in the CBDC sandbox project

According to official news, the Ethereum scaling program Nahmii announced that it has been selected to cooperate with the Norges Bank (Norges Bank) to carry out the upcoming experimental CBDC sandbox project. Nahmii will build a sandbox environment for Norges Bank, which will use the platform as part of a wider investigation into CBDCs. Norges Bank will consider many available technologies, including Layer-2 blockchain protocols, in the experimental tests.Santiment(2) Analysts are divided between bullish and bearish

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Analyst John Roque believes that Ethereum may fall to $420, which means an 80% drop from the current price. The trader believes that Ethereum, which is currently trading around $2,000, is in the process of collapsing from the support area and will likely drop to $420. Roque highlighted a range where $3,580 is considered the high of the range and $2,000 is considered the low of the range. And when Ethereum fell below $2,000, it no longer stayed in the above-mentioned range. Therefore, Ethereum will continue to fall, with the next support at around $420. Roque also added that Ethereum is oversold on both the weekly and daily charts, which is why it has not been able to rally in the near term.

Blockchain Analysis Company

Ethereum is sending a potentially bullish signal, explaining that increased token activity combined with a drop in ETH price is a sign of a bullish divergence. Santiment considers Ethereum’s NVT (Network Value to Transaction), which describes the relationship between transfer volume and market capitalization: “Ethereum’s price retrospectively coincides with the rise in its token circulation. Over a 10-month period, ETH Not gaining enough network liquidity to justify the high market cap levels, our NVT model is showing signs of a bullish divergence as a result of the sharp drop.” (The Daily Hodl)

(3) Since the deployment of EIP-1559, the Ethereum blockchain has destroyed 2.35 million ETH

According to current data, 2.35 million ETH has been burned on the Ethereum blockchain since the deployment of EIP-1559. This means that $8.1 billion worth of ETH has been burned over the course of nine months. Additionally, 18,110 ETH worth $34.9 million were burned in the past seven days. (Bitcoin.com)