ETH Weekly | The upgrade of Ethereum "Shanghai" is scheduled for March 2023, and pledged ETH withdrawals will be opened; BitMEX launches encrypted derivatives linked to Ethereum pledged income (12.5-12.11)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

The developers also agreed to a second hard fork sometime in the fall of 2023, which would address another important scaling upgrade — proto-danksharding, also known as EIP 4844. EIP 4844 will make ethereum more scalable through sharding, a method of dividing the network into "shards" to increase its capacity and reduce gas fees.

Second, the secondary market

1. Spot market

Second, the secondary market

(ETH daily chart, picture from OKX)

According to OKX market data, the price of ETH once rebounded to $1,300 last week, and closed at $1,273 during the week, up 1.5% month-on-month.

2. Network operation

etherchain.orgThe daily chart shows that the price is currently consolidating around $1,250 and may continue to test $1,200 in the short term. The upper resistance is $1,300, and the lower support is $1,250 and $1,200.

3. Large transaction

OKlink data3. Large transaction

4. Rich list address

OKlink data4. Rich list address

3. Ecology and technology

1. Technological progress

OKlink data

It shows that the total amount of pledged ETH in the entire network is currently 15,630,616 ETH, and the pledge rate is 13.07%, an increase of 106,640 compared with last week; from the perspective of the distribution of holding addresses, exchanges accounted for 11.38%, an increase of 0.22% from the previous month; DeFi Projects accounted for 17.91%, up 0.13% month-on-month; large addresses (top 1,000 addresses and excluding exchanges and DeFi projects) accounted for 36.16%, down 0.37% month-on-month; other addresses accounted for 34.54%, up 0.02% month-on-month.

3. Ecology and technology

1. Technological progress

(1) The Ethereum "Shanghai" upgrade is scheduled to take place in March 2023, and pledged ETH withdrawals will be open

Ethereum core developers finalized part of the network's next hard fork, dubbed "Shanghai," at the All Core Developers conference last Thursday. The upgrade, scheduled for March 2023, will open up withdrawals of ETH staked on the beacon chain, also known as EIP 4895. The developers also agreed to address in Shanghai the implementation of the EVM Object Format (EOF), a collection of EIPs that essentially upgrade the Ethereum Virtual Machine, the environment in which ethereum is able to execute smart contracts. These Ethereum Improvement Proposals (EIPs) are EIP 3540, EIP 3670, EIP 4200, EIP 4570, EIP 5450.

The developers also agreed to a second hard fork sometime in the fall of 2023, which would address another important scaling upgrade — proto-danksharding, also known as EIP 4844. EIP 4844 will make ethereum more scalable through sharding, a method of dividing the network into "shards" to increase its capacity and reduce gas fees.
Following the call, ethereum developers are aiming to launch a new public testnet for Shanghai (upgrade) around December 15-16. Ethereum developers will focus on making Shanghai as smooth as possible for the next month, and plan to launch the mainnet shadow fork in mid-to-late January 2023. (CoinDesk)

(2) Paradigm has open sourced the Rust-based Ethereum client Reth on Github

Paradigm has open-sourced the Rust-based Ethereum client Reth on Github. Its code has not yet been audited. Anyone can use it under the Apache/MIT license without any additional conditions. The community is encouraged to fork it and contribute documents , question, request, etc.

Reth (Rust Ethereum) is a new Ethereum full node that focuses on user-friendliness, modularity, speed and efficiency, and is compatible with all Ethereum consensus clients that support the Engine API.

As previously reported, in November Paradigm announced that it is building a Rust-based Ethereum client Reth, which does not contain any existing client code, but is built on top of clients including Geth, Erigon, and Akula.

2. Voice of the Community

(1) Vitalik published an article discussing the noteworthy application categories in the Ethereum ecosystem

Vitalik Buterin published today a blog post "What excites me in the Ethereum application ecosystem". The article said that the excitement about Ethereum is now no longer based on the potential of undiscovered unknowns, but on some specific categories of applications that have proven themselves and will only grow stronger. The article discusses five aspects: currency (the first and most important application), DeFi (keep it simple), identity ecosystem (ENS, SIWE, PoH, POAP, SBT), DAO, and hybrid applications.

Vitalik also said that in the long run, many of these apps will need to overcome privacy concerns. The FTX debacle showed many people the importance of holding funds through a truly decentralized solution. Rollup technology is rapidly evolving to address scalability issues, and transactions are already on-chain faster than they were three years ago. But it's also important to pay conscious attention to the app ecosystem itself. Many of the more stable, boring apps aren't built because they're less exciting and don't have much short-term profit to be made: LUNA once had a market cap of over $30 billion, and those striving for robustness and simplicity Stablecoins have often been overlooked for years. Non-financial apps generally have no hope of reaching $30 billion in revenue because they simply don’t have tokens. But in the long run, it is these applications that are most valuable to the ecosystem and will bring the most lasting value to their users and to the people who build and support them.

(2) V God released the ChatGPT coding test article, saying that AI is not enough to replace programmers

Ethereum founder Vitalik Buterin published an article on coding experiments using ChatGPT. According to its test results, ChatGPT will make mistakes during the coding process, but it also proposes some new coding modes, and it will speed up the coding speed, which is very helpful as a programming aid. V God said, "AI is improving rapidly, and I hope it can continue to be further optimized and eliminate such errors over time. However, AI is far from being a replacement for human programmers."
3. Project trends

(1) Optimism plans to migrate the Goerli network to Bedrock with a public exercise on December 13th

Optimism has announced plans to migrate Optimism Goerli to Bedrock with a public walkthrough on December 13 at 2:00 GMT. Optimism forking the existing L1 Goerli and Optimism Goerli networks will run a full end-to-end migration on both networks, which takes about an hour. After the preview, the forked Optimism Goerli network will be upgraded to Bedrock. This migration walkthrough is mainly for infrastructure providers and running nodes.

According to previous reports, in May this year, Optimism announced the launch of the decentralized Rollup infrastructure Bedrock, which reuses Ethereum’s code, infrastructure, and design patterns as much as possible, and said that "EVM equivalent" is a thing of the past. Bedrock brought is "Ethereum Equivalent".

Optimism said that Bedrock will be released as the infrastructure of Cannon, an interactive fault proof system, and its advantages include reduced transaction fees, increased maximum throughput, and increased node synchronization speed.

(2) Optimism announced that it will distribute 10 million OP in RetroPGF 2 to fund projects and developers

According to official news, Optimism, the second-layer expansion plan of Ethereum, announced its second round of retroactive public product fundraising (RetroPGF 2). RetroPGF 2 will distribute 10 million OP in January 2023 to support the development and use of OP Stack. public product. Optimism will also bring in a first-generation Citizens' House to manage the distribution of funds.

Anyone can nominate projects or individuals for funding on the Optimism Governance Forum between January 3-17, 2023. In order to be eligible for funding, nominated projects or individuals must complete a project brief in the Gitcoin Grants Hub between January 3-24. RetroPGF 2 badge holders will vote on how funds are allocated for the project. Voting will take place from January 31 to February 10.

(3) Polygon: One-third of the tokens sold in the $450 million financing have been vested and distributed. Investors include Alameda Research, etc.

Polygon said the first vestings and distributions were completed two weeks ago in a $450 million financing round in 2021 through a token sale. According to the previous financing details, the vesting and distribution of the first one-third of the three-year unlocking period of this financing will start in late November 2022. According to previous news, Polygon, an Ethereum expansion solution, completed a financing of US$450 million, led by Sequoia Capital India, and participated by SoftBank, Tiger Global, and Galaxy Digital.

(4) The Starknet ecological domain name project Starknet.id is launched on the main network

According to the official Twitter, Starknet.id, the Starknet ecological identity and domain name protocol, announced that the mainnet will be launched at 22:00 Beijing time today. Users will be able to directly register a bridge to the Starknet mainnet with their Ethereum wallets. It is reported that ID allows users to use .stark domain names instead of the hexadecimal addresses of StarkNet accounts. Starknet.id is open source and license-free, Starknet.id and Starknet/Starkware are not a team and are not affiliated with them.

(5) Metaverse platform Decentraland launched a virtual land rental business

The metaverse platform Decentraland announced the launch of the virtual land lease business, that is, the owner of the virtual land LAND can lease it to other users, and the rented land will be stored in the Decentraland Foundation (off-chain) and Ethereum transaction (on-chain) In managed servers, ensure that LAND is leased in a secure and trustless manner.

At present, Decentrland has launched the "Renting" function on its market platform. LAND owners can choose the number of days and the price of the lease, and it will be automatically recovered after expiration. However, Decentrland reminds that before the lease back, the leased LAND cannot be sold, and the rent will be paid with its native token MANA. (cryptotvplus)

(6) The Ethereum side chain Gnosis Chain has been merged, and the consensus mechanism has transitioned to PoS

According to official news, the Ethereum side chain Gnosis Chain has completed the merger at 02:45:14.829 on December 9, and the consensus mechanism has transitioned from Proof-of-Authority to Proof of Stake.

(7) Cross-chain bridge Hop Protocol will be deployed to zkSync 2.0

Ethereum Layer 2 expansion solution zkSync announced on Twitter that the cross-chain bridge Hop Protocol will be deployed to its main network when the zkSync 2.0 main network fully launches Alpha, allowing users to transact and transfer funds across Rollup and Layer 1. According to previous news in October, the first phase of the zkSync 2.0 mainnet, Baby Alpha, has been launched, and it is expected to enter the third phase, Full Launch Alpha, early next year and open to all users.

(8) Hashflow announced the integration of Wormhole, an interoperability protocol

On Dec. 7, decentralized trading platform Hashflow announced an integration with interoperability protocol Wormhole to provide cross-chain trading functionality. Currently Hashflow supports Ethereum, Avalanche, Optimism, Arbitrum, Polygon and BNB Chain. This partnership will allow Hashflow users to exchange cryptocurrencies on more chains at lower fees. (The Block)

(9) Data: Chainlink Pledge Protocol v 0.1 Community pledged LINK has exceeded 10 million pieces
According to Chainlink's official pledge information, the Chainlink pledge agreement v 0.1 community pledged LINK has reached 10.747 million pieces. The information on the page shows that the rate of return for community stakers in this round is about 4.75%.

As previously reported, on December 7, Chainlink, a decentralized oracle network, announced that the v0.1 beta version of its pledge agreement has been launched on the Ethereum mainnet. In the current v0.1 pool, 22.5 million LINKs are allocated to community stakers on a first-come, first-served basis, and 2.5 million LINKs are allocated and reserved for node operator stakers. Staking LINK and rewards will be locked until the release of Staking v 0.2.

DeFiLlama According to the official Twitter, the Ethereum Core Contributor Compensation Program Protocol Guild has announced its progress in the past 6 months. So far, it has received $9.7 million in donations, including $8.8 million from Lido DAO, Uniswap, ENS, Nouns, MolochDAO, including 29% LDO, 19% ENS, 22% ETH or WETH, 2% other tokens.

4. News

At present, the Protocol Guild has distributed $5 million to members, and the current members of the Protocol Guild have grown from the initial 90 members to 128 members, with an average of $39,000 per member. It is reported that Protocol Guild is a program designed to provide client developers and researchers with token compensation for Ethereum-based projects.

4. Borrowing

The data shows that the value of collateral locked on-chain fell from $24.35 billion to $24.04 billion last week, a 1.2% drop for the week. Specifically, the number of ETH mortgages dropped from 19.59 million to 19.02 million last week, a drop of 2.9%. From the perspective of individual projects, the top three lock-up values ​​are: MakerDAO $6.27 billion; Lido $6.02 billion; Curve $3.49 billion.

4. News

(1) Three asset managers plan to launch ETFs tracking crypto futures in Hong Kong

Three asset managers have applied to launch exchange-traded funds (ETFs) for retail investors in Hong Kong that will track investments in bitcoin futures and ethereum traded on CME Group, following Hong Kong's statement that it will allow more locals exposure to digital assets. futures. According to sources, the three asset management companies are CSOP Asset Management (Southern OPIN Asset Management Co., Ltd.), Samsung Asset Management (Samsung Asset Management Company) and Mirae Asset Global Investment (Mirae Asset Global Investment (Hong Kong) Co., Ltd.) . (asia.nikkei)

(2) Windows media player Winamp adds support for music NFT on Ethereum and Polygon chains

Windows media player Winamp announced the launch of a new version V 5.9.1, which will support music NFT on Ethereum and Polygon chains. Music lovers can link their Metamask wallets to Winamp through Brave, Chrome or Firefox browsers. Supported Audio and video files based on the Ethereum and Polygon blockchains and following the ERC-721 and ERC-1155 standards.