ETH Weekly | Lido upgrade to V2 will activate Ethereum withdrawals; Optimism mainnet will undergo Bedrock upgrade on June 7 (5.15-5.21)

1. Overall overview

1. Overall overview

The Lido V2 upgrade was voted in and will allow users to withdraw staked ETH. Due to multiple security audits, Lido takes an additional month to process withdrawals. According to Dune data, Lido has withdrawn a total of 450,000 pledged ETH, accounting for 7% of its total pledged amount, and there are still 6.49 million ETHs in the pledged state.Additionally, the Lido community publishesnew proposal

, plans to introduce an LDO staking module and a repurchase program to support token holders to pledge LDO in exchange for a portion of Lido DAO revenue (through the LDO repurchase and distribution plan), which includes 20-50% of future Lido DAO revenue (based on Governance decision specific parameters) distributed to LDO pledged users every week through the repurchase and distribution mechanism.

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 $1,800 and may continue to test $1,800 in the short term. If the support is valid, it is expected to rebound to $1,850 and $1,900.

2. Network operation

Etherscan 3. Large transaction

3. Large transaction

OKlink data4. Rich list address

4. Rich list address

OKLink dataOKLink data

token.unlocks3. Ecology and technology

3. Ecology and technology

1. Technological progress

1. Technological progress

107th Ethereum ACDC meeting: Core devs plan to launch new testnet next week

On May 18, Ethereum core developers held the 109th All-Core Developer Consensus (ACDC) conference call, hosted by Danny Ryan, a researcher at the Ethereum Foundation. ) changes. This week, developers discussed preparations for the next Deneb specification release (Deneb is the name of the next instant Ethereum upgrade under CL). The developers are targeting a launch early next week, Tuesday, May 23, and plan to launch a new testnet to confirm the latest changes to Deneb's specification shortly thereafter. It is reported that four changes will be included in the next Deneb version. Additionally, the developers discussed an update to EIP-4788, which allows smart contract applications on EL to verify proofs of CL state.

It's official, the Ethereum client Prysm has released version v 4.0.4, which includes many optimizations since the previous version. This is the first full release following the recent ethereum mainnet issues and it is highly recommended to upgrade to this release immediately.

2. Voice of the Community

2. Voice of the Community

Former Ethereum Foundation developer skeptical of crypto project Worldcoin

Worldcoin, the encryption project founded by OpenAI CEO Sam Altman, is in advanced talks to raise about $100 million and is preparing to launch in the next few weeks, three people familiar with the matter said, according to previous reports. The project, which has been in beta testing, is now preparing to launch its blockchain protocol and start recording transactions within the next six weeks.

3. Project trends

3. Project trends

(1) The Lido V2 upgrade has been voted through and Ethereum withdrawal will be activated

The Lido V2 upgrade has been voted and has been upgraded to the V2 version, which will allow users to withdraw the pledged ETH. Due to multiple security audits, Lido takes an additional month to process withdrawals. According to Dune data, Lido has withdrawn a total of 450,000 pledged ETH, accounting for 7% of its total pledged amount, and there are still 6.49 million ETHs in the pledged state.Additionally, the Lido community publishesnew proposal

, plans to introduce an LDO staking module and a repurchase program to support token holders to pledge LDO in exchange for a portion of Lido DAO revenue (through the LDO repurchase and distribution plan), which includes 20-50% of future Lido DAO revenue (based on Governance decision specific parameters) distributed to LDO pledged users every week through the repurchase and distribution mechanism.

(2) Loopring launched the "Block Trade" function to build a P2P trading system

According to official news, the Ethereum Layer 2 protocol Loopring launched the "Block Trade" function, which is similar to the block trade in the traditional stock market. It has built a set of P2P trading methods outside the public order book trading system. In which price range is the transaction, based on which the market maker goes to other markets to move bricks to match the order.

(3) The Bedrock upgrade of the Optimism mainnet will take place on June 7, and the mainnet will be shut down for 2 to 4 hours at that time

（4) Ronin Network launched the NFT market Mavis Market

The Ethereum sidechain Ronin Network launched the NFT market Mavis Market to support the transaction of NFT on Ronin. Users can purchase NFTs with AXS, WETH, USDC, and RON. NFT authors can set their own royalties, and Mavis Market will charge a fixed fee of 2.5%, of which 2% will be allocated to Sky Mavis and 0.5% will be allocated to the Ronin treasury.

The Ethereum sidechain Ronin Network launched the NFT market Mavis Market to support the transaction of NFT on Ronin. Users can purchase NFTs with AXS, WETH, USDC, and RON. NFT authors can set their own royalties, and Mavis Market will charge a fixed fee of 2.5%, of which 2% will be allocated to Sky Mavis and 0.5% will be allocated to the Ronin treasury.

(5) The proposal to deploy Uniswap V3 to Moonbeam is being voted on the chain

The Tally voting page shows that the Uniswap community is conducting an on-chain vote on the proposal to “deploy Uniswap V3 on Polkadot’s EVM-compatible parachain Moonbeam”. The proposal currently has 99.99% support, with voting closing on May 17. According to the proposal, GFX labs will be responsible for the technical deployment of contracts on the target chain, and the cross-chain bridge will be provided by Wormhole. Approval of the proposal by Uniswap governance will result in said Uniswap v3 contract being considered a canonical deployment on Moonbeam. If this vote passes, like all canonical v3 deployments, this deployment will be governed and controlled by the Ethereum Layer 1 Uniswap protocol.

(6) CyberConnect releases Litepaper, including three core components including CyberProfile and CyberWallet

According to the Litepaper released by CyberConnect, the Web3 social graph protocol, the three core components of CyberConnect are CyberProfile, CyberConnect Social Graph, and the smart contract wallet CyberWallet under development. The utility of CyberConnect’s native token CYBER includes governance, CyberProfile minting payment, and Gas payment in CyberWallet. Cyberwallet is under development and will be deployed on Ethereum, Optimism, Arbitrum, BNB Chain, Base and Polygon.

According to previous news, CyberConnect will be publicly sold on CoinList at 1:00 on May 19, 2023. The total supply of CYBER is 100 million, and this public sale accounts for 3% of the total supply. Additionally, 12% of the total supply is reserved in the CyberConnect community’s reward pool, of which 2.4% will be distributed to early adopters and community members when the token goes live.

(7) The Uniswap community voted to approve the proposal on "deploying Uniswap V3 to Moonbeam"

The Tally voting page shows that the Uniswap community passed the proposal of "deploying Uniswap V3 to Moonbeam" almost unanimously (99.99%). It is reported that discussions on the proposal have already begun in 2022. At that time, the proposal chose Nomad as the designated cross-chain messaging solution, and the proposal was forced to be suspended due to the attack on Nomad.
According to the proposal, GFX labs will be responsible for the technical deployment of contracts on the target chain, and the cross-chain bridge will be provided by Wormhole. Approval of the proposal by Uniswap governance will result in said Uniswap v3 contract being considered a canonical deployment on Moonbeam. Like all canonical v3 deployments, this one will be governed and controlled by the Ethereum Layer 1 Uniswap protocol.

After Uniswap V3 is deployed to Moonbeam in the future, the Moonbeam Foundation will provide liquidity incentives.

(8) Coinbase launched the educational platform Base Camp for Web3 developers

Coinbase has spent the past 6 months developing an educational platform, Base Camp, internally that will run on its Base Optimistic Rollup infrastructure. According to Jesse Pollak, head of Coinbase's protocol team, the goal of Base Camp is to bring a fraction of the 30 million or so Web2 developers around the world to Web3. Base is currently in a testnet phase, and Coinbase expects to launch a mainnet version in the coming weeks. Unlike multipurpose learning platforms like Coursera and edX, Base Camp will include on-chain exercises to give developers hands-on experience. At each learning milestone, developers will receive an NFT badge. (Blockworks)

(9) BitDAO and Ethereum's second-layer solution Mantle Network will be merged

BitDAO has announced that it is merging with the Mantle Network, the Ethereum second-layer solution it funds. Members of the BitDAO community approved the merger through governance proposal BIP-21. According to its "Brand, Token and Token Economics Optimization" proposal, BitDAO, Mantle, and BIT ecology will be collectively named Mantle, the existing governance and DAO will be called Mantle Governance, and BIT tokens will also be converted into Mantle . Through this integration, Mantle Network developers inherited nearly $300 million in stablecoin reserves and over 270,000 ETH ($485 million) from BitDAO, the announcement said. This funding will play a key role in funding the expansion and wider adoption of the Mantle Network. (The Block)

The latest update of Aave V2 makes it impossible to withdraw, borrow and repay about 110 million US dollars of WETH, USDT, WBTC, and WMATIC in Aave V2 on Polygon. At present, Aave has submitted a patch to fix this problem, which will be deployed after voting. The reason for the problem is that the Polygon implementation of Aave V2 uses a slightly different function definition list for its interest rate strategy contract, which makes a bug after the update.

4. Borrowing

DeFiLlamaThe data shows that the value of locked collateral on the chain fell from $27.23 billion to $26.95 billion last week, a 1% month-on-month drop. Specifically, the number of ETH mortgages dropped from 15.13 million to 14.93 million last week, a drop of 1.3%. From the perspective of individual projects, the top three lock-up values ​​are: Lido $11.83 billion; MakerDAO $6.84 billion; Aave $4.43 billion.

4. News

4. News

(1) Data: The market share of NFT trading volume on the Ethereum chain reached 96% in April

According to Footprint Analytics data, Ethereum accounted for the largest share of NFT transaction volume last month, with a market share as high as 96%. However, in terms of active users of NFT on the chain, Ethereum only accounts for 44%, followed by Polygon with 37%. While Ethereum remains the platform of choice for most mainstream NFT projects, its network congestion and high transaction fees may drive some users to alternative platforms.

In terms of the NFT market, Blur still has an absolute advantage in terms of transaction volume in April. However, from the perspective of the number of transactions, OpenSea still has the upper hand. Blur's dominance suggests that it is more suitable for professional users with high-value assets and larger transactions. OpenSea, on the other hand, has looser transactions and smaller transaction sizes, which are more suitable for retail users and small daily transactions. In addition, there were 11 investment and financing transactions in the NFT market in April, an increase from 8 in March. (Cryptoslate)

(2) Encryption asset management company Bitwise has requested to withdraw its application to the US SEC for Ethereum futures ETF

Cryptocurrency asset manager Bitwise has asked to withdraw its application for an ethereum futures ETF with the U.S. Securities and Exchange Commission (SEC), saying that “under the aforementioned post-effective amendment to the trust’s registration statement, the trust no longer intends to seek effective registration of the fund.” nor have they sold or will sell the Fund's securities".

(3) Visa deploys two sets of Paymaster contracts on the Ethereum Goerli test network to study account abstraction use cases

Payment giant Visa recently published "Rethinking Digital Transactions with Account Abstraction". According to the article, in order to better understand the Ethereum account abstraction proposal ERC-4337, the Visa team has deployed two sets of experimental Visa Paymaster contracts on the Ethereum Goerli test network, showing how to redesign the gas fee on the blockchain to improve User convenience.
Both sets of tests used the startup code provided by the Ethereum Foundation and the ERC-4337 core team. With the first set of Visa Paymaster contracts, Visa is exploring whether users can pay transaction fees with other tokens, such as U.S. dollar stablecoins or even central bank digital currencies. In this case, the payer pays transaction fees in ETH by receiving an equivalent amount of generic ERC-20 tokens paid by the user. The test setup includes deploying a smart contract wallet and sending user actions.