Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with a support level of $3,100 and a resistance level of $3,500.

In terms of the secondary market, the current ETH price may pull back slightly in the short term, with a support level of $3,100 and a resistance level of $3,500.

Second, the secondary market

1. Spot market

According to OKEx market data, the price of ETH once rose by more than $4,000 last week, closing at $3,907 during the week, a month-on-month increase of 22.5%.

(ETH daily chart, picture from OKEx)

2. Fund flow

2. Fund flow 

(BiNuNiu)

image description

In terms of funds, the largest single-day net inflow of the main positions was 57 million US dollars (Monday), and the largest single-day net outflow was 96 million US dollars (Friday); ETH’s main positions last week saw a net increase of 10.13 million US dollars, a month-on-month decrease of 70%; Level will continue to maintain shock or a small callback.

OKlink dataOKlink data

OKlink dataIt shows that the top 300 ETH holdings currently hold a total of 53.29% of ETH, up 0.17% month-on-month; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 38.92%, 101st to 300th, accounting for 14.37%, down 0.18% from the previous month; 301st to 500th, accounting for 6.46%, down 0.05% from the previous month; 501st to 1000th, accounting for 7.49%, down 0.07 from the previous month %; after the 1001st place, accounting for 32.78%, a decrease of 0.04% from the previous month.

3. Ecology and technology

1. Technological progress

3. Ecology and technology

1. Technological progress

（2）(1) Data: September 3rd was the first deflation day of ETH, and the amount burned was 352 ETH more than the block reward

Ethereum developer Tim Beiko reminded to check the priority fee in MetaMask when sending transactions, the old version of web3js may cause the cost of user funds

2. Voice of the Community

Ethereum developer Tim Beiko reminded that if the user wants to send a transaction, it is necessary to check in MetaMask that the priority fee (priority fee) setting is not the highest fee. If so, the fee may be more than doubled. A reasonable priority fee is 1.5-2.5 gwei most of the time. The reason may be that there is an upgrade to the latest web3js version, which may cost users funds if the pre-EIP-1559 web3js is still used.

2. Voice of the Community

(1) V God: The most surprising use case of Ethereum is NFT

Vitalik, the founder of Ethereum, launched the "You Ask Me to Answer" activity on Twitter. Taylor Monahan, the core developer of Ethereum and the founder and CEO of MyCrypto, asked Vitalik: "Which use case of Ethereum surprised you the most?" In response, V God responded that it was NFT.

(2) Founder of Real Vision: Ethereum will surpass Bitcoin soon

3. Project trends

Raoul Pal, a former Goldman Sachs executive and current founder and CEO of Real Vision, believes that Ethereum will soon overtake Bitcoin. Speaking to YouTuber BitBoy Crypto and its 1.22 million subscribers, Pal suggested that Ethereum could approach Bitcoin's market cap this year. In the next bull market, Ethereum will surpass Bitcoin forever. Pal’s reasoning for saying this is that ETH has many use cases involving transactions, NFTs, and developer activity. The network’s user base is also growing in larger numbers than Bitcoin at the same stage. Additionally, the EIP-1559 upgrade is cutting the supply of ETH, making it finite and subsequently more valuable. Also, with the arrival of ETH2.0, Ethereum may grow exponentially. However, due to its appreciating value, most Bitcoin holders prefer to hold it for the long term. BTC can be the basis of a global currency, but other cryptocurrencies can achieve the same goal. (Crypto News Flash)

3. Project trends

(1) Arbitrum, the expansion network of Ethereum, announced that the test version of the main network, Arbitrum One, has been fully launched

According to official news, Arbitrum, the Ethereum expansion network, announced that the test version of the main network, Arbitrum One, has been fully launched. Officials stress that while this is an important milestone, Arbitrum One is still in beta. We will monitor this release closely and maintain the ability to upgrade quickly, even pausing the system if necessary. Full decentralization remains our ultimate plan for Arbitrum One, and in order to focus on this goal, we are committed to continuing to use the "beta" designation until full decentralization is achieved. We have removed the whitelist restriction on accessible networks, but until the ecosystem further matures, we will continue to maintain a whitelist for adding new tokens to our bridge and becoming an active validator.

Additionally, we may suspend the network if we detect unusual activity or a potential security incident on the network. Like all Optimistic Rollups, Arbitrum has the peculiarity that it takes about a week for withdrawals to be confirmed. Funds will stay in the system for a week, giving us time to pause and respond to potential security incidents. In the event that such an event does occur, the fast bridge protocol can remove this operability, so we recommend that all fast bridge solutions limit their liquidity in the early stage. Over the coming months and weeks, we will continue to monitor network usage, improve stability and performance, and gradually increase the transaction cap over time. Additionally, we will be adding some new features to further improve the developer experience in Arbitrum.

(2) Arbitrum developer Offchain Labs completed $120 million in Series B financing

Offchain Labs, the developer of Ethereum scaling solution Arbitrum, announced the completion of $120 million in Series B financing at a valuation of $1.2 billion, led by Lightspeed Venture Partners, with participation from Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, and Mark Cuban. cast. (The Block)

(3) The number of active users of MetaMask exceeded 10 million in July this year

(4) Vine co-founder plans to launch Synthetic Loot tokens to all Ethereum addresses

4. Borrowing

DefipulseDom Hofmann, co-founder of Vine, a short video sharing application under Twitter, tweeted that he will launch synthetic Loot tokens (Synthetic Loot) for all Ethereum addresses. "Virtual NFT", and each wallet has only one, and because it is not a real NFT, it cannot be minted, transferred, sold, etc. In addition, creators building on top of Loot tokens can choose to use synthetic Loot tokens as a way to allow a wider range of adventurers to participate in the ecosystem, while still being able to easily distinguish between initial Loot tokens and synthetic Loot tokens.

5. Mining

5. Mining 

(data from etherchain.org)

etherchain.org(data from etherchain.org)

4. News

The data shows that the average computing power increased by 5.3% month-on-month, temporarily reporting 684.8TH/s, and the computing power reached a new high; the average mining difficulty increased by 4.84% month-on-month, temporarily reporting 8671T; affected by the NFT boom, the activity on the chain rose by 4.1% month-on-month , the total mining revenue rose by 4.8% month-on-month; especially on September 2, the Gas fee of Ethereum once skyrocketed, reaching as high as 1776 Gwei and quickly reaching 1082 Gwei (arithmetic average).

4. News

(1) Data: The market value of NFT on Ethereum is about 11 billion US dollars, which is close to 3% of the market value of Ethereum

Messari analyst Ryan Watkins tweeted that Nansen data shows that the market value of NFT on Ethereum is estimated to be about 11 billion US dollars, which is close to 3% of the market value of Ethereum.

(2) Data: Benefiting from the NFT boom, the income of Ethereum miners remained stable in August after the EIP-1559 upgrade

Ethereum mining revenue was $1.65 billion in August, up more than 60 percent from July, according to The Block. In terms of currency prices, Ethereum hovered around $3,000 for most of this month, while it fluctuated around $2,000 in July. In terms of quantity, according to Etherscan data, as of August 29, Ethereum miners have mined a total of about 61,000 Ethereum this month, a sharp decrease from the previous month (a total of 91,000 were mined in July). Miner revenues in August can be attributed in large part to increased on-chain activity on Ethereum amid the NFT boom, which has generated massive volumes in the NFT market. On August 5, the total amount of transaction fees decreased after Ethereum’s EIP-1559 upgrade, because the activation of the upgrade destroyed part of the network transaction fees that previously belonged to Ethereum miners. (The Block)