Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
1. Overall overview
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
Crypto firm Torus Kling Blockchain IFSC has signed a memorandum of understanding (MoU) with India's INX to launch the country's first bitcoin and ethereum futures exchange-traded fund (ETF), which will be the first cryptocurrency-backed fund outside the US futures ETF. The futures ETF is expected to be launched under the sandbox structure of the International Financial Services Centers Authority (IFSCA) by the end of this financial year, subject to IFSCA and other regulatory approvals for the product launch.
Second, the secondary market
1. Spot market
It is reported that in December 2021, Polygon launched a testnet implementation of the Ethereum Improvement Proposal 1559 on the Mumbai testnet to introduce MATIC token burning and better visibility of gas fees, which borrowed from Ethereum’s burning mechanism.
In terms of the secondary market, the current ETH price may pull back slightly in the short term, with support at $2,900, $2,500, and resistance at $3,470.
According to OKEx market data, the price of ETH once fell to US$2,933 last week, and closed at US$3,352 during the week, an increase of 8.2% month-on-month.
2. Large transaction
OKlink dataThe daily chart shows that the price is currently on the lower track of the Bollinger Band, and the price may continue to test the $3,000 mark in the short term; the lower support level is $2,900 and $2,500, and the upper resistance level is $3,470, which is the 200-day moving average Intersection with the 20-day moving average.
3. Rich list address
OKlink dataIt shows that the number of on-chain transfers dropped sharply last week, with "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" decreasing by 15.2%, 30%, and 36% month-on-month respectively.
3. Ecology and technology
1. Technological progress
It shows that the top 300 ETH holdings currently hold a total of 53.49% of ETH, a month-on-month decrease of 0.12%; in addition, the entire position distribution presents an oval structure, and the proportions of each part are: 1st to 100th, accounting for 39.96%, A month-on-month decrease of 0.06%; 101st to 300th, accounting for 13.53%, a month-on-month decrease of 0.06%; 301st to 500th, accounting for 6.12%, a month-on-month increase of 0.02%; 501st to 1000th, accounting for 7.1%, a month-on-month increase of 0.05 %; after the 1001st place, accounting for 33.32%, a month-on-month increase of 0.05%.
2. Voice of the Community
1. Technological progress
On January 7th, Ethereum core developers held a conference call. Ethereum developer Tim Beiko updated the content of the meeting and said that the Ethereum 2.0 test network Kintsugi conducted a lot of tests, but Ethereum developer Marius VanDerWijden successfully cracked the network again, and the network did not generate blocks for about 13 hours. Hope to launch one more merged testnet, which may be the last one before the merger. Additionally, the next conference call will take place on January 21.
3. Project trends
Pantera Capital CIO: Ethereum Market Dominance Not Threatened
He predicts that within 10-20 years, more than 50% of the world's financial transactions will be connected to the Ethereum network in some way. If Ethereum switches to a proof-of-stake (PoS) mechanism, many competing projects will end up relying more on Ethereum. It is understood that Pantera is one of the earliest digital asset investment companies, ranking among the top five crypto funds with $5.8 billion in assets. (Bloomberg)
(1) The new ENS proposal proposes to increase the temporary premium for expired domain names from $2,000 to $100,000
(2) NFT market LooksRare released LOOKS pledge reward rules, users can get WETH and LOOKS tokens
Official news, NFT market LooksRare released LOOKS pledge reward rules. Users who pledge LOOKS can get the platform's transaction fee WETH and additional LOOKS tokens. Based on 6,500 Ethereum blocks per day, LOOKS's staking rewards will be divided into four phases, each with a different amount of rewards.
(3) Polygon Zero announced Plonky2, calling it the fastest ZK expansion technology
In a blog post Monday, Polygon claimed that Polygon Zero's "Plonky2" technology has set new milestones in speed and scalability, which could be a breakthrough in ethereum's throughput. The Polygon team wrote in a blog post, “Plonky2 is a recursive SNARK that is 100 times faster than existing alternatives and compatible with Ethereum. It combines the advantages of PLONK and FRI with fast proofs and a trustless setup.” It also combines the advantages of SNARKs to support recursion and low verification costs on Ethereum." According to previous reports, Polygon acquired zero-knowledge technology developer Mir for US$400 million and renamed it Polygon Zero. (CoinDesk)
According to data from Dune Analytics, as of January 10, the trading volume of NFT in the OpenSea market (Ethereum) this month has reached 2.1 billion US dollars. If all goes well, OpenSea is on track to reach $6 billion in January this year, breaking the previous monthly transaction volume record of $3.5 billion set in August 2021.
(5) Unstoppable Domains announced the launch of NFT-based login services for Ethereum and Polygon
On January 11, the blockchain domain name project Unstoppable Domains announced the launch of domain name NFT-based login services for Ethereum and Polygon. Users can bind email addresses, credit scores, KYC data, etc. to NFTs by binding the single sign-on protocol. The domain name, which in turn allows the application to look up information about the user. This login is similar to Google login, but without privacy snooping and with more flexibility. (coindesk)
(6) The Ethereum message push service EPNS is launched on the Ethereum mainnet
(7) Polygon (MATIC) will carry out a London hard fork on January 18 to introduce a burning mechanism
4. Borrowing
DefipulseOn January 12th, Polygon (MATIC) tweeted: "Following the successful upgrade of EIP-1559 on the Mumbai testnet last year, the long-awaited hard fork on the London mainnet is about to begin! #EIP1559 and related EIP will be released in the district It was verified and activated at block height 23,850,000, and the estimated date is Tuesday, January 18, 2022 at 8:00 am (UTC) / 3:00 am (ET).”
4. Borrowing
5. Mining
(data from etherchain.org)
etherchain.orgFrom the perspective of individual projects, the top three lock-up values are: Maker $19.09 billion; Curve $14.68 billion; Convex Finance $12.26 billion.
4. News
image description
(data from etherchain.org)
4. News
(1) Chairman of the US SEC: Do not disclose whether Ethereum is considered a security
In an interview with CNBC, Gary Gensler, chairman of the US SEC, said that he would not disclose whether Ethereum is considered a security. At the same time, the information transparency of encryption projects to the public will determine whether they are included in the Securities Act. Gensler said that the financial system is based on credit, whether it is for companies or officials, preventing insider trading is very important for the credit system.
Gensler emphasized that some encryption projects are raising funds from the public, whether these projects have disclosed enough information to the public, and whether their advertisements are true, these issues will determine whether the project is included in the "Securities Act" supervision. Whether it is a cryptocurrency or a SPAC, as long as the project raises funds from the public, basic information must be disclosed.
(2) India will launch the first Bitcoin and Ethereum futures ETF
Torus Kling Blockchain IFSC, a joint venture between Cosmea Financial Holdings and Kling Trading India, has signed a Memorandum of Understanding (MoU) with INX India to launch the country’s first bitcoin and ethereum futures exchange-traded fund (ETF), which will be a U.S. The first futures ETF backed by cryptocurrencies. The futures ETF is expected to be launched under the sandbox structure of the International Financial Services Centers Authority (IFSCA) by the end of this financial year. Product launch is subject to IFSCA and other regulatory approvals.
Under the MoU, India INX will be the trading platform, Cosmea Financial Holdings will be the distributor, and Kling Trading will be the technology partner. Cosmea has applied to the Reserve Bank of India (RBI) for a Small Finance Bank (SFB) license and is awaiting regulatory approval. Torus Kling Blockchain IFSC will provide round-the-clock liquidity through smart order routing, becoming a liquidity provider for INX in India. (Livemint)
(3) USDC becomes the stable currency with the largest circulation on Ethereum
According to the data of Okey Cloud Chain masters, the current total flow of stablecoins on Ethereum is 108.6 billion US dollars. Among them, the circulation of ERC-20 USDC is 39.829 billion US dollars, and the circulation of ERC-20 USDT is 39.828 billion US dollars. The circulation of USDC on Ethereum surpassed that of USDT for the first time, becoming the stable currency with the largest circulation on Ethereum.
(4) V God launched a public opinion survey for the Ethereum community, and ADA won the vote with 42% of the votes
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