ETH Weekly | Ethereum completes Shanghai upgrade; ETH futures open interest exceeds $7.6 billion, hitting a one-year high (4.10-4.16)
1. Overall overview
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The Ethereum Shanghai upgrade was completed at Epoch 194048 at 6:27:43 on April 13, Beijing time. This upgrade includes: the upgrade of the execution layer (Shanghai upgrade), the upgrade of the consensus layer (Capella upgrade), and the change of the engine API. In September 2022, Ethereum successfully transitioned to the Proof-of-Stake (PoS) consensus mechanism, and you can become a validator by staking 32 ETH. The Shapella upgrade adds a withdrawal function, and users can withdraw the pledged ETH and related earnings.
Second, the secondary market
Justin Drake, a researcher at the Ethereum Foundation, revealed that the IP addresses of ETH stakers were monitored as part of the metadata set, leading the crypto community to view this as a privacy issue for Ethereum. Drake said he knew about such a database "internally" (or at the Ethereum Foundation), explaining that "there's a lot of metadata that can be tracked, you can look at deposit addresses, withdrawal addresses, fee recipients, And IP addresses. Such a database can resist airdrop sybil attacks, or it can be used for "special airdrops", that is, airdrops of tokens to individual pledgers, rather than institutions such as Kraken, Coinbase, or certain specific people."
1. Spot market
ETH daily chart via OKX
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2. Network operation
etherchain.org2. Network operation
3. Large transaction
OKlink dataOKlink data
4. Rich list address
OKlink dataOKlink data
3. Ecology and technology
1. Technological progress
3. Ecology and technology
OKLink data shows that the upgrade of Ethereum Shanghai was completed at the height of Epoch 194048 at 6:27:43 on April 13, Beijing time. This upgrade includes: the upgrade of the execution layer (Shanghai upgrade), the upgrade of the consensus layer (Capella upgrade), and the change of the engine API. In September 2022, Ethereum successfully transitioned to the Proof-of-Stake (PoS) consensus mechanism, and you can become a validator by staking 32 ETH. The Shapella upgrade adds a withdrawal function, and users can withdraw the pledged ETH and related earnings.
2. Voice of the Community
(2) Ethereum client Lighthouse released a new hotfix version to solve the problem of high CPU usage
2. Voice of the Community
3. Project trends
Ethereum Foundation Researcher: Pledging Ethereum or leaking information such as user IP addresses
Justin Drake, a researcher at the Ethereum Foundation, revealed that the IP addresses of ETH stakers were monitored as part of the metadata set, leading the crypto community to view this as a privacy issue for Ethereum. Drake said he knew about such a database "internally" (or at the Ethereum Foundation), explaining that "there's a lot of metadata that can be tracked, you can look at deposit addresses, withdrawal addresses, fee recipients, And IP addresses. Such a database can resist airdrop sybil attacks, or it can be used for "special airdrops", that is, airdrops of tokens to individual pledgers, rather than institutions such as Kraken, Coinbase, or certain specific people."
(1) The proposal of "deploying Aave V3 to StarkNet" has passed the temperature check vote
The Snapshot page shows that the proposal on "deploying Aave V3 to StarkNet" passed the temperature check vote with a support rate of 99.98%. According to the proposal, the integration plan between Aave and StarkNet will be carried out in two phases, the first phase of which is to deploy a cross-chain bridge for aTokens between Ethereum and StarkNet, which has been voted by the community. This proposal aims to complete the second phase, which is the full deployment of the Aave protocol on StarkNet.
(2) The ERC-6327 proposal submitted by ZKSAFE has entered the draft stage
The ERC-6327 proposal submitted by smart contract wallet startup ZKSAFE has officially entered the draft stage. The proposal aims to provide Ethereum with cryptographic signature specifications other than private keys, introducing a new signature algorithm called Elastic Signature (ES). ES signatures use human-friendly passwords to sign the data on the chain, which supports changing passwords at any time, and is completely decentralized without server nodes. This proposal defines a smart contract interface for verifying and authorizing ES operations. Using ES signature superimposed private key signature in AA wallet can improve the security of assets, ES can also be used alone without private key, lowering the threshold for users to enter Web3. Due to the decentralized nature and the establishment of the ERC standard, ES may be the next hot spot for MPC and AA wallets.
(3) ConsenSys launched the NFT series on April 13 to commemorate the upgrade of Ethereum Shanghai
According to official news, Immutable X, the development company of Immutable X, the Ethereum NFT layer-2 expansion solution, has launched a $500 million development fund, Immutable Ventures (Immutable Developer and Venture Fund), dedicated to supporting Web3 games and NFT projects based on Immutable X. The fund will distribute grants and investments consisting of a combination of IMX tokens and cash to games and projects built on the Immutable X platform, and will work with developers, IP holders and strategic partners to provide support, thereby promoting the Immutable X platform. Development of the X protocol. Additionally, Immutable Ventures has made several strategic investments in Web3 companies and NFT startups, including Starkware, Stardust, PlanetQuest, and Topology.
The company stated that it will use zkRollup to build an infrastructure based on Ethereum encryption technology, thereby achieving near-zero gas costs and data sovereignty. In addition, Intmax is expected to start trials on the Ethereum mainnet in the second quarter of 2023 (April-June). Operation, the main network will be launched in the fourth quarter (October-December). (Our Bitcoin News)
Ryodan Systems AG, the development company of zkRollup two-layer network project Intmax, announced the completion of a seed round of financing of approximately 650 million yen (approximately US$4.88 million), HashKey Capital, Scroll, Yusaku Maezawa's MZ Web3 Fund and Alchemy Venture, and Ethereum cryptographers Angel investors including Justin Drake and former Coinbase CTO Balaji Srinivasan also participated.
The company stated that it will use zkRollup to build an infrastructure based on Ethereum encryption technology, thereby achieving near-zero gas costs and data sovereignty. In addition, Intmax is expected to start trials on the Ethereum mainnet in the second quarter of 2023 (April-June). Operation, the main network will be launched in the fourth quarter (October-December). (Our Bitcoin News)
The Yearn Finance community recently launched a proposal to launch the yETH token. According to the proposal, Yearn ETH (yETH) is generated when users deposit a basket of ETH liquid collateral tokens (LSD). yETH can reclaim the value deposited, and obtain relevant Ethereum PoS staking rewards through the diversification of LSD when staking, and obtain a more mixed risk/reward.
The proposal is currently under discussion. According to the voting rules, it will be discussed through non-binding forum voting for at least 3 days to gauge sentiment before it can be assigned a YIP number and transferred to a snapshot for binding voting by veYFI holders. However, in In the current poll, 20 people have voted, 11 of whom have voted against. Polls will continue for three more days.
According to monitoring by 0x Scope, the Web3 knowledge graph protocol, Binance has just updated the user's ETH deposit address to a new TSS address. Users are reminded not to use old deposit addresses or assets may be lost.
4. Borrowing
DeFiLlamaAccording to previous reports, Binance released an update on ETH 2.0 pledge withdrawal. Users can redeem their BETH into ETH at a ratio of 1:1 on Binance’s ETH 2.0 pledge page from 16:00 on April 19. According to Binance, it may take 15 days to several weeks for the initial redemption to arrive. The time it takes to process staking withdrawal requests depends on the withdrawal demand of participating ETH 2.0 staking users and the Ethereum network.
4. News
The data shows that the value of locked collateral on the chain rose from $29.89 billion to $31.99 billion last week, a month-on-month increase of 7%. Specifically, the number of ETH mortgages dropped from 16.07 million to 15.1 million last week, a drop of 6%. From the perspective of individual projects, the top three lock-up values are: Lido $12.72 billion; MakerDAO $8.18 billion; Aave $5.23 billion.
(1) CryptoNatty and Shanghai Data Exchange launched a commemorative NFT based on Ethereum
CryptoNatty, the publisher of Cheers UP, announced that it will jointly issue a commemorative NFT "Foresee Future - Sci & Tech Interconnection" with the Shanghai Data Exchange from April 12th to April 14th to celebrate the 20th anniversary of the Shanghai-Hong Kong Cooperation Conference. There are a total of 1,000 NFTs in this series, which are issued on the Ethereum network, but the Launchtower website shows that all of these NFTs have been minted. It is reported that the Shanghai Data Exchange is a quasi-public service organization established under the guidance of the Shanghai Municipal People's Government.
(2) ETH futures open interest exceeds $7.6 billion, hitting a one-year high
ETH futures open interest topped $7.6 billion as of Friday following the Ethereum Shapella upgrade, according to Coinglass data. Among them, the open interest on the Binance platform exceeded $3 billion, second only to August last year. Open interest on the OKX platform hit $1.39 billion, the highest in nearly 18 months. Open interest on the Bybit platform hit a 16-month high of $1.24 billion. ETH open interest hit an all-time high of $11.2 billion in November 2021, the peak of the last bull market.
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