ETH Weekly | Ethereum mining pool Ethermine launches ETH pledge service; OpenSea will only support the PoS chain after the merger (8.29-9.4)

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily

1. Overall overview

secondary title

1. Overall overview

In terms of the secondary market, the current ETH price may continue to consolidate in the short term, with support at $1,500, $1,400, and resistance at $1,600.

Second, the secondary market

1. Spot market

According to OKX market data, the price of ETH once fell to $1,420 last week, and closed at $1,560 during the week, up 5% month-on-month.

(ETH daily chart, picture from OKX)

image description

The daily chart shows that the price is currently consolidating at $1,500, and may step back on the Bollinger Band lower rail at $1,410 in the short term; the short-term support levels are $1,500 and $1,400; the upper resistance level is $1,620, which is the middle rail of the Bollinger Band At the intersection with the 10-day moving average, the resistance is strong.

OKlink dataIt shows that the number of on-chain transfers rose sharply last week, with "above 1,000 ETH", "above 2,000 ETH" and "above 5,000 ETH" rising by 25%, 40%, and 67% month-on-month, respectively. The trading enthusiasm of giant whales has increased significantly.

3. Rich list address

OKlink dataIt shows that the total amount of pledged ETH in the entire network is 13,522,095 ETHs, an increase of 132,776 ETHs from last week; from the perspective of the distribution of holding addresses, exchanges accounted for 11.06%, an increase of 0.27% from the previous month; DeFi projects accounted for 16.32%, a decrease of 0.75% from the previous month %; large addresses (top 1,000 addresses and excluding exchanges and DeFi projects) accounted for 38.98%, up 0.53% month-on-month; other addresses accounted for 33.66%, down 0.07% month-on-month.

3. Ecology and technology

1. Technological progress

3. Ecology and technology

The total difficulty of the twelfth shadow fork of the Ethereum mainnet reaching the terminal

2. Voice of the Community

On August 31, the twelfth shadow fork of the Ethereum mainnet reached the Terminal Total Difficulty (TTD), in which all Nethermind nodes successfully passed the transition.

2. Voice of the Community

(1) V God: The security of POS is 20 times that of POW, but it will be difficult to convert Bitcoin to POS

In an interview, Ethereum founder Vitalik said that POW is not as secure as PoS and is "unsustainable", and POS with the same cost of POW can obtain 20 times the security; the entry cost and continuous participation cost of POW miners are both medium , but POS verifiers have lower ongoing costs and higher entry costs, "It turns out that the degree of security depends only on the entry cost, because this is what the attacker has to pay for the attack."

In addition, V God also talked about his concerns about Bitcoin. There are two main points: one is that the security of Bitcoin will come entirely from fees, which is currently $300,000 per day and has not increased significantly in the past five years; Bitcoin POW is less secure, but switching from POW to POS seems politically infeasible. "If Bitcoin's market cap reaches $5 trillion, but it only takes $5 billion to attack the Bitcoin chain, what does the future look like? If Bitcoin is really attacked, I hope the political will to move to hybrid POS can emerge soon, but I reckon it's going to be a painful transition."

(2) Ethereum researcher: In a strong censorship state, the censored transaction will permanently fail

(3) Ethereum developers: It is dangerous for a single execution layer node to bind multiple consensus layer nodes

3. Project trends

Ethereum developer Marius VanDerWiiden tweeted that it is dangerous to run a single execution layer node (EL) bundled with multiple consensus layer nodes (CL). verifier. Marius explained that different consensus layer nodes will tell execution layer nodes different status information, resulting in execution conflicts.

3. Project trends

(1) ETHW Core responds to doubts: Committed to responding to regulation, tokens will be distributed by the community

The Ethereum fork project EthereumPoW (ETHW) released an open letter from ETHW Core to the Ethereum community on Twitter, responding to previous controversies. The main content is as follows: ETHW Core members not only remain anonymous to the outside world, but the core team is also anonymous to each other; in order to deal with regulatory issues, ETHW Core decided to continue to maintain the original Ethereum chain; the 1559 multi-signature wallet is mainly used to develop browsers and RPC Server clusters, etc., and the rest will be reasonably distributed to the miner community.

(2) Aave's new proposal proposes to suspend ETH lending before the merger of Ethereum

Aave’s new proposal proposes a moratorium on ETH lending ahead of the Ethereum merger. Proposal-related voting will start on August 31 and end at 12:15 on September 3.

(3) The number of ETH pledges on Rocket Pool accounted for 0.95% of the total number of ETH2.0 pledges

According to Dune data, there are currently 195,446 Ethereum pledged on Rocket Pool, accounting for 0.95% of the total number of ETH2.0 pledges. According to previous reports, the Ethereum liquidity staking protocol Rocket Pool announced that it has launched the Redstone protocol upgrade on the mainnet.

(4) zkSync 2.0 completes the dynamic fee update, and the mainnet may be launched within 59 days

Ethereum Layer 2 scaling solution zkSync announced that it has implemented dynamic fees, including a new fee model, an update to add payer support to the account abstraction, and EIP-1559 support. zkSync also stated that it is expected to launch the zkSync 2.0 mainnet within 59 days. According to previous reports, on July 20, zkSync announced the project roadmap. As the first solution using zkEVMrollup, zkSync 2.0 will be launched on the mainnet within 100 days.

(5) Ethereum mining pool Ethermine launches ETH pledge service
Ahead of the Ethereum merger on September 15, Ethermine, the world's largest Ethereum mining pool, launched a new staking pool for users, which is not available for U.S. miners.

It is reported that Ethermine Staking is an investment method based on ETH_STORE. The service enables Ethermine members to collectively stake Ethereum and earn interest with a minimum investment of 0.1 ETH (about $159). As of press time, 393 ETH (approximately $616,000) has been invested in the new Ethermine staking pool.

According to previous reports, in April this year, Ethermine announced the launch of the Ethermine Staking Beta version. Bitfly, the parent company of the Ethermine mining pool, recently announced that Ethermine will close the ETH mining pool on September 15 and will not provide a dedicated mining pool for PoW forked coins. (Cointelegraph)

(6) Web3 community protocol Koop completes $5 million in financing, led by 1confirmation and Variant Fund

Koop, a creator economy-focused Web3 community protocol, completed $5 million in financing led by 1confirmation and Variant Fund, with participation from Palm Tree Crew, Day One Ventures, Ethereal Ventures, DeFi Alliance, Volt Capital, Cooper Turley, Balaji Srinivasan, Liu Jiang, etc. cast. Koop is a creator economy focused Web3 protocol currently built on Ethereum with plans to expand on Solana and Polygon in the near future. (The Block)

(7) The donation address of V God's new book "Proof of Stake" exceeds 45,000, and the total donation reaches 223ETH

According to data from Dune Analytics, as of press time, V God's new book "Proof of Stake" has received donations from 45,676 independent addresses, with a cumulative donation amount of 223.61ETH. As previously reported, V God said on August 31 that the digital and physical versions of his anthology "Proof of Stake" in the past ten years will be published. Readers can now donate to Gitcoin and get a digital copy and commemorative NFT, and all proceeds will go to charity. As of press time, the relevant data is still growing.

(8) OpenSea: After the merger of Ethereum, it will only support the PoS chain

The official Twitter of the NFT trading platform OpenSea stated that after the merger of Ethereum, it will only support the Ethereum PoS chain and will not support potential forked chains. Currently, OpenSea is preparing to ensure a smooth transition of the product.

(9) Gnosis Safe: After the merger of Ethereum, it will only support the PoS chain

The digital asset management platform Safe (formerly Gnosis Safe) issued an announcement stating that Safe users do not need to perform any operations due to the merger, and user assets are still safe. Problem; After the merger, there may be 2 Ethereum chains, namely PoW and PoS, and the created Safe account will exist on these two chains; after the merger of Ethereum, only the PoS chain will be supported, that is, users can no longer pass the official interface to interact with the PoW chain; after merging, if users decide to interact with the PoW chain at their own discretion, make sure they know what they are doing. (Gnosis Safe)

(10) Data: The total transaction volume of Arbitrum and Optimism in the past 7 days accounted for 26% of the transaction volume of Ethereum

According to data from Dune Analytics, the average daily trading volume of Arbitrum and Optimism in the past week was 134,395 and 141,803 respectively, while the average daily trading volume of Ethereum in the past week was 1,053,192. The sum of Arbitrum and Optimism accounted for about 26.22% of the trading volume of Ethereum.

(11) ConsenSys will launch the first batch of green NFTs on the Ethereum mainnet

According to the official blog of Ethereum infrastructure development company ConsenSys, to celebrate the historical moment of Ethereum merger, the world will be invited to participate in the first batch of sustainable NFT on the Ethereum mainnet. ConsenSys commissioned a series of NFT illustrations embodying the sustainability, security, and scalability of Merge. The series is called Regenesis and there are different versions. It is reported that the minting of this series of NFTs will start on the day of the merger of Ethereum and will be open to everyone.

(12) The Ethereum Foundation opens the third batch of applications for the Fellowship project

(13) Web3 infrastructure provider Ankr will completely stop Ethereum verification node hosting services

4. Borrowing

DeFiLlama 5. Mining

5. Mining

(data from etherchain.org)

etherchain.org(data from etherchain.org)

4. News

The data shows that last week, the average computing power rose by 1.1% month-on-month, temporarily reporting 940TH/s; the average mining difficulty increased by 1.6% month-on-month, temporarily reporting 12458T; the activity on the chain increased by 2.1% month-on-month, and the total mining revenue decreased by 0.3% month-on-month.

4. News

(1) CME Group launches Euro-denominated Bitcoin and Ethereum futures

The Chicago Mercantile Exchange (CME) launched bitcoin and ethereum futures denominated in euros, with each bitcoin contract representing 5 bitcoins and each ethereum contract representing 50 ethereum. The new futures contracts will be listed on and subject to the rules of CME Group.

Tim McCourt, Global Head of Equities and FX Products at CME Group, said, “Our new Bitcoin EUR and Ethereum EUR futures will provide institutional clients in the U.S. and abroad with a more precise and regulated tool to trade and hedge the largest Exposure to two cryptocurrencies”. (Cmegroup)

(2) Data: The ETH balance of the Ethereum miner's address exceeded 260,000, a four-year high

OKLink data shows that the ETH balance of Ethereum miners' addresses exceeded 260,000 pieces, returning to the level of the same period in April 2018, a four-year high. As of now, the total amount of ETH in all miner addresses on the chain is 261,848, which is about 415 million US dollars at current prices.