At 21:00 on August 4, Beijing time, the Ethereum 2.0 multi-client test network Medalla was officially launched, and the market responded strongly to it.
Summary
Topic: Ethereum 2.0, blowing the horn of the bull market? Since its birth, Ethereum has gone through four stages, namely Frontier, Homestead, Metropolis and Serenity. This upgrade of Ethereum 2.0 belongs to the fourth stage of Serenity, the core of which is the Ethereum 2.0 sharding mechanism and PoS consensus mechanism . The Ethereum 2.0 upgrade will increase the stability of the Ethereum chain to a certain extent, reduce Gas costs and alleviate network congestion. Affected by this, the price of ETH continues to rise, and the graphics card mining machine market is hot again.
Market: ETH continues to rise. This week, the total market value of digital tokens was US$356.51 billion, an increase of US$14.39 billion or about 4.2% compared to last week; the average daily trading volume was US$95.8 billion, an increase of 7.1% from last week, and the average daily turnover rate was 27.1% , down 0.4% from last week. The current price of BTC is 11601.47 US dollars, with a weekly increase of 2.5%, and the average daily trading volume is 23.7 billion US dollars. The current price of ETH is 379.51 US dollars, a weekly increase of 9.8%, and the average daily trading volume is 13.83 billion US dollars. This week, the BTC balance on the exchange was 2.259 million, a decrease of 132,000 from last week. The balance of ETH on the exchange was 13.72 million, a decrease of 16,000 from last week.
Output and popularity: BTC computing power drops. The mining difficulty of BTC this week was 16.85T, the same as last week, and the daily average computing power was 122.27EH/s, which was 2.51EH/s lower than last week; The computing power is 196.7TH/S, an increase of 1.6TH/S from last week.
Industry: The popularity of DeFi continues unabated. Ethereum transaction fees accounted for a new high proportion of miners' income; Tether has printed 5 new banknotes in the past seven days, totaling 810 million USDT; Hong Kong encrypted asset company Diginex has been approved by the SEC and will be listed on Nasdaq in September.
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1 Ethereum 2.0, blowing the horn of the bull market?
At 21:00 on August 4, Beijing time, the Ethereum 2.0 multi-client test network Medalla was officially launched, and the market responded strongly to this, as can be seen from the skyrocketing price of ETH in July. The skyrocketing price of ETH also drives up the encrypted asset market, and Ethereum 2.0 may become the starting point of a new round of bull market.
1.1 The development history of Ethereum
Ethereum has gone through four stages since its inception, namely Frontier (frontier), Homestead (home), Metropolis (metropolis) and Serenity (tranquility).
First, the Frontier stage. At the end of 2013, the founder Vitalik Buterin first published the first version of the white paper of Ethereum, formed the Ethereum team, and conducted ETH crowdfunding in 2014. On July 30, 2015, the Ethereum blockchain was officially released, producing the first genesis block and the first smart contract.
Second, the Homestead stage. In March 2016, Ethereum experienced the first hard fork "Homestead Fork". This fork did not have a major technical upgrade, but it improved the user experience to a certain extent. On June 18, a vicious hacker attack occurred on the smart contract The Dao on the Ethereum chain, which prompted a hard fork of the Ethereum chain. The original chain became Ethereum Classic (ETC), and the new forked chain became the current Ethereum (ETH).
Third, the Metropolis stage. This stage is more critical to Ethereum, divided into"and"and"constantinople"two stages. On October 16, 2017, Ethereum carried out a "Byzantine" fork upgrade. Since the 1C0 market was hot at this time, the transaction volume on the ETH chain soared. This upgrade of Ethereum adjusted the block difficulty evaluation formula to make the block generation trend easier. Since then, the block revenue has also decreased from 5 ETH to 3 ETH. On February 28, 2019, Ethereum launched the "Constantinople" hard fork, which mainly optimized the gas fee.
Finally, the Serenity phase, which is the Ethereum 2.0 phase.
1.2 Ethereum 2.0
The upgrade of Ethereum 2.0 is not a hard fork in the traditional sense, but a combination of two steps: user migration and double-chain merging.
First of all, after the official version of Ethereum 2.0 is launched, users can voluntarily migrate to the Beacon chain using PoS, while the current ETH 1.0 chain will continue to operate, and the two chains will be developed separately and eventually merged into one. Double-chain operation is a helpless move based on the huge ecological sustainability of ETH 1.0.
The core of Ethereum 2.0 upgrade is Ethereum 2.0 sharding and PoS consensus mechanism.
The PoS consensus mechanism is adopted to improve the energy efficiency of the Ethereum protocol and increase the security of the Ethereum blockchain.
The fragmentation of Ethereum 2.0 makes the Ethereum chain no longer need to process every transaction on the chain through each node. In the sharding system, each node only needs to process about 1% of transactions or less, which greatly improves the efficiency of the blockchain.
1.3 Impact of Ethereum 2.0
First of all, Ethereum 2.0 currently has five clients, namely Lighthouse, Nimbus, Prysm, Teku and Lodestar, and it is expected that Cortex and Trinity will be added in the future to increase the stability of the Ethereum chain.
Secondly, Ethereum 2.0 adopts the PoS consensus mechanism, which can reduce the dependence on miners, thereby reducing the gas fee that had previously soared due to the surge in transaction volume, and can also alleviate network congestion to a certain extent.
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2 Market: ETH continues to rise
2.1 Overall market: ETH leads the market
This week, the ChaiNext Digital Asset 100 Index closed at 1103.58 points, up 4.1%. The ChaiNext Digital Asset 100X Index closed at 3186.69 points, up 7.4%.
This week, the total market value of digital tokens was US$356.51 billion, an increase of US$14.39 billion or about 4.2% compared to last week.
The average daily turnover of the digital token market was US$95.8 billion, an increase of 7.1% from last week, and the average daily turnover rate was 27.1%, a decrease of 0.4% from last week.
This week, the BTC balance on the exchange was 2.259 million, a decrease of 132,000 from last week. The balance of ETH on the exchange was 13.72 million, a decrease of 16,000 from last week.
The market value of USDT is 10.03 billion US dollars, and the premium rate of USDT relative to the US dollar has increased.
2.2 Core pass: ETH leads the crypto market
The current price of BTC is $11,601.47, with a weekly increase of 2.5% and a monthly increase of 23%. The average daily turnover is 23.7 billion US dollars, and the average daily turnover rate is 11.2%.
The current price of ETH is $379.51, with a weekly increase of 9.8% and a monthly increase of 53.9%. The average daily turnover is 13.83 billion US dollars, and the average daily turnover rate is 32%.
This week, the volatility of mainstream digital tokens has risen slightly, and the price fluctuations have become more severe than last week. The monthly volatility of BTC increased by 2.4% from last week; the monthly volatility of ETH increased by 3.6% from last week.
2.3 Market view: bullish sentiment is still strong
This week, the crypto market continued its upward trend. BTC plummeted by more than $1,000 last weekend and continued to rise this week. Stimulated by good news such as the launch of the ETH2.0 testnet, bulls are still bullish on the trend.
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3 Output and popularity: BTC computing power drops
BTC computing power drops. The mining difficulty of BTC this week was 16.85T, the same as last week, and the daily average computing power was 122.27EH/s, which was 2.51EH/s lower than last week; The computing power is 196.7TH/S, an increase of 1.6TH/S from last week.
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4 Industry News: The popularity of DeFi continues unabated
4.1 The proportion of Ethereum transaction fees in miners' income hit a new high
According to Glassnode data, transaction fees accounted for 22.2% of miners' income in July, a record high. The proportion of Ethereum transaction fees in miners’ income has increased for three consecutive months, from less than 5% in April to 22.2% in July, an increase of nearly 8% from June.
4.2 In the past seven days, Tether has printed 5 new banknotes, totaling 810 million USDT
According to data from the Tokenview block explorer, Tether has printed 5 new banknotes in the past seven days, totaling 810 million USDT. Among them, 240 million were additionally issued on Ethereum, and 570 million were additionally issued on TRON. The trading activity of USDT on the Ethereum and TRON chains also began to rise. On July 28, a total of 264,700 USDT transactions were made on Ethereum, with a transaction volume of 3.401 billion, a single-day on-chain transaction volume hitting a record high.
4.3 Diginex, an encrypted asset company in Hong Kong, has been approved by the SEC and will be listed on Nasdaq in September
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Due to some reasons, some nouns in this article are not very accurate, mainly such as: general certificate, digital certificate, digital currency, currency, token, crowdsale, etc. If readers have any questions, they can call or write to discuss together.
For the original text of the report, please refer to the research report released by [Tokentong Research]: "Ethereum 2.0, Blowing the Bull Market Horn? ——Blockchain Weekly 200809》
