1. Overall overview

1. Overall overview

Ethereum developers have confirmed an upcoming overhaul of the network, dubbed Dencun. This upgrade includes five EIPs and is designed to add more data storage and reduce fees. The upgrade is centered on EIP-4844, in addition to four improvement proposals including EIP-1153, EIP-4788, EIP-5656, and EIP-6780. There's no firm date for the upgrade yet, but it's expected to go live by the end of 2023.

Second, the secondary market

Second, the secondary market

1. Spot market

The daily chart shows that the price is currently consolidating around $1,750, and the lower support level is $1,700; if the support is valid, it may continue to test $1,800 in the short term; if it falls below, it may fall further to $1,600.

ETH daily chart via OKX

The daily chart shows that the price is currently consolidating around $1,750, and the lower support level is $1,700; if the support is valid, it may continue to test $1,800 in the short term; if it falls below, it may fall further to $1,600.

2. Network operation

Etherscan 3. Large transaction

3. Large transaction

OKlink data4. Rich list address

4. Rich list address

OKLink dataOKLink data

token.unlocks3. Ecology and technology

3. Ecology and technology

1. Technological progress

1. Technological progress

Ethereum developers have confirmed an upcoming overhaul of the network, dubbed Dencun. This upgrade includes five EIPs and is designed to add more data storage and reduce fees. The upgrade is centered on EIP-4844, in addition to four improvement proposals including EIP-1153, EIP-4788, EIP-5656, and EIP-6780. There's no firm date for the upgrade yet, but it's expected to go live by the end of 2023. (coindesk)

2. Voice of the Community

2. Voice of the Community

(1) VanEck: Ethereum will rise to $11,800 in 2030

Investment management firm VanEck added cryptocurrencies to its model as an alternative to U.S. Treasuries and concluded that it “predicts the price of Ethereum to rise to $11,800 by 2030.”

(2) Vitalik: Ethereum needs to undergo three technological changes and reshape the relationship between users and addresses

Vitalik Buterin, the co-founder of Ethereum, said that the three main technological transformations that Ethereum needs to undergo are: transition to L2 expansion, everyone turns to Rollup; transition to wallet security, everyone uses smart contract wallets; transition to privacy, Make sure that privacy-preserving money transfers are possible, and that all other gadgets that are being developed are privacy-preserving.

Without L2 scaling, Ethereum’s high transaction costs can hinder mass adoption, leading to centralized solutions. Without wallet security, users are reluctant to store funds and non-financial assets and turn to centralized exchanges. Without privacy, the public availability of all transactions compromises user privacy, pushing users toward centralized solutions that provide data protection, at least to some extent, where data can be hidden.

Three technological shifts will reshape the relationship between users and addresses. Users will have multiple addresses in L2 and face challenges in maintaining address consistency.

3. Project trends

3. Project trends

(1) Etherscan Launches Beta Version of "Advanced Screening Tool" for Blockchain Analysis

Ethereum blockchain explorer Etherscan has launched a beta version of an "advanced filtering tool" designed to help users analyze blockchain data more easily. The tool allows users to search for information such as transactions, addresses and smart contracts based on multiple parameters and filters, allowing them to focus on researching, monitoring or investigating the most relevant needs, transactions, addresses and activities. It is reported that Etherscan’s “advanced screening tool” can also monitor NFT lending activities on platforms such as Blur, including lending transactions, collection series used in NFT lending, and loan demand supported by NFT.

(2) The Aave community initiated the ARFC proposal, proposing to introduce the native stablecoin GHO into the Ethereum mainnet

The governance page shows that Aave Companies submitted an ARFC proposal on "Aave's native stablecoin GHO on the mainnet", proposing to use Aave V3 Ethereum Facilitator and FlashMinter Facilitator to introduce GHO into the Ethereum mainnet. If the ARFC and subsequent AIP proposals are approved by Aave DAO, GHO will be launched on the Ethereum mainnet, and Aave V3 users on Ethereum will be able to use collateral to mint GHO, which will make stablecoin borrowing on the Aave protocol more competitive, and Generate additional income for Aave DAO by providing 100% interest payments on GHO borrowings to the DAO treasury. Following the introduction of GHO, DAOs will also be able to change the GHO rate if necessary through the governance process. GHO's financial framework will be managed in a decentralized manner by Aave DAO.

(3) StarkNet tool platform Crypto Mansion released version v0.13.1, supporting Cairo 1.1.0 compiler

The StarkNet tool platform Crypto Mansion released version v0.13.1, which supports the Cairo 1.1.0 compiler. Earlier news on June 1, the Ethereum Layer 2 network Starknet announced that the main network has been running on version v0.11.2, the main feature is the activation of its programming language Cairo 1, and users can now deploy Cairo 1 contracts on the main network.

(4) The Foundry alpha version of zkSync Era can support developers to deploy contracts, bridge assets between L1 and L2, and send transactions

Ethereum L2 expansion solution zkSync tweeted that developers can now use the Foundry alpha version of zkSync Era to deploy contracts, bridge assets between L1 and L2, send transactions, and more. It is reported that Foundry, created and maintained by Paradigm and others, is a modular toolkit for Ethereum dapp development that enhances secure smart contract development on the EVM chain. The features of the Foundry alpha version include: zkCast to interact with contracts and deposit, withdraw or query blockchain data, such as account balances or block information; zkForge uses a special compiler to compile contracts and deploy them to zkSync Era Localnet, test network and mainnet.

(5) Taiko, the second layer network of Ethereum, has been launched on the Alpha-3 testnet

Taiko, the Ethereum second-tier network based on zkRollup, has launched the Alpha-3 test network. Compared with alpha-2, the main changes are: 1. New protocol economics design and implementation; 2. Proposers and certifiers are both permissionless (alpha-1 only has unlicensed proposers, alpha-2 only has unlicensed certifiers); 3. Support Taiko Inception Layers (L3).

(6) Optimism completed the Bedrock upgrade of the main network, and the Bedrock sequencer has started

According to official news, Optimism has completed the mainnet Bedrock upgrade in the early hours of June 7th, the Bedrock sequencer (sequencer) has been started, deposit and withdrawal services have resumed, and the key external OP mainnet infrastructure has been re-run. It is reported that Bedrock is a new generation of decentralized Rollup infrastructure developed by OP Labs, which aims to provide modularity, simplicity and Ethereum equivalent to Layer 2 networks. The upgrade aims to improve blockchain performance, reduce deposit confirmation time from 10 minutes to 1 minute, and reduce gas fees by 40%.

According to official news, with more and more enterprises, applications and developer communities building for the USDC standard, Coinbase has now added support for native USDC and bridged USDC on the Arbitrum chain, launching native USDC, developers and users do not need to Bridged to access. Arbitrum stated that this version of USDC will become the official version recognized within the Arbitrum ecosystem and will eventually replace the currently circulating Ethereum bridge version of USDC.

4. Borrowing

DeFiLlamaThe data shows that the value of locked collateral on the chain fell from $27.16 billion to $25.31 billion last week, a month-on-month decrease of 6.8%. From the perspective of individual projects, the top three lock-up values ​​are: Lido $12.49 billion; MakerDAO $5.78 billion; Aave $4.38 billion.

4. News

4. News

(1) The top 10 Ethereum non-exchange addresses hold 31.8 million ETH, a record high

Santiment, an on-chain analysis company, tweeted that the top 10 Ethereum non-exchange addresses currently hold a total of 31.8 million ETH (worth $59.47 billion), a record high.

(2) The average transaction fee of Ethereum is close to a two-month low

Data from The Block shows that the average Ethereum transaction fee (7 DMA) has dropped from over $20 last month to $7.34, which is close to the level in mid-April. On April 17, the average Ethereum transaction fee (7 DMA) was $6.57. In addition, Dune data shows that the median Ethereum gas fee has dropped from 140 gwei last month to the current 24 gwei, which is also close to a nearly two-month low. (The Block)

(3) Cboe Digital was approved by the CFTC and plans to launch Bitcoin and Ethereum margin futures contracts in the second half of the year

Cboe Digital, a digital asset exchange owned by Cboe Global Markets, received approval from the U.S. Commodity Futures Trading Commission (CFTC) on Monday to begin offering physically and cash-settled margin futures contracts in the second half of this year, according to a statement. Physical settlement of digital assets will allow traditional financial firms to gain exposure to bitcoin or ethereum futures without the need for intermediary custody, said John Palmer, president of Cboe Digital.

Today Cboe Digital offers spot and derivatives trading in digital assets such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and USDC, in addition to operating a clearinghouse. The exchange has said it hopes to increase the variety of tokens currently traded on the platform.