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Before the release of version 2.0, the three key indicators are bullish on Ethereum



The Ethereum developer community is about to launch Ethereum 2.0, an important milestone in the multi-year evolution of the blockchain network. Ethereum 2.0 will mark the beginning of a shift from the proof-of-work (POW) consensus algorithm that miners rely on to the proof-of-stake (POS) algorithm. In a POS system, miners are not required to mine blocks and verify transactions. Instead, it is up to the users (or stakeholders) to verify the data on the blockchain.

According to testnet coordinator Afri Schoedon, there is currently no specific launch date for the 2.0 network. "The final version hasn't been rolled out to customers yet, and the coordinated network testing hasn't started yet," Shelton said.

Vitalik Buterin, the co-founder of Ethereum, also confirmed that Ethereum 2.0 is in progress, and if users want Ethereum 2.0 to be completed in the third quarter of 2020, this may be possible. However, three key indicators show that investors and users are very much looking forward to the completion of Ethereum 2.0 by the end of the year. These three indicators include the growth of Ethereum addresses, the increase in the market demand for Ethereum (ETH), and the increase in user activity on the chain. .

Decentralized perpetual contract protocol Phezzan Protocol launches zkSync2.0 testnet: On August 3, the decentralized perpetual contract protocol Phezzan Protocol announced that its testnet will launch zkSync2.0 testnet. The official recommends that users use the new wallet to participate in testnet activities. [2022/8/3 2:55:38]

When Ethereum developers launched version 2.0, they were essentially releasing a new Ethereum network that would run alongside the existing network. Ethereum 2.0 uses sharding technology as a basic scaling solution. District0x (a decentralized open-source autonomous community) describes sharding as the most complex Ethereum scaling technique because it divides the blockchain network into many parts, or shards, and allows each part to do its own data processing. This speeds up data processing on the Ethereum blockchain network because node operators can simply validate data on their own shards instead of the entire blockchain.

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Ethereum 2.0 takes longer to upgrade than most blockchain networks, but the complexity of the upgrade process is also unprecedented. So long-term testing work is very necessary. Responding to criticism that the Ethereum developer community is "changing" its narrative and delaying the launch of Ethereum 2.0, Vitalik said:

Lido, the Ethereum 2.0 pledge liquidity solution, has pledged 20,000 ETH: Lido, the Ethereum 2.0 pledge liquidity solution, tweeted that 20,000 ETH have been pledged on the platform. In previous news, Lido announced the official launch of the governance token LDO, which is used to manage Lido DAO and network decision-making. Currently, LDO has been distributed to early Lido stakers. Between the deployment of Lido and December 28, 2020, all stETH, Uniswap stETH/ETH LP token and yvsteth stakers and holders are eligible to claim LDO. [2021/1/9 15:45:09]

"People often complain that Ethereum is 'constantly changing', which is wrong. Instead, Ethereum is inherently diversified, which also includes betting on the explosion of at least one of its applications."

According to Glassnode’s on-chain data, there are currently 40 million addresses owning Ethereum. In the first quarter of 2018, when the price of ETH reached an all-time high of around $1,400, its volume was below 10 million. Although the price of Ethereum has dropped by 85% since then, the number of addresses has actually increased by 350%.

Dynamic | V God proposes a new method of data migration or makes the transition from Ethereum 1.0 to 2.0 faster: In the proposal on December 23, Ethereum co-founder Vitalik Buterin proposed a way to migrate data to Ethereum 2.0 , which means the long-awaited upgrade may come sooner than expected. Buterin described a way to eliminate Ethereum 1.0's current proof-of-work blockchain, which would allow projects to "accelerate progress" on merging with Ethereum 2.0's beacon chain. It is reported that Ethereum 2.0 is a multi-year project, and it often faces delays. It's unclear when the transition will take place. (CryptoBriefing)[2019/12/24]

John Lilic, a business technology developer at ConsenSys, said: "There are only 35 countries in the world with a population of more than 40 million. There are now 40 million Ethereum addresses, and Ethereum is now used more than 80% of the world. % of the country is wider."

Voice | Chief Strategy Officer of Blockstream: Ethereum 2.0 is similar to a hard fork: According to ambcrypto, in the latest episode of "Magical Crypto Friends" hosted by Whale Panda, Blockstream Chief Strategy Officer Samson Mow said that Ethereum 2.0 In some cases, porting from one chain to another is similar to a hard fork. You have to expect that everyone will drop their old chain, or you find a way to migrate it to the new chain. You still expect everyone to migrate correctly, and if people don't migrate, you're technically leaving the old chain alive. [2019/6/16]

The increase in Ethereum addresses shows that retail and institutional investors are more and more evenly distributed in the market, thereby reducing the influence of giant whales on the market. At the same time, it also shows that more and more investors usually buy Ethereum before the release of version 2.0, so that they can pledge their rights and earn rewards, which requires 32 Ethereum. Ether addresses also started to grow massively when the 2.0 version was discussed earlier this year.

When Ethereum 2.0 starts, users can complete the equity pledge by transferring 32 Ethereum to the contract. According to reports, Collin Myers, head of global product strategy at the blockchain company ConsenSys, said that 32 Ethereum can earn about 4.6% to 10.3% return through equity pledge. However, due to the hard limit imposed, each investor cannot exceed 32 coins. BitMEX Research Institute wrote in a report on Ethereum 2.0:

"If more than 32 ETH are sent to the contract, these extra ETH will not generate more income. If less than 32 ETH are sent, the transaction will not be activated. Therefore, it should be divided into 32, and every 32 Each Ethereum can complete a separate equity pledge.”

Yield holders can generate income through these 32 ETH, which are worth approximately $6,500 at press time, which has led to a significant uptick in demand for ETH in recent months. Over time, the need to hold Ethereum has attracted many retail investors and institutions. Over the past year, Grayscale Ethereum Trust’s assets under management have grown from $11.7 million to $276.5 million.

As institutions and investors mainly use Grayscale Ethereum Trust to invest in Ethereum in a tightly regulated ecosystem, it can indicate a surge in institutional demand for Ethereum. Arthur, a decentralized finance investor, tweeted:

“The AUM of the @GrayscaleInvest [Grayscale] Ethereum Trust grew from $11.7M to $276.5M, a 23.6x increase despite lower ETH prices. No redemption for the product now, so the overall trend remains up."

Long-time Bitcoin (BTC) investors such as Gemini exchange co-founders, Tyler and Cameron Winklevoss, are among a number of high-profile investors who have recently Ethereum also expressed optimism. “We hold a lot and are big fans of ether,” the Winklevoss brothers told Camila Russo, a former Bloomberg reporter and founder of The Defiant.

In the medium and long term, the Ethereum futures market tailored for professional traders and institutions will also undergo structural changes. Following an interview with Cointelegraph, ErisX CEO Thomas Chippas released a physically-settled Ethereum futures contract on the ErisX platform, which allows investors to hold the purchased Ethereum instead of Leave it entirely under third-party management.

“We believe that Ethereum futures have a wider range of market participants, diverse trading targets and time frames, stronger and more resilient markets, and upgraded risk management tools.”

Physically-settled contracts typically have a greater impact on asset prices than other types of derivatives because of their impact on the supply of the physical asset on Ethereum.

Total gas usage on Ethereum has reached an all-time high, according to data from This shows that user activity levels on the Ethereum chain are soaring in anticipation of the Ethereum 2.0 release.

Fuel tokens are energy sources in the Ethereum network, which can transmit smart contract data or make payments, and users need to pay in the form of fuel fees. For example, running decentralized applications on the Ethereum network, using smart contracts requires fuel to enable the blockchain network to process information.

Total daily fuel consumption reached 61 billion on May 23, double that in January 2019. Since then, the price of Ethereum has nearly tripled, suggesting that it is now on a healthy recovery path. Only as more and more users use the Ethereum network and pay for gas to process information, Gnosis product developer Eric Conner believes that the update from POW to POS will be smooth.


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