Ethereum Ecosystem is making progress daily, so we hope you do not even miss any updates from the past week. Here is a recap of the Ethereum Weekly Ecosystem.
- Highlight On-chain Data
- Social Signal updates for Ethereum
- Ethereum devs confirm the Mainnet Merge will go live between September 15th-16th
- Arbitrum will be migrating to Nitro on August 31
- Everything You Need to Know About the Merge
Can’t you wait for the upcoming launch of The Merge? Let’s get into some analysis, news, and data with Ethereum Daily in this newsletter!
Ethereum Highlight On-chain Data
It’s now more expensive to attack Ethereum than Bitcoin
A 51% attack is an attack on a blockchain by a group of miners/investors/whales who control more than 50% of the network’s mining hash rate. Attackers with majority network control can interrupt the recording of new blocks by preventing other miners from completing blocks
In this way, this is the first time in history that it is more expensive to do a PoW 51% Attack in Ethereum compared to that of Bitcoin. Therefore, Ethereum will soon be independent of Bitcoin relating to the price action to some extent in the future.
ETH has outperformed BTC by over 65% since June 18th
It can be seen from the chart that since June, the price of Ethereum rocketed up to about 94%, whereas there is only close to 30% for Bitcoin price change.
This can be understood that Ethereum is trying its best for the upcoming launch of The Merge.
The number of addresses holding more than 10 ETH continues to increase
Additionally, since early May 2022, there are 131 new whale addresses have appeared on the network, increasing the number of addresses in the critical 1,000 to 100,000 $ETH token address tier.
Moreover, there are around 130 new whale addresses holding between 1,000 and 100,000 ETH. It can be observed that real investors are completely ready for the upcoming launch of The Merge.
One important thing to notice is that Ethereum number of addresses holding 1K+ ETH just hit an 8-month high.
The Goerli Testnet Merge was successful
Goerli Testnet Merge is now live on Proof of Stake (PoS) and was confirmed successful
The nearer the upcoming launch of The Merge, the more active and upgraded the transactions on the Ethereum network. It is also a good signal to see over 2.5M ETH (2.1% of the total supply) has been burned.
Over 90% of Ethereum transactions now use EIP-1559
Ethereum Improvement Proposal (EIP) 1559 is an upgrade that happened in 2021 (one year ago), to change how Ethereum calculates and processes network transaction fees.
The upgrade made Ethereum transactions more efficient by using a system of block-based base fees, and sender-specified max fees, rather than bidding on gas prices to more evenly incentivize miners in periods of high or low network congestion.
It can be seen that Ethereum is more active than Bitcoin ever before. This trading volume reflects the attention of users to the upcoming The Merge. The nearer the upcoming launch of The Merge, the more active and upgraded the transactions on the Ethereum network.
To sum up, from the on-chain statistics, it can be seen that there are many good signals for users to accumulate for joining the Ethereum ecosystem. In fact, it cannot be denied that Ethereum has proved itself in the cryptocurrency market since 2016 to be the top leading coin.
Social Signal updates for Ethereum
The Ethereum ecosystem is continually happy to be expanding and improving, regardless of how the market is performing. a summary of Ethereum’s achievements in general and important projects in particular.
Ethereum is closer to The Merge than ever before. It won’t be long before Proof of Stake is implemented.
Weekly Highlight News
Arbitrum Nova goes live
Orbiter Finance makes bridging to StarkNet easier with integration with Argent
Arbitrum and OptimismFND are now the 4th and 6th largest smart contract chains by total value locked
SushiSwap is launching on Arbitrum Nova
DeBank will not support any Ethereum PoW chains after the Merge
Lido adds wallet integration for Ambire Wallet
Silo Finance announces the deployment of their lending protocol on Ethereum
1inch partners with KuCoin Wallet
The market leader in cryptocurrencies, Ethereum has become well-established. In reality, the EVM foundation is required to be used and relied upon in order for many huge blockchain networks, such as Binance Smart Chain, Fantom, Celo, etc. to function more efficiently.
Ethereum and its layer 2 blockchain platforms will soon host applications like Optimism, Arbitrum, Zksync, and others. It is obvious that Ethereum will swiftly establish itself as the most secured blockchain to develop, even though layer 2 will focus on decentralized apps.