Ethereum Weekly Recap Week 37 (8/9 – 14/9)

Source : cryptodaily.io

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.

TL;DR

  • Highlight On-chain Data
  • Social Signal updates for Ethereum
  • The Ethereum Merge has finally happened.
  • Loopring now supports creating NFT collections
  • StarkNet Alpha 0.10.0 goes live on Testnet

Ecosystem Updates

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

More than 13,400,000 $ETH is being staked in the deposit contract – over 11.1% of all circulating ETH

120 million ETH are currently in circulation, while 13.4 million are locked. The information given by Nansen reveals that Lido received more than 4.15M stETH. Investor interest increases as the Merge’s upcoming launch gets closer.

The Merge is one of the most significant and anticipated upgrades in the history of Ethereum, and although in the long-term its impact will be felt by everyone, in the near term some folks will need to take action to be fully prepared.

The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. 

It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. 

A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability.

Arbitrum daily transaction is gradually approaching its All-Time-High (ATH)

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Since the Arbitrum Nitro launch, Arbitrum daily transaction is approaching ATHs and has already surpassed Optimism daily transactions

To be more specific, Arbitrum/Optimism is now at 30% of ETH daily transactions

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Dai on Optimism increased from 30 million to 140 million in 5 days

Optimism is a Layer 2 Optimistic Rollup network designed to utilize the strong security guarantees of Ethereum while reducing its cost and latency. In other words, Optimism is a low-cost and lightning-fast Ethereum L2 blockchain

Optimism had surprised various investors relating to its price performance these days. More than that, its Total Value Locked (TVL) also increased significantly from $300 million to $1.15 billion. 

In fact, Dai (issued by Maker Dai) on Optimism also rocketed from 30 million to 140 million in just 5 days. So what is the reason behind this growth?

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The terminal total difficulty has been set to 58750000000000000000000

The transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) will happen when a pre-announced total difficulty is reached by the chain. This is different from other forks which usually occur at a certain scheduled block number. The total difficulty threshold that will trigger the Merge is also known as the Terminal Total Difficulty (TTD).

This means the Ethereum PoW network now has a (roughly) fixed number of hashes left to mine.

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bordel.wtf also predicted the merge would happen around September 15th, 2022 though the exact date depends on hashrate.

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

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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

Ethereum News

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StarkNet Alpha 0.10.0 goes live on Testnet

StarkGalaxy announces the first Episode of Starkmentary

Orbiter Finance releases new L2 transactions chart

Fibrous Finance is now live in StarkNet Goerli Testnet

Starksheet announces the new Starksheet is live

Loopring now supports creating NFT collections

Compound V3 is now live on Instadapp

Metamask launches The MetaMask Knowledge Base, Internationalized


The Merge

  • Over 13.7 million ETH are now being staked on Ethereum. That’s over 11.3% of all circulating $ETH
  • Total ETH supply peaked at 120,521,140
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  • Someone paid 36 ETH in gas to mint the first NFT on Proof of Stake
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Additional Notable Events

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