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.
Key Takeaways
- Highlight On-chain Data
- Social Signal updates for Ethereum
- On August ~11th the Goerli Testnet Merge transition will go live
- Arbitrum will be migrating to Nitro on August 31
- Everything You Need to Know About the Merge
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
ETH/BTC chart is up 30% the past month
More specifically, this is a hidden signal indicating that there may be a small pullback trading when Ethereum is trying to re-test $1,800. Moreover, the higher the ratio, the less dependent Ethereum to Bitcoin. In other words, Ethereum shall not depend on the price action from Bitcoin in the foreseeable future.
In this way, this is the first time in history that Ethereum has attracted the attention of investors and traders. This indicates that the ETH/BTC pair is close to crossing the bull market trend line.
Optimism kept increasing its TVL and price throughout the bear market
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 Layer 2 blockchain.
It can be seen from the chart that Optimism demonstrated a significant increase in the Total Value Locked (TVL), compared to Ethereum Layer 1 and other Layer 2 Ethereum.
This can be understood that Ethereum and its Layer 2 blockchain are trying their best for the upcoming launch of The Merge. Moreover, bear in mind that there is only 5% of the total supply of Optimism circulating in the market. There will soon be more airdrop programs in the future, therefore, investors experience its ecosystem for the retroactive rewards.
Check more about Layer 2
About 11% of all circulating ETH is now in the ETH deposit contract
The current circulating ETH is 120M, whereas 13.2M is locked. It can be seen in the data provided by Nansen that Lido received more than 4.1M stETH. The nearer the upcoming launch of the Merge, the more attention from investors.
Over 2.5 million ETH have been burned since its inception
Check it here:
EIP-1559 was activated on Ethereum on August 5th, 2021.
EIP 1559 is a proposal to reform the Ethereum fee market. Instead of all of the short-term volatility in demand for transaction space within a block translating into volatility in transaction fees, some of the volatility instead translates into volatility in block size.
EIP 1559 has these benefits:
- It mitigates the economic inefficiencies from social cost mismatch due to fee volatility
- It replaces the auction with a fixed-price sale
- It creates a mechanism similar to a permanent block reward
The nearer the upcoming launch of The Merge, the more active and upgraded the transactions on the Ethereum network. It is a good signal to see over 2.5M ETH (2.1% of the total supply) has been burned.
Ethereum number of addresses holding 1K+ ETH just hit a 7-month high
There are 131 new whale addresses that have appeared on the network, increasing the number of addresses in the critical 1,000 to 100,000 $ETH token address tier.
Are whales accumulating before the Merge?
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.
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
No matter how the market is doing, the Ethereum ecosystem is constantly pleased to be growing and progressing. a list of the accomplishments made by Ethereum in general and notable projects in specific.
Now more than ever, Ethereum is on the verge of The Merge. It is only a matter of time before Proof of Stake.
Interestingly, despite the fact that the meme/animal token craze had passed in 2021, social media attention (particularly on Twitter) is still hot.
Weekly Highlight News
Ethereum News
Arbitrum releases nitro node version Beta 8
ENS Domains releases July 2022 ENS stats
Rainbow and Optimism collab to let users unlock a Optimistic Explorer NFT
StarkWare announces new partnership with Empiric Network
The Optimism Liquidity Mining program is now live on Aave V3
Aspect launches the first NFT marketplace on StarkNet
Arbitrum will be migrating to Nitro on August 31
Gitcoin Grants Round 15 is coming Sept 7
The Merge
Predictions
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.
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