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
- StarkWare announces developer partnership with Ledger
- MakerDAO deploys the Dai bridge on Arbitrum Nova
- Homora V2 is now live on Optimism
- Google searches for “Ethereum Merge” spike to an ATH ahead of 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
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?
Indeed, Optimism had launched its Summer Incentive programs including these projects below:
For Aave to be more specific, The Liquidity Mining program is live on Aave Version 3.
The program will run for 90 days with a distribution of 5M $OP to the Aave Protocol’s Optimism Market users.
Uniswap dominated the whole Gas consumption market in the Ethereum blockchain
In fact, 2022 was the first year an MEV searcher broke into the top 10 gas-consuming contracts; with the rise of Stablecoins, Liquidity Mining.
Moreover, it can be seen from the chart that the Step-function rise of Uniswap in 2020, gobbling up market share from gen1 DEXs and oracles.
The number of addresses holding more than 10 ETH continues to increase
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 16-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.
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.
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
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
The Optimism Ecosytem Index is announced
MakerDAO deploys the Dai bridge on Arbitrum Nova
Aztec will be co-funding Aztec Connect bridges alongside Balancer
Connext announces support for Arbitrum Nova
The StarkNet developer guide goes live on devpill.me
StarkWare announces developer partnership with Ledger
Homora V2 is now live on Optimism
Gnosis Safe to airdrop 50 million Ethereum tokens to wallets
The Merge
- Google searches for “Ethereum Merge” spike to an ATH ahead of the Merge
Additional Notable Events
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