This weekly recap on Ethereum is for informational purposes only and is not investment advice. The recap will briefly summarize the outstanding activities of Ethereum over the past week, from August 22nd–28th. Let’s go to the numbers in more detail.
NETWORK GROWTH
Total Value Locked
The total value locked on Ethereum with $33.56b down 4.6% compare last week ($35.12b), and it takes 56.18% of total value locked the whole market. This index has reduced with the market. To recover as at its most developed still takes a lot of time while not many Dapps are built right now and the money flow must not flow into the ecosystem. Beside BTC still has no signs of uptrend, the recovey are insignificant. More obvious signs are needed.
Total Stablecoin Supply
The total Ethereum Stablecoins market cap is $90.1b, up 1.09% from last week’s $89.12b, taking over 58.94% of the total stablecoins market cap ($153.03). In which USDC dominance is 41.11%, USDT dominance: 31.33%, and is BUSD dominance is 10.8%. The total supply of stablecoins on the Ethereum chain has increase slightly in the past week. The rest are other stablecoins, accounting for about 17%.
HIGHLIGHT EVENTS
Mainnet Merge Announcement
Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet.
The Merge is different from previous network upgrades in two ways. First, node operators need to update both their consensus layer (CL) and execution layer (EL) clients in tandem, rather than just one of the two. Second, the upgrade activates in two phases: the first, named Bellatrix, at an epoch height on the Beacon Chain, and the second, named Paris, upon hitting a Total Difficulty value on the execution layer.
More information: CLICK HERE
Ethereum Incentivizes Hackers To “Bug Hunt” With $1 Million Reward
The Merge of the Century is approaching, in order to prepare for the official event to be perfect, Ethereum developers do not hesitate to give away 1 million USD in bounty for those who find protocol bugs, client applications and Solidity affecting The Merge.
The long-awaited “merge” event for Ethereum, which will eventually move the network away from its energy-intensive mining paradigm, is just around the corner. Since it has been years in the development, Ethereum’s guardians want to ensure that everything runs well, thus they are prepared to invest a significant sum of money to encourage white hat hackers to identify any problems before they happen.
More information: CLICK HERE
DEFI LEGO
Layer 2
Arbitrum’s Nitro Upgrade
On Wednesday (August 31), which is Arbitrum’s one-year anniversary, the Ethereum layer 2 (L2) scaling solution will undergo a major upgrade named “Nitro” that will enable faster transaction and lower fees.
Arbitrum is a rollup, which means that the inputs to the chain — the messages that are put into the inbox — are all recorded on the Ethereum chain as calldata. Because of this, everyone has the information they would need to determine the current correct state of the chain — they have the full history of the inbox, and the results are uniquely determined by the inbox history, so they can reconstruct the state of the chain based only on public information, if needed.
More information: CLICK HERE
DEX
THORSwap Launches Cross-chain Swap For Ethereum Tokens
THORSwap, the multi-chain DEX aggregator built on THORChain, has just launched cross-chain trading for the majority of Ethereum tokens. In an August 23 announcement, THORSwap integrated the Ethereum Aggregator DEX into its platform. Cross-chain trading thousands of ERC-20 tokens on 8 layer-1 blockchains has never been simpler.
The addition of support for these assets combined with aggregated liquidity from DEXs like Uniswap and Sushiswap allows users to quickly swap crypto assets directly on THORSwap without the need for a third-party bridge.
More information: CLICK HERE
Algo-Stables
y2kfinance will be launching on Arbitrum
Y2K sees Arbitrum network as the top scaling solution for Ethereum. See the speed, accessibility, and strong community as only further enhancing the experience for our Dapp and users. They’re excited to contribute to the innovation and growth of the ecosystem going forward.
More information: CLICK HERE
NFT/GAMING
Uniswap Plans To Finance NFTs And Is In Discussions With Lending Standards
According to a post on social media by Uniswap‘s head of NFT product Scott Lewis, numerous nonfungible token (NFT) lending protocols are in discussions with the cryptocurrency exchange Uniswap. Lewis emphasizes the company’s need to address both liquidity problems and the “information asymmetry” around NFTs in the tweet.
More information: CLICK HERE
Alliance Sigil NFTs on Myria L2 is Live
Myria’s highly anticipated Ethereum Layer 2 (L2) scaling solution is here, alongside our Myria Wallet, NFT Marketplace, and Developer SDK Toolkit. For gaming studios and developers, this presents new and exciting opportunities to create and build; while gamers and traders can now benefit from 0 gas fee, carbon neutral, lightning-fast transactions. Now you can mint your Alliance Sigils onto Myria L2.
More information: CLICK HERE
VERDICT
The above are some significant new developments in the Ethereum ecosystem that occurred in the past week. In general, the last week has not had much outstanding information, the market has not yet determined the trend. NFTs are still the piece of interest when leading with many high-value funding round.
Find more information about Ethereum:
Website: https://https://ethereum.org/en/
Reddit: https://www.reddit.com/r/ethereum
Twitter: https://twitter.com/ethereum
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
