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, September 05th – September 11th. Let’s go to the numbers in more detail.

NETWORK GROWTH

Total Value Locked

The total value locked on Ethereum with $35.02b up 1.01% compared last week ($34.65b), and it takes 58.54% of total value locked the whole market. This index has increased with the whole market. Besides BTC closing the weekly candle with a long lower shadow, the buying force prevails. Make the whole market recovery compared with last week.

Total Stablecoin Supply

The total Ethereum Stablecoins market cap is $90.79b, up 0.52% from last week’s $90.38b, taking over 66.98% of the total stablecoins market cap ($153.35). In USDC dominance is 40.66%, USDT dominance: 31.03%, and is BUSD dominance is 11.13%. The total supply of stablecoins on the Ethereum chain has increased slightly in the past week. The rest are other stablecoins, accounting for about 16%.

HIGHLIGHT EVENTS

Ethereum Bellatrix Merge Is Successful 

The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain — 11:34:47am UTC on Sept 6, 2022. 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

Kiln Shutdown Announcement

The Merge is happening soon! This post explains how and when the upgrade will happen, along with the client versions compatible with it. Kiln, an Ethereum merge testnet launched in early 2022, will be shut down during the week of September 12, 2022. Ropsten and Rinkeby are also deprecated and scheduled to be sunset in Q4 2022 and Q3 2023 respectively. Users and developers should migrate to Goerli & Sepolia, which will keep being maintained and upgraded to reflect changes to the Ethereum mainnet for the forseable future.

More information: CLICK HERE

DEFI LEGO

Layer 2

StarkNet Alpha 0.10.0 released to Goerli

They move forward with StarkNet’s account abstraction. This version introduces changes inspired by EIP-4337. In version 0.10.0 a nonce field is added in order to enforce transaction uniqueness at the protocol level. Until now nonces were handled at the account contract level, which meant that a transaction with the same hash could be executed twice theoretically.

Similarly to Ethereum, every contract now includes a nonce, which counts the number of executed transactions from this account. Account contracts will only accept transactions with a matching nonce, i.e., if the current nonce of the account is X, then it will only accept transactions with nonce X.

More information: CLICK HERE

Yield Farming

Temple Ascend Launches 

TempleDAO’s new Ascend mechanic will be deployed on mainnet this month to acquire $TEMPLE tokens for Core Vault yield distribution and to provide price support. Call to Prayer 24 unpacked the framework of Temple Ascend. This article provides further details for the official launch and inaugural Ascension Festival. On September 6 in the morning PST, the Ascension Festival will begin. New dApp functionality will go live alongside the first major LBP. The first Ascension LBP will be seeded with 3mm $DAI with a duration of 60 hours.

More information: CLICK HERE

Lending/Browing

Chaos Labs Launches AAVE v3 Risk Application

This application focuses on collateral at risk, real-time user metrics, and simulations to understand the value at risk across volatile markets as well as APY earned and paid over time. Users and DAO members can make informed decisions around their personal and protocol-wide positions. The detail view allows you to observe and search for any wallet holding the asset. This is useful for drilling deep into accounts, to see how they are interacting with AAVE.

You can also see collateral at risk for the specified asset. This shows us the value to be liquidated (in USD) if prices deviate up or down. You can also observe a histogram of borrower and supplier health, bucketed by their respective heatlh scores.

More information: CLICK HERE

MYC Lending is live

MYC Lending has launched. Any MYC holder can participate in the lending program. MYC holders can lend MYC to earn rewards of up to 8.5% APR, with rewards paid in ETH. Each individual lender can select how they wish their rewards to be paid, opt to compound their interest rewards, and either withdraw or roll-over their loan at the end of each 14 day cycle. MYC Lending is hosted on Arbitrum, so to participate MYC holders will need to bridge their assets.

More information: CLICK HERE

Aggregator

Kyber Interim Update

Notice of Exploit of KyberSwap Frontend: We identified and neutralized an exploit on the KyberSwap frontend. Affected users will be compensated. At 3.24pm GMT+7 they identified a suspicious element on their front end. Shutting down our front end to conduct investigations, they identified a malicious code in their Google Tag Manager (GTM) and immediately disabled it.

They have compiled a complete list of confirmed, and suspected, attacker addresses used during this period, including tracking interactions with centralized exchanges and opensea. And then Interim Update: Hack Is Removed, KyberSwap is Secure, & Next Steps On the 2 Sept.

More information: CLICK HERE

AMM

Uniswap to support the merge

Uniswap Labs supports The Merge and does not have plans to support any forks in our web app. The move from proof of work (PoW) to proof of stake (PoS) serves as an important stepping stone to scaling the Ethereum ecosystem and to reducing its environmental footprint immediately. If you want to learn more about The Merge, check out Ethereum’s announcement.

As a Uniswap Protocol user, you do not need to do anything. The Uniswap Protocol will continue to work without issue through this transition. The web app (app.uniswap.org) will also continue to function, though if any of our third-party infrastructure providers (e.g. node providers) have downtime, some users may experience brief periods of unavailability.

More information: CLICK HERE

VERDICT

The above are some significant new developments in the Ethereum ecosystem that occurred in the past week. As annoucement, the merge will end on September 13-15. Let’s see if a successful Merge will change the market. Please continue to update next week.

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