Ethereum

According to Ultrasound data, so far, a total of 3,749,835.43 ETH have been destroyed on the Ethereum network.

Among them, OpenSea destroyed 230,050.72 ETH, ETHtransfers destroyed 311,704.41 ETH, and UniswapV2 destroyed 211,632.44 ETH.

Note: Since the EIP-1559 was introduced in the Ethereum London upgrade, the Ethereum network will dynamically adjust the BaseFee of each transaction based on transaction requirements and block size, and this part of the fee will be burned directly.

A screenshot of the document released by analyst James Seyffart on the X platform stated that BlackRock’s plan for a spot Ethereum ETF (named iShares Ethereum Trust) has been confirmed.

The company just filed a 19b-4 with Nasdaq.

The document description shows: Proposed rule changes for the listing and trading of iShares Ethereum Trust shares pursuant to Nasdaq Rule 5711(d) (Commodity-Based Trust Shares).

According to the document, the proposed Ethereum ETF will use Coinbase Custody Trust Company as the custodian and will use the CME CF Ethereum USD reference rate.

James Seyffart said that according to public information, there are currently 5 spot Ethereum ETF filings: Vaneck, ARKInvest/21Shares, Hashdex, Invesco US/Galaxy, and Grayscale submitted documents to convert ETHE (in no particular order).

A screenshot of the document posted by analyst James Seyffart on the

The document description shows: Proposed rule changes for the listing and trading of iShares Ethereum Trust shares pursuant to Nasdaq Rule 5711(d) (Commodity-Based Trust Shares).

According to the document, the proposed Ethereum ETF will use Coinbase Custody Trust Company as the custodian and will use the CME CF Ethereum USD reference rate.

James Seyffart said that according to public information, there are currently 5 spot Ethereum ETF filings: Vaneck, ARKInvest/21Shares, Hashdex, Invesco US/Galaxy, and Grayscale submitted documents to convert ETHE (in no particular order).

According to official news, the VanEck Ethereum Strategy ETF is now listed on the Chicago Board Options Exchange, trading code EFUT, with a total expense ratio of 0.66%.

According to reports, the VanEck Ethereum Strategy ETF (EFUT) seeks capital appreciation by investing in Ethereum futures contracts.

The fund is actively managed and offers Ethereum-related investments through easy-to-use exchange-traded vehicles. The fund does not invest directly in Ethereum or other digital assets.

Markus Thielen, head of research at Matrixport, noted in a report this week that the recent altcoin craze has revived network activity.

ETH breaks out of the downtrend and could head towards $3,000.

Markus Thielen said: “The Ethereum ecosystem’s revenue is bottoming out from depressed levels; this may signal a tradable bottom for Ethereum. As long as Ethereum weekly fees remain above $30 million, tactical bullish trades may have value” , who set a $3,000 price target based on technical chart patterns.

Laevitas.ch data shows that Ethereum futures contango, which measures the difference between the two-month contract and spot prices, has reached its highest level in more than a year.

In a healthy market, annualized premiums or basis rates should typically be in the 5% to 10% range. The data points to growing demand for leveraged ETH long positions.

The futures contract premium surged from 1% on October 23 to 7.4% on October 30, surpassing the 5% neutral to bullish threshold. The spike in the metric came after ETH prices rose 15.7% in two weeks.

According to L2BEAT data, the TVL of the Ethereum Layer 2 network is now US$12 billion, with an increase of 9.85% in the past seven days.

Among them, Arbitrum One network TVL is US$6.63 billion, an increase of 10.78% in the past seven days; OP Mainnet network TVL is US$3 billion, an increase of 9.44% in the past seven days

The zkSync Era network TVL is US$463 million, an increase of 15.45% in the past seven days. The Scroll network TVL is US$25.13 million, an increase of 72.42% in the past seven days.

According to Ultrasound data, so far, a total of 3,658,513.76 ETH have been destroyed on the Ethereum network.

Among them, OpenSea destroyed 230,050.69 ETH, ETH transfers destroyed 306,008.50 ETH, and UniswapV2 destroyed 209,534.13 ETH.

Note: Since the EIP-1559 was introduced in the Ethereum London upgrade, the Ethereum network will dynamically adjust the BaseFee of each transaction based on transaction requirements and block size, and this part of the fee will be burned directly.

According to data from on-chain analysis application Watchers, Frog Nation’s former chief financial officer 0xSifu holds a short position of approximately US$21 million in Ethereum on the Synthetix perpetual contract.

The current contract market price of Ethereum is US$1,833, while the average position price of 0xSifu is US$1,643, resulting in a floating loss of nearly US$2.22 million.

Currently, 0xSifu still has a margin of approximately US$1.64 million to maintain the position. If the market price continues to rise to US$1,926, its position will face the risk of being liquidated.

Ethereum core developer smartprogrammer.eth submitted a new EIP request.

The purpose of this EIP is to introduce a new version of the Ethereum peer-to-peer network handshake protocol (eth/69, the current protocol version is eth/68), allowing Ethereum nodes to communicate their available block ranges.

So that nodes can make more optimal decisions when choosing who to connect to, this can also be regarded as a step towards EIP-4444 (historical data expiration).

It is understood that this EIP belongs to Networking EIPs, which are specific to optimizing the Ethereum point-to-point network.

According to data from ultrasound.money, the circulation of Ethereum has rebounded to over 40,000 since the merger when it was at its lowest.

Previously, the circulating supply of Ethereum decreased by more than 300,000 coins compared with before the merger. Later, due to the reduction in network activities and the reduction of gas fees, the amount of additional issuance began to exceed the amount of destruction.

The current circulating supply has dropped to approximately 257,000 coins compared to before the merger.

The new Ethereum Improvement Proposal (EIP) EIP-7540 aims to introduce an asynchronous deposit and redemption process as an extension to the existing ERC-4626 tokenized vault standard.

ERC-4626 itself is a standard designed to introduce profitable treasury parameters. These vaults are smart contract platforms that execute strategies and provide rewards to token depositors.

Centrifuge contributor Asad Khan said that EIP-7540 will ensure that asynchronous deposit and redemption processes are possible, and the EIP has the potential to benefit protocols that handle real-world assets (RWA), cross-chain lending, and liquid staking.

EIP-7540 is still in its early stages, and the proposal must first be discussed on the Ethereum forum before it can move to the next stage.

According to the official governance forum, a new Aave community proposal proposes adding stEUR as a pure collateral asset on the Aave V3 Ethereum pool.

stEUR stands for staked agEUR, a decentralized euro-pegged stablecoin minted by Angle Protocol.

The proposal states that while stEUR and agEUR have relatively small market caps ($5 million and $20 million respectively), making stEUR a capped collateral-only asset will allow it to grow in a controlled environment, minimizing Risks of the Aave protocol.

Vitalik said on social platforms: If you see an article saying that Vitalik sends XXX ETH to the trading platform, it is not actually me selling, but almost always me selling to some charity, non-profit organization or other Items are donated and recipients are sold as they need to cover expenses.

I have not sold ETH for personal gain since 2018.

A spokesman for the Ethereum Foundation yesterday announced a USDC transfer worth $15 million. The Ethereum Foundation stated that the transfer was nothing more than a transfer signed by vitalik’s Ethereum ENS from the charity multi-signature wallet, and the funds never actually left. Vitalik wallet.

X (formerly Twitter) user Nathann.eth posted that according to a report released by 21.co, the current tokenized assets of the public chain are worth US$118.57 billion.

As of October 2023, Ethereum and Tron hold the largest share of tokenized assets, primarily based on the number of stablecoins issued on the network. Ethereum’s tokenized assets amount to $69.1 billion, accounting for more than 58% of all tokenized assets ($118.57 billion).

It has the most dynamic ecosystem, with more than 6 million DAU and nearly 6,000 monthly active developers. The chart also shows that Ethereum is optimized for security and decentralization issues, allowing the project to have over 800,000 validators.

The remaining projects compete on speed and scalability. Tron ranks second with over $45 billion in tokenized assets, while third-ranked Solana holds the record for the fastest settlement time at 0.4 seconds.

According to data from IntoTheBlock, the Ethereum blockchain’s network fee revenue fell to its lowest level since April 2020, down 90% from its high in May this year.

Data shows that over the past 30 days, due to low blockchain activity, the supply of ETH tokens has increased by 33,500 ETH, worth approximately $52 million.

Lucas Outumuro, director of research at IntoTheBlock, said that the decline in fees is testing ETH’s ultra-sound money thesis, and as speculation dries up and users continue to migrate to L2, network fee revenue is likely to remain low.

Ali, a well-known on-chain analyst, posted on the X platform (formerly Twitter) that since February 2023, Ethereum whales have taken advantage of the price surge.

More than 5 million ETH were sold or reallocated, equivalent to approximately $8.5 billion.

Analysts said it is worth noting that this selling trend is continuing and there are currently no signs that whales are turning to hoarding ETH.

Ethereum liquid staking providers face a very low risk of illicit funding, according to a new report from digital asset infrastructure provider Northstake.

Across the three protocols examined in the report, the total amount of illegal and high-risk exposure was small, ranging from 0.46% to 1.56%.

Although the proportion is small, the report believes that this may still pose a challenge for institutional investors who are subject to strict regulatory constraints.

Ethereum core developer Micah Zoltu said in an interview with Decrypt that he is not worried about Ethereum’s recent inflation. If you look at it from a macro perspective, it is insignificant.

Danno Ferrin, another Ethereum core developer, said: “It is still below all-time highs (ETH supply), and Ethereum’s short-term inflation is much lower than other chains and the entire crypto economy”.

Bloomberg cryptocurrency market analyst Jamie Coutts said that many of Ethereum’s competitors may not be able to recover in the next bull market cycle, and the rise of Ethereum L2 is helping to take away revenue from ETH competitors.

He said: “The rise of L2 means that the Ethereum network has begun to take back market share from its Alt-L1 (alternative layer 1) peers. Over the past year, L2 active addresses have grown more than 2x faster than Alt-L1 (albeit from a lower base).”

Coutts said that alternative smart contract platforms face many headwinds that threaten their survival, including inflationary token economics, excessive block space and Ethereum’s rapidly growing network effects, and that most alternative blockchains are likely to fail in the coming years. It was gradually eliminated from the market during the year.