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 July 11th- July 17th. The market last week had a nice signal when BTC up 13% from $18,977 to $21,709, followed by a general market recovery. The bulls pushed BTC up to $22,000. Currently, BTC is trading at around $22,400 and ETH trading around: $1482 up 47.3% from last week. Let’s go to the numbers in more detail.

NETWORK GROWTH

Total Value Locked

The total value locked on Ethereum is taking 1st place with $52.41b take 63.04% of all chains it’s up 12.48% compared to last week ($46.68b). This index has increased with the market however, we can see that there are not many Dapps built right now. Along with it is the money flow that must not flow into the ecosystem. Just general recovery of the whole market.

Total Stablecoin Supply

Total Ethereum Stablecoins Market Cap is $90.53b down 0.52% from last week, taking over 59.22% of Total Stablecoins Market Cap ($152.87b). In which USDC dominance: 43.18%, USDT dominance: 30.17%, BUSD dominance: 13.97%. The total supply of stablecoins on the Ethereum chain has reduced slightly in the past week. The rest are other stablecoins, accounting for about 15%.

HIGHLIGHT EVENTS

Merge targeted for mid to late September

PoW switch off (the Merge) Tentative Merge timeline to turn off PoW in mid to late September: 

• Goerli testnet August 11
• Pick mainnet TTD in mid-August assuming Goerli successfully merges
• Mainnet merge lightly penciled in for week of September 19
• Mainnet-shadow-fork-9 merged, TTD hit earlier than estimated, config issue & some known client issues.  Finalized when config issue fixed
• Goerli shadow fork planned for next week
• MEV-boost implementation audited, discussed when relays should start

More information: CLICK HERE

DEFI LEGO

DEX

Balancer Is Attacked By Phishing

After the Uniswap phishing attack, recently Balancer is the next target of hackers who want to profit in this way. Accordingly, the method of this attack is similar to the case Uniswap users encountered a few days ago. Hackers will send fake links, informing users that they have the opportunity to receive airdrops from the liquidity supply (LP) on the DEX platform. And when users interact and authorize the aforementioned links, the assets in the wallet will be stolen.

More information: CLICK HERE

Arbitrum AnyTrust Mainnet is open for Developers

The Arbitrum AnyTrust technology is ready for primetime. They’re launching Arbitrum Nova, a new chain built on our AnyTrust technology and they will be opening it up with a commitment to a fair launch. Arbitrum Nova is live on mainnet and open for developers to deploy their apps ahead of the upcoming launch to end users.

More information: CLICK HERE

StarkNet Token announced for governance, fees & staking

The StarkNet token will be used to help decentralize ownership of the Layer 2 network and reward operators for validating transactions.  StarkWare has confirmed it plans to launch token for its StarkNet network. The new token will be used for on-chain governance, paying transaction fees on the StarkNet Layer 2 network, and rewarding operators for processing transactions. 50.1% of the total token supply will be distributed by the StarkWare Foundation through various community-oriented initiatives.

More information: CLICK HERE

Dydx trading updates: Reduce-Only orders and increased maximum position sizes

dYdX is focused on building the best product for crypto traders today and in the future. Due to popular demand, we have now added Reduce-Only orders as well as increased max position sizes. Reduce-Only is available on all order types, as long as the order is either Fill-Or-Kill (FOK) or Immediate-Or-Cancel (IOC). Reduce-Only ensures that your order:

• Will only reduce the size of your current position, not increase
• Will not open a position with side opposite to your current position (long to short or short to long)

More information: CLICK HERE

Boba Network Partnership with DIA

DIA oracles are now integrated with Boba Network testnet, enabling dApp development on the first compute-focused multichain layer-2 scaling solution for EVM-compatible chains. Boba Network is a multichain blockchain Layer-2 scaling solution and hybrid compute platform claiming to offer lightning-fast transactions and fees up to 60x less than Ethereum. This new update enables developers on Boba to begin building and testing a wide variety of DeFi and NFTfi applications reliant on high-quality, transparent and crowd-sourced price data feeds.

More information: CLICK HERE

NFT/GAMING

GameStop’s NFT marketplace launched its public beta on July 12

Gaming giant GameStop launched its own nonfungible token (NFT) marketplace on Monday. The new NFT marketplace intends to deliver low fees and high speeds. Users of the marketplace can buy, sell, trade and create NFTs. The marketplace features functionality to enable users to view statistics for NFTs, and educational material is also provided. Educational content includes everything from NFT basics to how to connect a wallet to the marketplace is covered.

It’s a noncustodial Ethereum layer 2-based application, and users can connect to the marketplace using the GameStop Wallet or other Ethereum-compatible wallets. Cointelegraph reported in May regarding the GameStop Wallet and plans for the new NFT marketplace.

More information: CLICK HERE

Premint.xyz was hacked

On July 17, 2022, the NFT community buzzed with the news that the most popular freemint platform, Premint.xyz, was hacked. According to the latest discovery by PeckShieldAlert, Premint NFT’s 284 ETH was transferred to TornadoCash via an intermediary wallet address of the miner 0x99Ae … 826bf4. The platform’s website has been hacked recently, wallet addresses accessing the website within the last few hours will be required to authenticate a command. This confirmation will allow the website to do any transaction with your wallet (money transfer, NFT transfer, …). In other words, you give the hacker permission to use your wallet.

More information: CLICK HERE

VERDICT

The above are some significant new developments in the Ethereum ecosystem that occurred in the past week. Have some good news but still have many bad news about the market. Keep a look out for the announcement 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