ETC, LDO skyrocketing and other Ethereum fork concept projects

The discussion about the fork of Ethereum is getting hotter and hotter, the merger date is approaching, and the computing power of over 800T miners belongs to the attention of the whole network. Many people have already begun to try to fork Ethereum, and it is expected that the second community fork in the history of Ethereum will happen with high probability.

The secondary market is also hyping the concept of Ethereum fork. In the early morning, due to the dove-side speech of the Federal Reserve, encrypted assets rose sharply. Among them, LDO and ETC, the two ETH2.0 leading and forking leading concept projects, led the market, which is not ugly. Out of the market’s preference for the ETH fork concept. BlockBeats has sorted out projects related to the fork concept, NFA, which is mainly divided into two parts: ETH2.0 and ETH fork.

ETH 2.0 Concept

LDO (Lido) vs RPL (Rocket Pool)

ETC, LDO skyrocketing and other Ethereum fork concept projects

Lido, the leader of Ethereum’s liquidity staking, occupies 90.4% of the market with the current ETH pledge of more than 4 million pieces. Its protocol design is simple and clear, and you can get stETH 1:1 by depositing ETH as an equity derivative asset. The latter Good liquidity on Curve.

Rocket Pool, focusing on Ethereum’s liquidity staking protocol, compared to Lido’s full-chain expansion, Rocket Pool only does Ethereum. The main difference between the two is that the underlying validator of Lido is selected by Lido DAO, and anyone who deposits 16 ETH (that is, half of the 32 ETH requirement specified in the Ethereum protocol) can become the node operator of Rocket Pool. Accordingly, a certain amount of RPL needs to be pledged to ensure the normal operation of the node.

In terms of mechanism design, the utility of LDO only has a governance role, and its practical value is difficult to quantify; while RPL, as the threshold for participating in the network, should have more market demand. But Lido was launched in November 2020, 11 months earlier than Rocket Pool. We don’t try to ask who has a better design in principle. In this week’s rebound, which is stronger and which is weaker, the market has given the answer.

ETC, LDO skyrocketing and other Ethereum fork concept projects

ssv.network

SSV itself is an infrastructure serving validators, but SSV does not do asset management work, that is, SSV does not absorb users’ ETH and then combine them. Not like a real staking service like Lido. SSV mainly serves two types of users, one is long-term holding positions, and needs to ensure the safety of funds (not trusting assets to third parties), but large users who do not want to do it themselves. One is the value capture of SSV, a group of ETH pledge service providers led by Lido, Rocketpool, and Binance. SSV helps staking operators reduce operation and maintenance pressure, reduce equipment server expenditure and management costs, reduce security risks, and is convenient and worry-free.

ssv.network completed a $10 million financing in February this year, which was invested by Coinbase, Lukka, OKX and Digital Currency Group (DCG).

Mite

Obol Technologies, which raised $6.15 million in October 2021, was founded by the former head of global product strategy at ConsenSys, with participation from ConsenSys and Coinbase, with a luxurious background. Obol mainly promotes a concept called “distributed verification node cluster”: a single pledge node may fail, so the pledge is clustered and distributed to make user assets more secure.

No currency has been issued yet, and the product has not yet been launched. The official website roadmap shows that the product prototype will be launched in Q2. In addition, Lido once awarded Obol US$100,000 to support its research. It can be seen that the highlight of the project is technology, but the effectiveness of the project still needs to be tested after the product is launched.

StakeWise

StakeWise (SWISE) is a liquid staking protocol based on the Ethereum mainnet and Gnosis Chain. In March 2021, StakeWise completed a $2 million financing round, led by Greenfield One, with participation from Collider Ventures, Gumi Cryptos, and Lionschain Capital. In March 2022, StakeWise received strategic investment from blockchain infrastructure service providers Blockdaemon and boldstart Ventures to jointly provide KYC-based liquid staking solutions for financial institutions and large technology companies.

The protocol has a unique dual-token model that allows users to reinvest pledge rewards (rETH2) into pledged tokens (sETH2) to achieve compound returns.

Swell Network

Swell Network is a permissionless, non-custodial ETH staking protocol built for stakers, node operators and the Ethereum ecosystem. Swell announced on June 16 this year that it has reached a cooperation with SSV, which will prioritize the integration of ssv.network’s advances in distributed validator technology, which will help better manage risks and improve validator performance. At present, its Goerli testnet version has been launched, TVL reaches 286 ETH, and the annual interest rate is 4.2%.

ETC, LDO skyrocketing and other Ethereum fork concept projects

Swell Network completed a $3.75 million seed round in March this year, led by Framework Ventures, with participation from IOSG Ventures, Apollo Capital, and Maven 11. Angel investors include Mark Cuban, Synthetix co-founder Kain Warwick and Jordan Momtazi , Balancer founder Fernando Martinelli, Ryan Sean Adams, Bankless co-founder David Hoffman, Ren Protocol co-founder Loong Wang and Mask Network founder Suji Yan, etc.

Connect to the concept of ETH POW computing power (graphics card mining)

In addition to the ETH2.0 POS sector, the attribution of miners’ computing power is also the main point of market speculation. For example, ETC is now considered by the market as the leader of the fork. After all, there is only one fork project. From the perspective of graphics card computing power switching, many POW projects can access the computing power of ETH, but not all of them. BlockBeats only selected relatively large market value and relatively mainstream graphics card mining projects as representatives.

ETC

To a certain extent, ETC (Ethereum Classic) is the “brother” of Ethereum. After the 2016 THE DAO hacking incident, the Ethereum community was faced with a dilemma of survival, and there was a huge disagreement in the community on whether the community should fork and roll back to recover losses. Some people agreed with the fork, and the current Ethereum was born. Some people refused, and their persistence produced ETC.

Today, the computing power of the entire ETC network is only 23.55TH/s, which is about 1/40 of the current computing power of the entire Ethereum network (881.59TH/s). It is hard to imagine what would happen if ETC took over most of the computing power of Ethereum.

XMR

Monero (XMR) is an open-source cryptocurrency created in April 2014 with a focus on privacy, decentralization and scalability. Monero has included the concept of ASIC resistance in its development concept since its birth. The current algorithm of Monero is RandomX, which can use CPU, GPU, RSIC (such as Apple M1) to participate in mining. The mining efficiency of CPU and RSIC is relatively high, while GPU is relatively efficient due to the high memory delay. low.

ETC, LDO skyrocketing and other Ethereum fork concept projects

The current circulation of XMR is 18,153,413 pieces, and the computing power of the entire network is 2441.4 Mh/s. After falling to a low of $96.43 this year on June 19 this year, it has rebounded 69.750% (the highest price on July 28 was $163.69).

RVN

RVN, Ravencoin, was once an old-fashioned mining coin with high expectations due to its fair distribution mechanism (no IC0, no pre-mining, no master node). The project code fully draws on the Bitcoin code, so some shadows of Bitcoin can be seen from it, such as: the total Token cap is 21 billion. In addition, Ravencoin adopts the ASIC-resistant KAWPOW algorithm, hoping to reduce the centralization of mining output.

The current computing power of Ravencoin is 2.336TH/s.

ETC, LDO skyrocketing and other Ethereum fork concept projects

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/etc-ldo-skyrocketing-and-other-ethereum-fork-concept-projects/
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