Ethereum burns 2.36 ETH per minute on average after London upgrade

This week’s Technology Weekly contains technical news about Ethereum, Polkadot and Parachain, Filecoin, and Chainlink.

Ethereum network

Ethereum developers: The combination of five major reasons such as user early adopters has led to the gas price increase after the EIP-1559 upgrade

According to news on August 6, Trenton Van Epps, the coordinator of the Ethereum Foundation’s ecological construction, tweeted to explain that there may be five major reasons for the gas price increase after the EIP-1559 upgrade. The specifics are:

1. There are some large-scale NFT airdrops in progress, causing network congestion;

2. Many service providers (such as exchanges) have disabled some functions (recharge and withdrawal) during the network upgrade. Once the upgrade is completed, the suppressed demand will be released intensively;

3. Some miners set the Gas Limit below 30 million, making each block only use about 13.5 million Gas, which intensifies congestion;

4. The ETH secondary market fluctuates and rises;

5. The user is sending a large number of transactions to try the EIP-1559 function.

In addition, as to why the Priority Fee (tip) is higher than 2Gwei, Trenton Van Epps believes that there are two main reasons:

1. Various wallet interfaces (APIs) are still being launched, so most users have not even sent new transaction types, which makes it impossible to adjust the Priority Fee;

2. The Gas API will need time to adjust the algorithm to recommend the appropriate Priority Fee, so many people are still observing and adjusting.

Data: After the London upgrade, the Ethereum network consumes $395,000 of ETH per hour

On August 6th, the London hard fork went live this Thursday, ushering in the EIP-1559 upgrade to adjust the gas fee. Part of this adjustment introduces a mechanism that consumes part of the basic fees charged. According to wanted data, the total amount of ETH burned since the upgrade was launched about 14 hours ago is about 3,395 ETH. The average burn rate reported by Etherchain is 2.36 ETH per minute. This is equivalent to $6,596 per minute, or at current prices, approximately $395,000 per hour of ETH appreciates in the metaphor. The Ultrasound.money counter reported that based on the current ETH price of approximately US$2,800, a total of 3,390 ETH has been destroyed, worth up to US$9.5 million. OpenSea is the most popular ETH burner in the NFT market, having destroyed 374 ETH, or slightly more than $1 million since the upgrade was launched. In second place is the second edition of Uniswap, which has burned 263 ETH, or $740,000. (Cointelegraph)

There are still more than 10% of Ethereum clients that have not upgraded EIP-1559

The mainnet deployment of the Ethereum London upgrade has been completed, but as of 8 o’clock on August 6th, Beijing time, more than 10% of the Ethereum clients have not been upgraded. Currently, the number of Ethereum clients that have completed the upgrade is 1387 (Geth has completed 760 One, Openethereum has completed 546, Erigon has completed 69), accounting for 88%; the number of uncompleted upgrades is 192, accounting for 12%.

London hard fork makes V God more confident in Ethereum merger

Golden Finance reported that Vitalik Buterin claimed in an interview that after the successful launch of the “London” hard fork, he was “absolutely” more confident in the merger of Ethereum and Ethereum 2.0. V God said that after abandoning the proof of work to switch to the proof of equity, the energy consumption of Ethereum is expected to drop by more than 99%. It is reported that the full version of Ethereum 2.0, originally scheduled to be released in 2019, is expected to be released in 2022.

Ethereum mainnet gas cap has been raised from 15 million to 30 million

The Ethereum mainnet completed the London hard fork upgrade at a block height of 12,965,000, and the upper gas limit of the Ethereum mainnet was raised from 15 million to 30 million.

The Ethereum mainnet has reached the height of the London upgrade block

According to data from the masters on the Ouke Cloud Chain, the Ethereum mainnet reached a block height of 12,965,000 at 20:33 on August 5, activating the London hard fork network upgrade. This upgrade includes 5 Ethereum Improvement Proposals (EIP), namely EIP-1559 (handling fee improvement plan), EIP-3198 (BaseFee opcode), EIP-3529 (reduced gas refund), EIP-3541 (rejected) The creation of a new contract starting with the 0xEF byte to serve the Ethereum object format), EIP-3554 (delay the difficulty bomb until December this year).

V God releases a finalized model alternative design concept for the beacon chain

Golden Finance reported that the co-founder of Ethereum V God published an alternative design plan for the beacon chain in the Ethresearch forum “a finality model based on the accumulation committee”. He believes that the beacon chain can be switched to this solution in the long run. In order to replace the CasperCBC program that was previously planned to switch. He said that the core attributes of the plan include: under normal circumstances, it can provide a single slot (slot) economic finality; even if a single slot (slot) reorganization (reorg) occurs, for most people in collusion, execution It is also much more expensive, thereby reducing the consensus-extractable value CEV (consensus-extractable value); getting rid of the heavy dependence on LMDGHOST bifurcation selection, avoiding known defects, and introducing complex hybrid bifurcation selection rules to fix these defects; yes Possibly allow a lower deposit size and a higher number of validators; retaining economic finality can approach a very large number (millions of ETH).

Ethereum client Besu releases version v21.7.2

Golden Finance reported that the Ethereum client Besu released v21.7.2. This version contains improvements and bug fixes to achieve the best compatibility with other London client versions.

ConsenSys Quorum released the Eth 2.0 official specification written by Dafny

According to official Twitter news, the open source blockchain protocol layer ConsenSys Quorum announced the release of the first version of the formal specification of the Eth 2.0 specification written using the verification-aware programming language Dafny. The project was initiated by ConsenSys R&D and supported by the Ethereum Foundation.

Ethereum 2.0 client Prysmatic Labs will launch PrysmEth2 client V2.0.0

On August 3, the Ethereum 2.0 client Prysmatic Labs will release the PrysmEth2 client V2.0.0 version in the next few months. The main updates include: compatibility with Altair upgrade; deletion of the old version of Slasher, and the new Slasher will be used as the internal beacon node Function implementation; In order to better support the Eth2 standard API, the deprecated flags and codes will be deleted and the repository will be reconstructed. For users, the required operations include: timely update the node, PrysmV2.0.0 version will be launched at least one week before the Altair hard fork; stop using the old version of Slasher and wait for the V2.0.0 version; delete the deprecated flags and codes. In addition, developers who use Prysm need to change the import path of the Prysm package. Note: It was previously reported that the first upgrade of the Ethereum beacon chain, Altair, was converted from the Alpha version to the Beta version in early July. According to the previously announced timetable, the Altair upgrade is expected to be officially deployed in early August this year.

Polkadot network and parachain

Khala Network officially launches Ethereum-Khala Bridge

On August 6, the preparation network Khala of the Web 3 cloud computing platform Phala Network officially launched the Ethereum-Khala bridge, which is the first parallel chain Kusama-ETH bridge in the Substrate ecosystem https://app.phala.network/bridge. 

With the opening of the Ethereum-Khala bridge, ERC20 PHA can be directly transferred to the Khala network on the chain. The PHA assets (K-PHA) on Khala can be used for functions such as democratic governance of the network and participation in TEE pledge. From August 6th to 9th, the Phala team will transfer 88.3 million ERC20 PHA to the Khala bridge contract according to the principle of token distribution, and users can check it through the relevant public address.

Kusama Parachain Moonriver has now launched the third phase of deployment

According to official news, Moonbeam announced that its community-led sister network Moonriver on Kusama has officially entered the third phase: the removal of Sudo. In the third stage, the network will remove Sudo (super user key) and transfer control of the network to the Token holder. When the third stage runs smoothly and the test is completed, the development team will enter the process of enabling EVM and balance transfer functions, and enter the last stage of network deployment.

KUSD, the first decentralized stable currency in the Kusama ecosystem, supports KSM mortgage

Acala pioneer network Karura network passed the #7 proposal through community voting. Polkadot & Kusama ecology’s first decentralized stable currency kUSD has supported KSM mortgage generation. Currently, KSM/kUSD Bootstrap has been activated, supporting KSM and kUSD unilateral and bilateral injection of liquidity. After the Bootstrap period ends, the KAR/KSM and kUSD/KSM liquidity incentive plans will be launched.

Filecoin network

Chainlink and Filecoin launch a joint funding program to accelerate the development of hybrid smart contracts

According to the official announcement, Chainlink announced that it is launching a joint funding program with Filecoin to accelerate the development of hybrid smart contracts, combining Chainlink’s decentralized Oracle and Filecoin’s decentralized storage in a single application. Hybrid smart contracts use code running on the blockchain (on the chain) and data and calculations outside the blockchain (off the chain). This dual architecture retains the tamper-proof and immutable characteristics of the blockchain, while gaining additional functions through secure off-chain Oracle services (such as scalability, confidentiality, and connection with real-world data sources or systems). By combining Filecoin and Chainlink, developers can build end-to-end decentralized applications that have cost-effective and immutable storage capabilities, as well as universal and secure connections to external resources.

Chainlink network

Chainlink announces the launch of a cross-chain interoperability protocol

Golden Finance reported that Chainlink announced the launch of the Cross-Chain Interoperability Protocol (CCIP), a new global standard for decentralized cross-chain messaging, data and token movement. CCIP provides developers with an open source standard to easily build secure cross-chain applications that can interoperate across multiple blockchain networks through a single interface.

Disclaimer: As a blockchain information platform, Golden Finance is for informational reference only, and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethereum-burns-2-36-eth-per-minute-on-average-after-london-upgrade/
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