Project Weekly|Big Bitcoin transactions are currently dominating

Golden Weekly is a weekly block chain industry summary column launched by Golden Finance. The content covers key news of the week, market and contract data, mining information, project dynamics, technological progress and other industry trends. This article is a project weekly, taking you at a glance the progress of mainstream projects and star projects this week.

Bitcoin

Overseas theater operator AMC: plans to support Bitcoin payment by 2022

News on August 10, according to foreign media reports, American theater operator AMC plans to support the use of Bitcoin to pay for movie tickets by 2022. In a conference call on August 9, Adam Allen, Chairman and CEO of AMC, revealed that AMC plans to build infrastructure before the end of 2021 to accept BTC online movie tickets. The details are not yet clear, but Adam said that this demand will be very strong. While using BTC to pay, AMC also announced plans to open more than a dozen branches in the United States, Europe and the Middle East this year. Founded in 1920, AMC Cinemas has the largest share of the American theater market and is listed on the New York Stock Exchange. AMC’s second-quarter results showed a significant improvement compared with last year, with revenue of US$444 million, compared with US$18.9 million in the second quarter of 2020.

Glassnode: Bitcoin large transactions are currently dominating

According to the latest analysis of Glassnode, according to the latest analysis of Glassnode, Bitcoin is currently dominated by large-value transactions. Since September 2020, the dominance of large-value transactions on the chain worth more than $1 million has risen from 30% in the past. To 70%. As the currency price fell to a low of 29,000 US dollars in late July, the trading group of 1 million to 10 million US dollars clearly soared, and the dominant position rose by 20%, and the dominance of the trading volume above 10 million US dollars also soared. , Also rose by 20%, this phenomenon supported the price rebound. In addition, Glassnode found that Bitcoin, which has an older coin age, has been basically dormant recently, indicating that these large transactions are more likely to be accumulators rather than sellers, and they are also quite constructive in terms of price. On the other hand, transactions with a scale of less than $1 million have dropped from 70% before to about 30%-40% now. Since 2020, institutions and high-net-worth capital (the dominant players in large-scale transactions) are transforming the Bitcoin network Into a new era.

Bitcoin mining companies and mining machine manufacturers are increasing their investment in Ethereum mining

Golden Finance reports that although the Ethereum network is about to switch to POS, major Bitcoin mining companies and mining machine manufacturers are increasing their investment in Ethereum mining. Bitcoin mining companies Hut 8 and Hive are improving their ability to mine Ethereum. At the same time, mining machine manufacturers such as Bitmain and Innosilicon will release new Ethereum mining machines later this year.

Report: 20% of Vietnamese bought Bitcoin

Golden Finance reported that the financial product comparison website Finder released the latest cryptocurrency report, assessing the adoption trends in 27 countries/regions in Europe, Asia, and the Americas. A Finder survey of 42,000 people in 27 countries/regions shows that Vietnam has the highest adoption rate, with 41% of respondents claiming that they have purchased cryptocurrency. 20% of Vietnamese said they bought Bitcoin, which is the highest among all countries surveyed. Although on the surface, Vietnam’s strong performance may be surprising, Finder’s survey confirmed other data indicating that this Southeast Asian country has performed well in encryption adoption. 30% of respondents in Indonesia and India claimed to have purchased cryptocurrency. This figure is 29% in Malaysia and 28% in the Philippines. On the other hand, the United Kingdom and the United States have the lowest adoption rates, at 8% and 9%, respectively.

CFTC: Bitcoin futures net short positions reach the lowest level since mid-May

US Commodity Futures Trading Commission (CFTC): Bitcoin futures net short positions have reached the lowest level since mid-May. 

Argentine President: El Salvador may be a good way to set Bitcoin as legal tender

Argentine President Alberto Fernandez showed an open attitude towards Bitcoin when he accepted Filo.news’ interview. When answering whether he would follow the example of El Salvador and set Bitcoin as a legal currency, he said: “I don’t want to go too far, but there is no reason to say “no”. Maybe this is a good way. They said the advantage of doing so is okay. Significantly eliminate the effect of inflation.” But the president also said: “This is a global discussion, and I must admit that this is a topic that needs to be treated with caution. Many people in the world have concerns, which is why this project or system has not yet been popularized. The reason for opening. But this is something to consider.” Earlier this week, Argentine Central Bank Governor Miguel Pesce said that he believes that Bitcoin “is not a real financial asset and will not generate lasting profitability”.

President of Argentina: Hope to regulate the intersection of Bitcoin, payment systems and trading markets

According to the Golden Financial Report, data show that inflation has led to the continuous devaluation of the Argentine national currency. The 100 pesos in 2019 is now worth 661 pesos. The President of Argentina assessed the rise in the perception of Bitcoin as a hedge against inflation in the global economy, but he still stated that he needs to be cautious when getting involved in the cryptocurrency field. The reason for caution is because of how unfamiliar it is and because It is difficult to understand how this wealth was realized. Many people in the world have these concerns, which is why this project, or this system has not been expanded, but this is a problem that needs to be considered. Although he did not reject the use of Bitcoin as a payment method, he did claim that Bitcoin is not a financial asset, but a commodity, because it does not have any basis for profit generation. In this sense, Pesce hopes to regulate “Regulate the intersection of Bitcoin, payment systems and trading markets” to prevent “low-level investors” from participating in digital asset investment.

Ethereum

Ethereum community members: To solve the geographical risk of network clusters, it is necessary to completely eliminate the ability of validators to extract MEV

Golden Finance reported that members of the Ethereum community published in ethresear.ch about “Will PoS Lead to the Geographical Clustering of Verifiers?” In the article, Mister-Meeseeks stated that one of the underestimated aspects of the PoS transition is that relocating validator nodes is much easier than mining operations. Therefore, we hope that block validators are more geographically mobile than current block miners. This means that if a certain geographic location has even a slight advantage, we expect a disproportionate number of validators to gather there. This is obviously not conducive to the resilience, security and decentralization of the network. Especially my actual concerns are related to MEV arbitrage. Most of the centralized exchange price discovery occurs in Tokyo. The FTX, Binance and Huobi matching engines all run in one data center. For validators engaged in MEV, co-location with these exchanges is a major advantage. Providing low-latency data for order activity means arbitrage on decentralized exchanges. In contrast, running a validator outside of Japan can add hundreds of milliseconds of latency. With a block time of 12 seconds, put your validator in Tokyo worth tens of millions of dollars per year to achieve a $1 billion CeX/DeX arbitrage strategy. In particular, Tokyo’s geographic location as a network cluster is particularly risky. It is extremely prone to earthquakes and tsunamis. What will happen to the network if more than 90% of verifiers go offline at the same time? In order to solve this problem, I think the protocol must either 1) completely eliminate the ability of the verifier to extract MEV. Or 2) Explicitly incentivize geographic diversity through some incentive schemes that are more important than MEV extraction.

New development of Ethereum 2.0: The formal verification of the beacon chain specification in the Dafny language has been completed

According to news on August 15, ConsenSys researcher and Ethereum 2.0 developer Ben Edgington stated in the disclosure of the new developments of Ethereum 2.0 that the formal verification of the beacon chain specification in the Dafny language has been completed. In addition, the Ethereum 2.0 API specification has been updated. To v2.0.0, prepare for Altair upgrade. One of the main goals of Altair’s upgrade is to enable light clients to run efficiently on the Ethereum 2.0 network. In the research progress, the current block on the beacon chain needs two epochs to complete finalization, about 13 minutes, and the final deterministic delay means that the validator has the opportunity to reorganize the nearest chain.

Ethereum this month’s market value ranking rises by 7 places and ranks 22

According to Golden Financial Report, AssetDash data shows that the market value of Ethereum has risen to the 22nd place in global assets, currently about 381.5 billion U.S. dollars, and the current market value has surpassed Mastercard. In addition, the market value of Ethereum has risen by 7 places this month.

Webster Rating: Ethereum has burned $100 million in fees since EIP-1559 took effect

WeissCrypto Ratings, a cryptocurrency rating agency, tweeted today that since EIP-1559 took effect, Ethereum has burned $100 million in fees. Regardless of your opinion on ETH or fee burns, this is a large amount of ETH burned in a week. It will be interesting to see how the burn rate stabilizes in the next few weeks.

Co-founder of EthHub: The Ethereum network burned an average of 11,000 US dollars of ETH per minute in the past 24 hours

EthHub co-founder Anthony Sassano tweeted that in the past 24 hours, the Ethereum network burned an average of $11,000 worth of ETH every minute.

other projects

Poly Network release solution: patching loopholes, mainnet upgrade and project launch

On August 13th, Poly Network officially released the solution after being attacked by hackers: patching loopholes, upgrading the main network, and launching the project. 1. Fix vulnerabilities. We have completed the necessary fixes and are working with multiple security and audit teams to review the code. We have also planned a global bounty program to encourage more security agencies to participate in auditing #PolyNetwork’s core functions. 2. Mainnet upgrade. For security reasons, we will resume operations through the mainnet upgrade and restore the basic cross-chain functions after the audit as soon as possible, while delaying the activation of other advanced functions. 3. The project starts. After receiving the audit report, we will gradually resume cross-chain services. The first group of projects is divided into the following two categories. a. The newly started project, that is, the project #PolyNetwork testnet that has been tested, was not affected by this event. We will get in touch with these projects separately. b. Projects that have been using PolyNetwork services and have not had any impact on their assets. We will open a channel for submitting applications as soon as possible.

The hacker returned 28953 ETH to the multi-signature address provided by Poly Network

According to the data monitoring of OKLink of Ouke Cloud Chain, the hacker who attacked Poly Network returned 28953 ETH at block height 13011221. Transaction hash: 0xf91e43dceeb80cd2d5fbf2c5cf94ea364929515bbac29f57270163c3de812271.

Statistics: Uniswap becomes the first DeFi agreement with a total historical revenue of more than $1 billion

On August 11, it was reported that Uniswap became the first DeFi protocol with a total historical revenue of more than US$1 billion. This data is the sum of V2 and V3 fee income on the Ethereum mainnet (data on Optimism is not included), which is approximately 750 million. US dollars and 250 million US dollars.

Arbitrum launches the Arbitrum One ecological portal, which contains 70 DApps, wallets or tools

On August 12, Arbitrum, the expansion network of Ethereum, launched its mainnet test version of Arbitrum One Portal (Arbitrum One Portal), showing that Arbitrum will launch or integrate Arbitrum on Arbitrum when it launches the mainnet public beta at the end of the month. DApps, wallets or tools, etc., including Aave, Alchemy, Ankr, Anyswap, Band Protocol, Biconomy, CREAM Finance, Celer cBridge, Chainink, Coinbase Wallet, Composable Finance, Connext, Covalent, Curve, DAI, DForce, DeBank, DODO, Etherscan , Hop Protocol, imToken, Infura, Liquality, Loopring, MCDEX, MakerDAO, Math Wallet, MetaMask, Nansen, Perpetual Protocol, Ren, SushiSwap, The Graph, Truffle Suite, USDC, Uniswap, WBTC, Zerion, etc. According to previous reports, Arbitrum plans to launch a public beta version of the mainnet open to users before the end of August.

Anchorage Digital will host dYdX governance tokens on behalf of clients

Anchorage Digital, the digital asset bank, announced that it will host the dYdX governance token DYDX on behalf of its clients. It is reported that Anchorage has supported 57 digital assets, including stablecoins such as USDC, leading tokens such as Bitcoin and Ethereum, and DeFi governance tokens such as Compound. According to previous reports, the decentralized derivatives protocol dYdX officially launched the protocol token DYDX at 23:00 on August 3 (UTC+8). DYDX is a governance token, mainly used for dYdX protocol governance and fee discounts. Allow the dYdX community to hold and govern the dYdX agreement through voting, and at the same time coordinate the incentive mechanism among the traders, liquidity providers and partners on the agreement. dYdX mints a total of 1,000,000,000 DYDX tokens. The first five years of DYDX’s total supply are allocated as follows: 50.00% (25.00% for users who trade on the dydx layer 2 protocol, and 7.50% for the completion of a certain transaction on the dydx layer 2 protocol) Past users of these transaction milestones, 7.50% paid to liquidity providers, 5.00% deposited in the community fund library, 2.50% allocated to users who pledged USDC in the liquid staking pool, 2.50% allocated to DYDX pledged in the secure staking pool Users); 27.73% to past investors; 15.27% to founders, employees, and consultants of dydx transactions or foundations; 7% to future employees and consultants of dydx transactions or foundations.

Disclaimer: Golden Finance, as a blockchain information platform, the content of articles published is for information reference only, 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/project-weekly%ef%bd%9cbig-bitcoin-transactions-are-currently-dominating/
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