The era will eventually belong to Ethereum

Early Bitcoin writer, co-founder of Bitcoin Magazine, Fluent Chinese KTV singer, Vitalik Buterin, the first “world computer” proof of concept, described the overall outline of the ETH2.0 super public chain to the crypto world. This era will eventually Belongs to Ethereum.

Ethereum is beginning to take shape

He is a young man with a “bad appearance”, an early Bitcoin writer, co-founder of Bitcoin Magazine, a fluent Chinese KTV singer, and the first white paper to use Ethereum as a “world computer” proof of concept– Vitalik Buterin. At this time, Ethereum only exists on the “drawings.”

Vitalik Buterin believes that digital currency and its related blockchain can be more convenient than simple P2P electronic value transfer. In order to realize this grand vision (the folk rumors that V God at that time liked to play World of Warcraft, but after he was planned to delete the files, he became angry and had an imagination about the blockchain), he set out to create a complete virtual ecosystem, including the global Blockchain and smart contract programming platform, and both will be supported by the local digital currency ETH. In the “decentralized” ecosystem he described, any developer is allowed to develop applications in the system with a high degree of freedom and integrate them on Ethereum. Based on smart contracts, applications on Ethereum can automatically transmit information and value under dynamic conditions, and finally build a new Web3.0 network ecology.

At the end of 2013, Vitalik Buterin began to develop Ethereum in collaboration with “cryptographic geeks” such as Mihai Alisie, Amir Chetrit, Charles Hoskinson, Anthony Di Iorio, Dr. Gavin Wood, Joseph Lubin and Jeffrey Wilke. After less than two years of development of Ethereum The workshop was launched on the main network of the network on July 30, 2015. Although Ethereum seems to usher in a new chapter in ecology, this is only the first step in a long march.

The early boom of cryptocurrency

After the upgrade of Ethereum in October 2017, it entered the metropolis stage, and basically showed a basic outline of Ethereum 1.0, that is, a decentralization based on POW, no authorization, security, open source, Turing complete, fake An economic form of anonymity and a tight supply of tokens. Ethereum uses ETH tokens as the core to build an economic ecology that can store value, allow users to send or receive transactions, and can be used as a “loss” bargaining chip for any transaction (GAS is calculated in Wei).

Ethereum is based on the friendly Solidity development language, allowing developers to compile smart contracts for automatic execution. Developers can build decentralized applications DAPP based on smart contracts and run on virtual machine EVM. Similarly, in addition to ordinary users and developers in the system, all transactions in the network are packaged by the miner group into a block-wide consensus. At the same time, the miners also obtain the ETH token incentives given by the system in the process, forming another big POW forces. In general, Ethereum can operate safely in a highly decentralized form.

Beginning in the second half of 2017, the development of DAPP applications ushered in a small climax, and the issuance of ERC-20 standard tokens based on Ethereum smart contracts became the wave of that time. After the massive influx of external funds into the Ethereum ecosystem, the cryptocurrency world ushered in a major explosion of currencies. By the end of the year, the total number has reached more than 500, which also laid the foundation for the development and prosperity of subsequent DeFi. Even before the mainnet of other blockchain public chains goes online, ecological tokens will first be issued based on Ethereum. Projects such as EOS will also “map” to their mainnet after the mainnet is launched.

On Ethereum, the eruption of cryptocurrency types has further promoted the growth of the total market value of cryptocurrencies. According to Coinmarketcap data: in January 2018, the total market value of cryptocurrencies reached a peak of approximately US$720 billion. The explosion of ERC-20 tokens on Ethereum contributed most of the data. The total market value of cryptocurrencies was only at the end of 2020. Break through the previous high again.

The era will eventually belong to Ethereum

Prelude: Challenges facing Ethereum

Transaction efficiency and cost

At the end of 2017, the ERC-20 standard asset construction ushered in the early climax of cryptocurrency. At the same time, the rise of CryptoKitties also defined the NFT assets of the ERC-721 standard. With the simultaneous attacks of the early NFT frenzy, the rationality of the Ethereum design has been questioned. CryptoKitties has brought a large number of transactions to the Ethereum network. For example, from December 5th to December 10th, 2017, the number of delayed transactions waiting for confirmation in Ethereum remained above 20,000 per day, and the number of daily transactions on the chain also reached Peak 1.13 million times.

The era will eventually belong to Ethereum

The average gas consumption chart of a single transaction on the Ethereum chain (source Glassnode)

In July 2018, with the overall cooling of the market and the decline in the popularity of CryptoKitties, the overall transaction volume of the market has declined, but the average gas consumption of a single transaction has always been high, with a peak value of 0.007 ETH, according to the ETH price of 474 US dollars at that time , The GAS fee for a single transaction was approximately US$3.3, which was unacceptable for many investors at that time. However, compared with the level of GAS fees after the outbreak of DeFi in 2020, this is really insignificant.

In 2020, high-yield-led liquidity mining has caused DeFi to explode, creating a FOMO sentiment and a siphonic effect. On the bright side, the multiple blossoms of DeFi have allowed investors to clearly recognize the high-quality potential of DeFi and the overall “unpredictable” market capacity of cryptocurrencies. And the outbreak of DeFi has also attracted more and more developers to join the DeFi ecosystem, accelerating the continuous improvement of the infrastructure of the decentralized world. At the same time, DeFi has transformed from an experiment into a unicorn. However, Ethereum is the main battlefield of the DeFi world, and its own bottleneck also hinders the healthy development of the DeFi ecosystem.

We can see that whether it is AAVE, Compound, or high-quality DeFi protocols such as MakerDAO, Uniswap, etc., they are all native applications on Ethereum. High-quality DeFi protocols are basically built on Ethereum. After entering 2020, the trading volume on Ethereum began to show an exponential surge. Compared with 2017, the transaction volume was concentrated in a certain period of time and fell rapidly. The market after 2020 is more mature and complete, and the average transaction volume is basically at a high level. The Ethereum chain will be processed and delayed every day Lots of transactions. The consequence of being “overwhelmed” must also be a rapid decline in transaction efficiency and a further surge in transaction costs. In terms of transaction efficiency, most DeFi players said, ” A transaction on the Ethereum chain may still be packaged and confirmed after a few hours after paying a “extremely expensive” GAS during the peak period. And it may have missed the best period of trading.”

If the GAS cost of $3 in 2018 is considered expensive, the average GAS fee after 2020 can be said to be sky-high. Starting in March 2020, that is, after Compound launched its own token COMP on Uniswap in the form of liquid mining, the GAS fee on Ethereum has experienced several extreme values ​​so far:

0.006ETH on March 12, 2020

0.0166ETH on June 11

0.032ETH on September 2

0.01986ETH on September 12

0.024ETH on February 23, 2021

0.021 ETH on May 19th.

The price of ETH has risen all the way from US$110 in March 2020 to US$4000 in May 2021. It has now fallen to around US$2,000. The overall GAS fee value is still at a high level. This has also caused the GAS fee gold standard to soar. The GAS fee consumed by the exchange basically ranges from a dozen dollars to tens of dollars. On the other hand, when DeFi players conduct liquidity mining or pledge activities, they often interact with contracts frequently, so the GAS consumption of an activity may be multiple. This has also resulted in many small and medium-sized investors whose income is lower than GAS expenditure. For a period of time, DeFi on Ethereum has also been hailed as a game for big money players.

The culprit of the soaring GAS fee and the proposal of EIP1559

Ethereum miners are not arranged in chronological order when packaging and confirming transactions. The miner group is an interest group, so when the transaction volume “explodes” in the Ethereum network, the miners tend to prioritize the package of transactions with higher GAS fee bids. Therefore, many traders, when they have paid a GAS fee for their transaction but have not been confirmed by the network, often further increase the GAS fee of the transaction to attract miners to package their transactions first, so that they have a chance to ensure their own The transaction “priority” is packaged. As a result of this, a large number of transactions of ordinary traders are directly confirmed by the network, and the average level of GAS fees for a single transaction in the network has soared. When the transaction volume of Ethereum is too large, there may be a transaction that pays sky-high GAS fees. After all, for some large investors, the consumption of GAS fees is not worth mentioning in the face of sufficient revenue.

From the perspective of miners, the income of miners in the Ethereum system is mainly derived from three parts: Ethereum block reward + GAS fee income (all GAS fees for single currency transactions belong to the miner) + index uncle block reward (non-main ). The GAS fee has soared blindly. Although the miners and large households have made a lot of money, this has directly caused many DeFi players and developers to flee Ethereum and turn to the “next door” BSC, Heco, and rising star Polygon .

Aiming at the irrationality of the gas fee mechanism of the Ethereum system mine, the community put forward the proposal of EIP1559 to alleviate the rising GAS fee, which has brought network drawbacks. The EIP1559 proposal was already proposed by Vitalik Buterin in April 2019, so this proposal was not proposed this year.

The EIP1559 proposal changes the income of miners in the GAS fee part. Specifically, the network will set a minimum fixed value for the GAS fee for a transaction (this fixed value may be appropriately increased as the network is congested), and this Part of the GAS fee will not be given to the miners but will be directly destroyed. If users want to prioritize packaging of their own transactions, they can give miners a little “tip” to attract miners to prioritize packaging of the transaction. This also means that in the overall income of miners, the GAS fee will be greatly reduced, but in general, this method seems to be able to directly alleviate the dilemma of transaction congestion in the Ethereum network, and achieve expansion in disguise. At the same time, it also brings a destruction scenario to Ethereum to achieve a value inflation.

Although the EIP1559 proposal has been opposed by the vast majority of miners, it may be implemented in the London hard fork upgrade on August 4, 2021 (originally planned to be implemented in July).

The multi-legged DeFi ecosystem

Although Ethereum built the early foundation for the development of DeFi, Ethereum is not the only choice for developers and DeFi players. Starting from the second half of 2020, the successive launches of the exchange public chain Binance Smart Chain BSC and Huobi Ecological Chain Heco mainnet seem to pose a threat to the development of the Ethereum DeFi ecosystem.

Compared with Ethereum, BSC and Heco have certain advantages in transaction efficiency and cost. Generally, the GAS fee required for an exchange on BSC or Heco may be only a dozen or a few tenths of Ethereum. Binance and Huobi have successively provided funds for their own DeFi ecosystems and user flowbacks. Such head platforms themselves can also act as cross-chain bridges to “cross-chain” assets on the Ethereum chain to their own DeFi ecosystems. So an objective fact is that BSC and Heco have indeed “divided up” part of the funds and users on Ethereum. We will look at a specific situation of these two ecological developments from four indicators including the number of addresses, TVL (lock-up value) and the number of transactions.

In terms of account address increment, BSC has the fastest growth rate. According to bscscan data, the number of BSC account addresses on February 13th in 2021 was 1.387 million, which increased sharply to 57.065 million on March 3. The current total account The addresses are 83,829,400.

The era will eventually belong to Ethereum

The growth rate and total number of addresses on Heco is lower than that of BSC, and the overall number of addresses is also maintaining a high level of growth. The current total number of account addresses is 16.788 million. Excluding the situation where one user registers multiple addresses, the sudden increase in the number of addresses can fully reflect In the case of short-term user increments.

The era will eventually belong to Ethereum

The transaction volume of Ethereum, BSC, and Heco reached its peak in May 2021 (it can be considered as a comparison of similar times), of which Ethereum reached the highest transaction volume of 1,716,600 on May 9th, and the transaction volume of BSC on May 14 was 11.8383 million. During the same period, Heco’s transaction volume reached a peak of 4.35 million transactions on May 10. So in terms of transaction volume, BSC and Heco as a whole are much higher than Ethereum, which has a certain relationship with the high transaction cost on Ethereum. After all, as a user, the benefits of a certain mining activity on Ethereum, BSC, and Heco are similar, and investors are definitely more willing to do it on BSC or Heco, even if certain DAPPs on BSC and Heco are more risky.

According to DeBank data, although there is still a gap between TVL and Ethereum, BSC and Heco have also become two important proportions in the overall TVL of the DeFi ecosystem. After the 5.19 sharp drop, the overall ecological funds of DeFi accelerated to flee, and TVL also showed a slashing trend (also related to the decline in currency prices). The current TVL on BSC is US$130.14 billion, of which PancakeSwap (US$6.7 billion), MDEX (US$1.4 billion), Ellipsis (US$1.3 billion) in the DEX sector and VENUS (US$1.9 billion) in the lending sector contribute most of the TVL share And they are also the first echelon applications of the DeFi overall sector.

The era will eventually belong to Ethereum

The amount of TVL on Heco was US$2.09 billion, of which the share of MDX (US$1.5 billion) was the main one.

Among them, it is worth noting that Polygon, as the Layer 2 echelon, has also gathered a large amount of funds. The overall TVL has reached 5.5 billion U.S. dollars. Many DeFi applications on Ethereum such as AAVE, Curve, Balancer V2 and SushiSwap have begun to be integrated into Polygon simultaneously. The above has also made Polygon a giant ecosystem that rivals Ethereum and BSC in the current DeFi sector.

In general, in the competition of the DeFi track, ecology such as BSC and Heco have built the prosperity of the DeFi world as a whole, and at the same time formed a situation of multi-leggedness.

Dawn: the eve of ETH2.0

Layer 2 for indirect expansion

The main problem of Ethereum is its own carrying capacity. After all, all transactions and interactions of Ethereum are currently carried out on the main chain Layer1, which makes Ethereum, which has a low TPS, overwhelmed. Regarding the expansion of Ethereum, there are currently two fundamentally different solutions. One is the Layer 2 solution for indirect expansion, and the other is the direct expansion solution ETH2 that we all look forward to and is already in the Ethereum plan. .0. At present, ETH2.0 has opened the beacon chain and entered the ETH1.X stage, but the overall development progress is difficult to accurately estimate, so the overall development is in the eve of ETH2.0 stage, so the expansion of Ethereum currently uses Layer 2 as the main means. Ethereum founder Vitalik Buterin also gave a high degree of recognition to Layer2, and believes that Layer2 may coexist with ETH2.0.

In general, the main idea of ​​Layer2 is to build a “channel” around the Ethereum main chain, that is, a two-layer network, and move the massive computing requirements of Layer1 to Layer2 to further alleviate the pressure on the Ethereum Layer1 main chain. There are also multiple solutions for Layer 2 as a whole. This is like relieving traffic pressure on a public chain. You can build a small road next to the public chain and eventually converge to the main road, or you can build a bridge to divert traffic. In short, the ultimate goal It is to relieve the pressure of the large traffic volume on the highway.

Currently, the overall Layer 2 solution includes side chains, Plasma, Rollup, and Validum. Among them, the refinement of the Rollup program that is currently optimistic in the industry can also be divided into Optimistic Rollup (multi-round interactive Arbitrum Rollup), ZK Rollup, zkPorter, starknet and several Layer 2 programs. Generally, when users want to trade on Layer 2, they often need to transfer their assets to Layer 2, and eventually the funds need to be withdrawn from Layer 2 to Layer 1.

Different Layer 2 solutions have different advantages and disadvantages. Matter Labs has previously compiled a comparison of the overall advantages and disadvantages of each Layer 2 solution.

The era will eventually belong to Ethereum

The Plasma solution has good overall security. At the same time, this solution is less than the main chain interaction, so its transaction efficiency is higher. The disadvantage is that it does not have the data availability of the main chain, and at the same time, a 7-10 day withdrawal period is required for users to withdraw funds to Layer 1. In contrast, the ZK Rollup solution has a short asset exit period and high security, but does not support smart contracts as a whole, while Optimistic Rollup supports smart contracts , but similar to Plasma, there may still be more assets exiting from Layer 2 to Layer 1. Up to 1 week, reducing the utilization rate of user funds.

Judging from the progress of the Layer 2 sector, the Optimistic Rollup mainnet is currently online, and the DEX giant Uniswap on Ethereum has launched the Optimistic Rollup. Arbitrum Rollup was launched on the mainnet on May 28. OKEx has announced that it will support Arbitrum, and Uniswap V3 will also be migrated to Arbitrum according to the voting results.

The Layer 2 member who is currently making the fastest progress on the Layer 2 track is Polygon. As mentioned above, AAVE and SushiSwap have deployed their own applications on Polygon. Currently, the number of Polygon addresses has exceeded 23,488,600, and the peak daily transaction volume has reached 9.177 million. The overall number of DAPPs exceeds 100. At the same time, many development teams are also developing applications based on Polygon.

The era will eventually belong to Ethereum

On the eve of the advent of ETH2.0, Layer2 is the most effective Ethereum expansion plan, and it is likely to become a part of ETH2.0 in the future to jointly promote the overall development of the ecosystem.

Before the arrival of ETH2.0, the “superiority” of Ethereum still exists

Although the performance of the Ethereum main chain in terms of carrying capacity is not good, the data presentation is still far ahead of other ecosystems. From the current TVL point of view, the overall TVL of DeFi is US$73.82 billion, and the current overall TVL of Ethereum is US$52.65 billion. Ethereum occupies most of the overall amount of funds in the ecology.

“Unicorn” DeFi applications on Ethereum are also “getting together”. According to DeBank data, there are currently 10 applications with TVL over $1 billion on Ethereum, namely AAVE, Compound, Curve, MakerDAO, Uniswap, SushiSwap, ShibaSwap, Synthetix, Liquity and Bancor basically occupy half of the “unicorn” camp.

The era will eventually belong to Ethereum

Stable coins play a very important role in DeFi, and the overall feature of cryptocurrencies is high volatility. Stablecoins, as stable encrypted assets that are anchored to the U.S. dollar and feature minimal fluctuations, have perfectly become a bridge between cryptocurrency assets. At present, more than 70% of the 10 stable currency sectors including USDT, DAI, PAX and USDC are settled on Ethereum and issued on Ethereum in the early stage. At present, the overall circulation of stablecoins is increasing. At the same time, the number of pledged stablecoins in the DeFi protocol on Ethereum also occupies a dominant position, such as MakerDAO, Curve, and Convex. Such stablecoin-related protocols are all Ethereum Native applications on the workshop.

Many DeFi applications on Ethereum started early, especially in lending and DEX sectors. For example, ETHLend, the predecessor of AAVE, was deployed on Ethereum as early as 2017, and was renamed AAVE in late September 2018. Similarly, as a decentralized organization on Ethereum, MAkerDAO launched its own protocol as early as 2017. Bancor of the DEX sector launched the Ethereum mainnet in June 2017, and Uniswap launched the Ethereum mainnet in 2018 and became the originator of the AMM model. Ethereum built the early foundation of the DeFi world, and the important role of Ethereum in the overall DeFi ecosystem also makes it difficult to shake the foundation of Ethereum.

The “superiority” of Ethereum is also reflected in the “ideology” of the blockchain world. In fact, Ethereum is more like a first-tier city, or an ancient cultural city with culture and heritage. The formation of the ecology on Ethereum is different from other ecology, and its prosperity is not achieved overnight. Although the city as a whole is relatively congested, the city as a whole has a prosperous economy and a long culture.

As far as the current Ethereum is concerned, Ethereum itself is the most prominent model of DAO autonomy, and the entire ecology is completely decentralized. At its peak, the number of nodes in Ethereum exceeded 12,000, and the Ethereum Foundation did not have the ability to control the nodes. The fully decentralized and truly highly autonomous ideology established by Ethereum is unmatched by other ecosystems. This ideology has more promoted the innovation and increment of Ethereum, which is the most unique charm of Ethereum and the foundation of its heritage.

The light of the times may also be the death of the miners.

The POW miner group has always been a powerful force in the cryptocurrency field, and it is also an important role in the ecology of Bitcoin and Ethereum. The driving force of interest factors has also allowed the miner group to “grow up brutally” in the early days of the industry.

At present, the POW miner group is facing a severe situation of “internal worries” and “external troubles”, especially the POW forces in the Ethereum ecology. The explosion of DeFi has caused a blowout in the Ethereum ecosystem. With the simultaneous surge in the price of Ethereum and GAS fees over a period of time, Ethereum miners are making a lot of money, but this may be the last carnival.

Starting from the first half of 2021, the domestic red light for POW mining methods has been lit. POW consumes a lot of energy and is contrary to the concept of carbon integration, and the policy has begun its full blow. As of the beginning of July, the entire network’s Ethereum computing power dropped to 487TH/s. The domestic Ethereum computing power dropped by 17% as a whole, which also triggered a sharp drop in the price of graphics cards. The overall external situation accelerated the domestic Ethereum POW miners. For the escape and transformation of the mining industry, it is also difficult to find a way out for the mining machines used for mining.

The era will eventually belong to Ethereum

The further implementation of the EIP1559 proposal may lead to an overall decline in the earnings of miners. With the launch of the ETH2.0 beacon chain, more and more people have joined the ranks of POS miners, which makes the situation faced by Ethereum POW miners even worse. Although at this stage, ETH2.0 is only stage 0, the current POS is only for testing, and ETH1.0 is still based on POW. However, from the overall plan of ETH2.0, the POW chain is the current ETH1.0 chain. The POW chain will be incorporated into ETH2.0 as a shard in the 1.5 phase, which is expected to be after 2022. The entire network gradually shifts to POS, and thereafter may gradually make Ethereum POW miners history. The light of the times may also be the death of the miners.

Dawn: ETH2.0, the ultimate form of the world computer

Features of ETH2.0

Although the Layer 2 solution can expand the capacity of Ethereum to a certain extent, ETH 2.0 can cure the “disease” of Ethereum. As early as the design stage of Ethereum, ETH2.0 has been planned for the fourth stage of the development route.

In general, ETH2.0 has built a blockchain system with 64 shards, and at the same time its own POW consensus mechanism has shifted to POS. The sharding chain can greatly improve the transaction processing capabilities of Ethereum itself. ETH1.0 is a main chain that processes all transactions, resulting in inefficiency. ETH2.0 allows 64 shards to process transactions in parallel. The system as a whole uses the beacon chain as the hub chain, which will become the link for two-way communication and information transmission between shards and shards.

Although traditional POW can guarantee decentralization and security, POW does not meet the green energy standards. POS has a huge advantage in saving energy. At the same time, relatively speaking, POS also improves the security and scalability of the network. After entering the POS consensus mechanism, the threshold for becoming a node in the network is further lowered. It only needs to pledge 32 ETH and run the official client. POS further enhances the degree of decentralization of the ETH network.

ETH2.0 is also a very large project, which is divided into four stages as a whole:

Phase 0: The beacon chain goes online.

Phase 1: Fragmentation and data fragmentation.

Stage 1.5: 64 shard chains are connected to the beacon chain, and the current ether chain becomes one of the shards.

Phase 2: Ethereum begins to integrate and improve the system (transfer and other functions), and gradually complete 2.0.

What problem does ETH2.0 solve?

ETH2.0 rebuilt the network structure of Ethereum. By constructing sharding and transferring consensus mechanism to POS, its network efficiency has been qualitatively improved. This may be further reflected in the substantial increase in transaction efficiency and transaction costs. decline. Moving from traditional POW to POS, while lowering the threshold of nodes, it also attracts a large number of ordinary investors to become validators, avoiding internal security problems caused by the concentration of computing power, and further enriching the group composition in the Ethereum miner ecosystem .

From the perspective of DeFi, the DeFi ecology was originally built on Ethereum in the early days. The efficiency of ETH1.0 itself hindered the further development of the ecology, which is reflected in the delay in the construction of DAPP by developers and the escape of traders. The ETH2.0 network is expected to further promote developers to actively build high-quality applications on Ethereum, and achieve further prosperity and volume expansion of the Ethereum DeFi ecosystem. Of course, in addition to the Layer2 sector, systems such as BSC may complement ETH2.0.

Ethereum can become a king ecology in the early days, and ideology is an extremely important link. Ethereum 2.0 strongly builds an overall foundation for Web 3.0, achieving breakthroughs under the framework of the impossible triangle of scalability, security, and decentralization, and further deepening the impact of this ideology.

In general, ETH2.0 not only solves the scalability, security and energy consumption issues faced by ETH1.0. Ethereum 2.0 is a qualitative change in the overall form of blockchain technology. The emergence of ETH1.0 has constructed a basic outline of the blockchain model and has also become a reference for other blockchain systems. The emergence of ETH2.0 has further redrawn the basic outline of the blockchain model and triggered a new round of technological innovation in the blockchain itself. Just like the huge productivity brought about by each round of industrial revolution, ETH2.0 will also trigger a new round of changes in the overall blockchain industry and lead the direction of true blockchain value.

Start of the beacon chain

On November 4, 2020, the Ethereum Foundation released the ETH2.0 beacon chain deposit contract, and plans to start the beacon chain on December 1, provided that the deposit contract needs to obtain 524,288 ETH 7 days before the creation date. That is, when 16,384 validators participate in the creation of the start, the beacon chain can be online on time. On November 23, the conditions of the 16,384 validators in the beacon chain deposit contract were met, and the beacon chain was launched as scheduled on December 1, and phase 0 of ETH2.0 was started.

At present, we can transfer the Ethereum on ETH1.0 to the beacon chain and become a validator by running the ETH2.0 official client. The minimum validator threshold is 32 ETH, but the stake is not completed before Phase 4 It is one-way and irreversible. According to data from, 6260027 Ethereum has been successfully pledged on the beacon chain.

The era will eventually belong to Ethereum

ETH2.0 describes to us the overall outline of a “super” public chain system. This may be Vitalik Buterin’s ultimate vision of “world computer”, but just like when a mobile phone is upgraded from 3G to 4G, all we can think of is a faster network speed. Fast, what really changes is the earth-shaking changes in the communications era. For Ethereum 2.0 in the crypto world, gas may be lower. What about the future?

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