What information is worth paying attention to in the first anniversary of ETH2.0?

At 8:00 pm on December 1, 2020, Hong Kong time, Ethereum 2.0 launched the genesis block, and phase 0 (beacon chain) was officially launched. According to the established rules, before the start of the beacon chain, the Ethereum 2.0 storage contract requires a minimum deposit of 524,288 ETH , that is, at least 16,384 validators. For this reason, the founder of Ethereum Vitalik Buterin (Chinese translation is Vitalik Buterin ) ) 3,200 ETH was deposited in advance to support this milestone in the development of Ethereum.

One year later, on the first anniversary of the launch of Ethereum 2.0, let us review the achievements of Ethereum 2.0 in the past year and what information is worthy of our attention.

According to Stephen cloud chain master link on statistics, as at 9:00 on November 22, 2021 Hong Kong time, Ethernet Square 2.0 total pledged amount has reached 8.343 million, compared to 520,000 at the beginning of the letter of the standard chain started in the past In one year, the total number of pledges increased by 7.819 million pieces, an increase of more than 1492.1%.

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Changes in the total pledge amount of Ethereum 2.0, data source Ouke Cloud Chain Master

Correspondingly, the total number of deposit addresses and the total number of validators in Ethereum 2.0 have reached 260,730 and 260,181 respectively. This shows the enthusiasm of market investors for Ethereum 2.0.

The resulting Ethereum 2.0 pledge rate is also rising. According to the data of the masters on the Ouke cloud chain, as of 9:00 on November 22, 2021, Hong Kong time, the Ethereum 2.0 pledge rate has reached 7.1%. Said that the amount of ETH locked in the Ethereum 2.0 storage contract has reached 7.1% of the total circulation of ETH, especially after the launch of EIP-1559, the slowdown in the issuance of Ethereum due to the destruction of the basic fee is even more important. To a certain extent, the pledge rate of Ethereum 2.0 has been improved.

What information is worth paying attention to in the first anniversary of ETH2.0?

Ethereum 2.0 pledge rate changes, data source Ouke cloud chain master

Next, let’s compare the changes in the ETH price during this year. On December 1, 2020, according to the quotation on the Ouyi OKEx platform, the closing price of ETH on that day was US$618.88, and within a year, the price of ETH reached a maximum of US$4871.42 (as of November 22, 2021), an increase of more than 687.1% .

What information is worth paying attention to in the first anniversary of ETH2.0?

ETH price trend in the past year, data source OKEx

In the previous article introducing Ethereum by OKEx Academy, we have repeatedly mentioned the macro-level Ethereum development roadmap. According to the plan of the core development team of Ethereum, the Ethereum network has to go through four stages of development-Frontier, Homestead, Metropolis and Serenity. Although so far, the number of people involved in digital asset investment has reached tens of millions or even hundreds of millions of people, in fact, the proportion of investors who have actually understood the design principles of Bitcoin or the technical route of Ethereum is much smaller. On the one hand, the ultra-high rate of return in the field of digital asset investment (in theory) dilutes the enthusiasm of most investors for in-depth understanding. Systematic disciplines appear in the public’s field of vision, and the evolution of blockchain and digital assets is proceeding at an ultra-fast pace, whether in the technical field or at the application level, which is also invisible to ordinary investors. In-depth understanding brings a certain threshold.

When we look back on the development process of blockchain technology, it is not difficult to find that although cryptography, distributed storage, consensus mechanisms, etc., as an important underlying technology of blockchain, have been studied in academia for decades, However, blockchain technology has been regarded as an independent technology for more than ten years. It was not until Satoshi Nakamoto geniusly used Bitcoin to perfectly fit the above multiple technologies, which made people believe that it is indeed possible to build a distribution in such a way. Database. As a follower and improver of Bitcoin, Ethereum has a much shorter development history. It was not until July 2015 that the Ethereum mainnet finally went live after several months of stress testing. This opened the “frontier era”. However, the early Ethereum only supports developers to mine ETH, develop Dapps and some simple tools on it. At best, it is a “usable” blockchain, and there is still a considerable gap between today’s prosperous ecosystem. Therefore, after the “frontier”, the Ethereum developer team completed the upgrade of the “homeland” and the “metropolis” successively to promote the continuous advancement of the Ethereum network performance and ecological construction. Among them, “Metropolis” was launched twice, namely Byzantium (Byzantium, October 2017) and Constantinople (Constantinople, January 2019). The primary purpose of the upgrade is to make Ethereum lighter. , Faster and safer.

With the completion of the Constantinople upgrade in February this year, Ethereum also came to the door of “Serenity” (that is, ETH2.0). After the Constantinople upgrade, so far, the Ethereum network has successively undergone the Istanbul upgrade, the Muir Glacier upgrade, the Berlin upgrade, and the London upgrade. Among them, the most concerned and most influential one is the London upgrade carried out in early August this year. The reason is that the London upgrade included multiple blockbuster improvement proposals including the EIP-1559 proposal and the EIP-3554 proposal. The core of EIP-1559 is to reduce the volatility of transaction fees by burning fees paid in ETH instead of allocating to miners. Since its launch on August 5, a total of 974,000 ETH has been burned, accounting for the Ethereum network during the same period. 66.68% of the total issuance, and on September 3, it officially ushered in the first deflation day, with a net decrease of 352 ETH on that day.

What information is worth paying attention to in the first anniversary of ETH2.0?

ETH destruction since EIP-1559 went online, data source watchtheburn

In addition, on October 27, 2021, Hong Kong time, when the Ethereum beacon chain reached Epoch 74240, the Ethereum network also ushered in a small-scale upgrade-the Altair hard fork upgrade. Altair is a relatively small update to the beacon chain of Ethereum. One of the important new features is the “Light Client Synchronization Committee”. The validators in this committee will be regularly incentivized to provide block header information to light clients.

According to the latest news from the Ethereum core development team, when the block height reaches 13773000 (approximately December 8th), the Ethereum Arrow Glacier network upgrade will be initiated. This upgrade mainly includes EIP-4345 Proposal to postpone the detonation plan of the difficult bomb from the originally scheduled December 2021 (see EIP-3554 content) to June 2022. At the same time, Ethereum core developer Tim Beiko said that if the merger (The Merge) has been prepared before, it can be done before then, and a decision will be made through a conference call again in February next year. In addition, the difficulty bomb is based on the current network computing power. If the computing power drops rapidly before the merger, it may accelerate the emergence of the difficulty bomb.

Therefore, judging from the current progress, if there is no major accident leading to further delays, perhaps we only need to go through a series of hard fork upgrades and phased upgrades such as the Shanghai upgrade, and we will soon be able to see a brand new Ethereum. , Which is the coming of the PoS era after the completion of Ethereum 2.0.

However, such an important historical moment will obviously not come quietly. During the intensive advancement of Ethereum 2.0, recent debates in the community have spread from time to time. At 13:00 on November 20th, Hong Kong time, Synthetix founder Kain Warwick tweeted, “In this cycle, many people I respect in the early stages of this cycle pursued opportunistic gains at the expense of reputation in order to maximize profits. Please remember. In this regard, once L2 expansion becomes inevitable, they will all flood into the Ethereum ecosystem.” And the founder of Three Arrows, Suzhu, expressed a different view. Suzhu said, “Although I supported Ethereum in the past, I have given up. With it, although Ethereum used to support users, it has given up users. Newcomers can no longer use this chain.” “Ethereum culture is deeply affected by the founder’s dilemma. Everyone is already so rich that Can’t remember their original intentions. Maybe a bear market is needed to remind them, or we must build a new blockchain that truly supports users elsewhere.”

In this online debate, because suzhu focused on Ethereum’s high gas cost and other current deficiencies in the Ethereum network, it ignored the efforts of developers to promote ETH2.0 and the achievements of many Layer 2 development teams. He was criticized and finally had to come to an end with Suzhu’s apology.

It is foreseeable that this kind of controversy is not the first and it will not be the last. As the Ethereum 2.0 process continues to advance, more disputes between different interest groups will surface in the future, but objectively From a point of view, the birth and development of any new thing in history will inevitably be accompanied by various conflicts. It is after conflicts have been resolved that they will witness the transformation of new things again and again. , Ethereum is probably no exception.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-information-is-worth-paying-attention-to-in-the-first-anniversary-of-eth2-0/
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