ETH Weekly | Ethereum Dencun upgrade has been finally confirmed by developers; Cboe Digital will launch Ethereum futures contracts in the second half of the year (6.5-6.11)


1. Overall overview

Ethereum developers have confirmed an upcoming general upgrade of the network, this time the upgrade is called; Dencun. The upgrade includes five; EIPs, designed to add more data storage and lower fees. The upgrade takes "EIP-4844" as the core, in addition, it also includes "EIP-1153, EIP-4788, EIP-5656, EIP-6780" four improvement proposals. There's no firm date for the upgrade yet, but it's expected to go live by the end of "2023".

Cboe Global Markets; its digital asset exchange; Cboe Digital; received approval from the U.S. Commodity Futures Trading Commission (CFTC) on Monday to begin offering physically and cash-settled margin futures contracts in the second half of this year, according to a statement. Cboe Digital; President; John Palmer; said physical settlement of digital assets will allow traditional financial firms to gain exposure to Bitcoin or Ethereum futures without the need for intermediary custody.

In terms of the secondary market, the current;ETH;; price may continue to consolidate in the short term, with a support level of $1,700 and a resistance level of $1,800.

Secondary market

;1. Spot market

OKX; according to market data, the price of ETH once fell to $1,713 last week, and closed at $1,741 during the week, down 8.4% month-on-month;.


ETH daily chart via; OKX

The daily chart shows that the price is currently consolidating around $1,750, and the lower support level is $1,700; if the support is valid, it may continue to test $1,800 in the short term; if it falls below, it may fall further to $1,600.

;2. Network operation


Etherscan; data shows that in the past week, the number of blocks produced by the Ethereum network was 49,635, a month-on-month decrease of 0.1%; the number of weekly active addresses was 3,278,554, a month-on-month increase of 11.8%; block reward income was 4,004 pieces; ETH, a month-on-month decrease of 22% ;The amount of ETH destroyed per week reached 18,192, a decrease of 28.1% from the previous month;.

;3. Large transaction


According to OKlink data, the number of large-value transactions on the chain reached 2046 last week, which was a 12.9% increase compared to the previous week (1812;), and the trading enthusiasm of giant whales has increased significantly.

;4. Rich list address


OKLink; data shows that from the perspective of the distribution of ETH holding addresses, exchanges accounted for 9.17%; a decrease of 0.27% month-on-month; DeFi projects accounted for 25.62%; ; addresses and excluding exchanges and DeFi projects) accounted for 32.04%;, down 0.07% from the previous month; other addresses accounted for 33.17%;, up 0.1% from the previous month.


token.unlocks shows that the total amount of ETH pledged on the entire ETH network is currently 19.57 million ETH, and the pledge rate is 16.09%; since the upgrade in Shanghai, the cumulative deposit amount has been 6.57 million ETH. ; A total of 3.18 million withdrawals were taken out, last week's data was; 3 million; the total net pledge amount increased by 3.4 million, the previous week's data was ;;307;; ten thousand, an increase of 330,000 over a week.

3. Ecology and Technology

1. Technological progress

Ethereum;Dencun;Upgrade Gets Final Confirmation From Developers

Ethereum developers have confirmed an upcoming general upgrade of the network, this time the upgrade is called; Dencun. The upgrade includes five; EIPs, designed to add more data storage and lower fees. The upgrade takes "EIP-4844" as the core, in addition, it also includes "EIP-1153, EIP-4788, EIP-5656, EIP-6780" four improvement proposals. There's no firm date for the upgrade yet, but it's expected to go live by the end of "2023". (coindesk)

2. Voice of the Community

(1;) VanEck: ;2030;Ethereum will rise to;11800;USD

Investment management firm; VanEck; added cryptocurrencies to its model as an alternative to U.S. Treasury bonds and concluded that it "predicts the price of Ethereum to rise to $11,800 by 2030."

(2;) Vitalik: Ethereum needs to go through three technological shifts and reshape the relationship between users and addresses

The co-founder of Ethereum; Vitalik Buterin; issued a document stating that the three main technological transformations that Ethereum needs to undergo are: transition to L2 expansion, everyone turns to Rollup; transition to wallet security, everyone uses smart contract wallets; Privacy transition, ensuring privacy-preserving money transfers are possible, and ensuring that all other gadgets being developed are privacy-preserving.

Without L2 scaling, Ethereum’s high transaction costs can hinder mass adoption, leading to centralized solutions. Without wallet security, users are reluctant to store funds and non-financial assets and turn to centralized exchanges. Without privacy, the public availability of all transactions compromises user privacy, pushing users toward centralized solutions that provide data protection, at least to some extent, where data can be hidden.

So these three transitions are crucial. But they are also challenging because properly addressing them requires close coordination. It's not just the functionality of the protocol that needs to be improved, in some cases fundamental changes to the way you interact with Ethereum will be required, requiring profound changes to applications and wallets.

Three technological shifts will reshape the relationship between users and addresses. Users will have multiple addresses in L2 and face challenges in maintaining address consistency.

3. Project trends

(1;) Etherscan; Launches Beta of "Advanced Screening Tool" for Blockchain Analysis

Ethereum blockchain explorer; Etherscan; launched a beta version of an "advanced filtering tool" designed to help users more easily analyze blockchain data. The tool allows users to search for information such as transactions, addresses and smart contracts based on multiple parameters and filters, allowing them to focus on researching, monitoring or investigating the most relevant needs, transactions, addresses and activities. It is reported that Etherscan's "advanced screening tool" can also monitor "Blur" and other platforms; NFT; lending activities, including lending transactions, NFT; collection series used in lending, and; NFT;

(2;) Aave; community initiated; ARFC; proposal to introduce native stablecoin; GHO; into Ethereum mainnet

The governance page shows that Aave Companies; submitted the "Aave; native stable currency; GHO; online mainnet"; ARFC; proposal, proposed to use; Aave V3 Ethereum Facilitator; and; FlashMinter Facilitator; will; GHO; If the ARFC and subsequent AIP proposals are approved by the Aave DAO, GHO will go live on the Ethereum mainnet, and Aave V3 users on Ethereum will be able to use collateral to mint the GHO, which will enable the Aave protocol Borrowing on stablecoins is more competitive and brings additional income to the "Aave DAO" by providing; GHO; borrowed; 100%; interest payments to the;DAO;Treasury; After the introduction of the "GHO", the DAO; will also be able to change the interest rate of the "GHO" if necessary through the governance process. GHO;'s financial framework will be managed in a decentralized manner by the;Aave DAO;

(3;) StarkNet; Tool Platform; Crypto Mansion; Release; v; 0.13.1; Version, Support; Cairo 1.1.0; Compiler

StarkNet; Tools Platform; Crypto Mansion; Release; v; 0.13.1; Version, Support; Cairo 1.1.0; Compiler. Previously; June; 1; news, Ethereum; Layer 2; network; Starknet; announced that the mainnet has been running on version; v; Deployable now;Cairo 1; contract on mainnet.

(4;) zkSync Era;'s; Foundry alpha; version can support developers to deploy contracts, bridge assets between L1 and L2, and send transactions

Ethereum L2 expansion solution; zkSync; tweeted that developers can now use the; Foundry alpha; version of; zkSync Era; to deploy contracts, bridge assets between L1 and L2, send transactions, etc. It is reported that Foundry; created and maintained by Paradigm; etc., is a modular toolkit for Ethereum; dapp; development, which can enhance; EVM; secure smart contract development on the chain. Foundry alpha; features of the version include: zkCast; interact with contracts and deposit, withdraw or query blockchain data, such as account balances or block information; zkForge; use a special compiler to compile contracts and deploy them to; zkSync Era Localnet, Testnet and Mainnet.

(5;) Ethereum Layer 2 network; Taiko; already live; Alpha-3; test network

Based on "zkRollup", the second layer network of Ethereum; Taiko; has been launched; Alpha-3; test network, compared with "alpha-2;, the main changes are:; 1. New protocol economics design and implementation; 2. Both proposer and prover are permissionless (alpha-1; only permissionless proposer, alpha-2; only permissionless prover); 3. Support; Taiko Inception Layers (L3).

(6;) Optimism; Mainnet completed; Bedrock; Upgrade, Bedrock; Sequencer launched

According to official news, Optimism; completed the mainnet; Bedrock; upgrade, Bedrock; The infrastructure is back up and running. It is reported that Bedrock; is a new generation of decentralized; Rollup; infrastructure developed by; This upgrade aims to improve the performance of the blockchain, reduce the deposit confirmation time from 10 minutes to 1 minute, and reduce the gas fee by 40%.

(7;) Circle; launched native; USDC, Coinbase; on the Arbitrum; chain; new related support

Coinbase; has now added support for; Arbitrum; on-chain native; USDC; and bridge; USDC; Launched native; USDC, accessible to developers and users without a bridge. Arbitrum; claims that this version of; USDC; will become the official version recognized in the; Arbitrum; ecosystem, and will eventually replace the currently circulating Ethereum bridge version; USDC.

4. Borrowing

According to DeFiLlama data, the value of locked collateral on the chain last week dropped from US$27.16 billion to US$25.31 billion, a month-on-month decrease of 6.8%. From the perspective of a single project, the top three lock-up values are: Lido; 12.49; billion U.S. dollars; MakerDAO; 5.78;; billion U.S. dollars; Aave; 4.38; billion U.S. dollars.

4. Message side

(1;) former; 10; large Ethereum non-exchange address holdings; 31.8 million; ETH, a record high

On-chain analysis company "Santiment" tweeted that currently the top "10" Ethereum non-exchange addresses hold a total of "31.8 million" ETH (worth; $59.47 billion), a record high.

(2;) Average Ethereum transaction fees near two-month lows

The Block's data shows that the average transaction fee (7; DMA) of Ethereum fell from over; 20; US dollars last month to; 7.34; US dollars, which is close to the level of mid-April. On April 17, the average Ethereum transaction fee (7; DMA) was $6.57. In addition, Dune's data shows that the median Ethereum Gas fee has dropped from 140 gwei last month to the current 24 gwei, which is also close to a nearly two-month low. (The Block)

(3;) Cboe Digital; Approved by CFTC; plans to launch Bitcoin and Ethereum margin futures contracts in the second half of the year

Cboe Global Markets; its digital asset exchange; Cboe Digital; received approval from the U.S. Commodity Futures Trading Commission (CFTC) on Monday to begin offering physically and cash-settled margin futures contracts in the second half of this year, according to a statement. Cboe Digital; President; John Palmer; said physical settlement of digital assets will allow traditional financial firms to gain exposure to Bitcoin or Ethereum futures without the need for intermediary custody.

Currently; Cboe Digital; offers spot and derivatives trading of digital assets such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and; USDC; in addition to operating a clearinghouse. The exchange has said it hopes to increase the variety of tokens currently traded on the platform.

It is reported that Cboe Digital's customer base is mainly professionals or institutional investors. Companies including DRW, Galaxy Digital, Interactive Brokers; and Robinhood Markets Inc. all became minority investors in the crypto platform last year. (Bloomberg)