I. Overall Summary
PayPal announced the launch of the USD stablecoin PayPalUSD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos Trust Co. on the Ethereum blockchain and is backed by the US dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible US PayPal customers will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD at checkout, and exchange any cryptocurrency supported by PayPal for PYUSD.
The Base mainnet has officially opened to the public, with over 100 DApps and service providers as part of the Base ecosystem. Jesse Pollak, head of the Base protocol, stated that users can explore these DApps and benefit from lower transaction fees and faster transaction speeds (compared to Ethereum). Meanwhile, Coinbase has launched the "OnchainSummer" event, which will last for several weeks and focus on promoting DApps from Base's mainnet partners in the digital art, music, and gaming sectors. It is worth mentioning that users will be able to mint a unique "Base, DayOne" NFT to celebrate the opening of the Base mainnet.
In the secondary market, the price of ETH may continue to consolidate in the short term, with support at $1800 and resistance at $1850.
II. Secondary Market
1. Spot Market
According to OKX market data, ETH closed at $1848 last week, up 1.2% from the previous week.
ETH daily chart from OKX
The daily chart shows the price currently consolidating around $1850, with support at $1800. If it breaks below, it may further decline to $1750, with resistance at $1850.
2. Network Operation
Data from Etherscan shows that the Ethereum network produced 50028 blocks in the past week, a 0.1% decrease compared to the previous week. The number of active addresses per week was 2678507, a 3.4% decrease. Block reward income was 3721 ETH, a 2% decrease, and the weekly ETH burn reached 14802, a 2.7% decrease.
3. Large Transactions
Data from OKLink shows that the number of large on-chain transactions reached 1015 last week, a 22.4% decrease from the previous week (1309), indicating a significant decrease in whale trading activity.
4. Wealthy Addresses
Data from OKLink shows that in terms of ETH holdings distribution, exchanges accounted for 8.84%, a 0.06% decrease compared to the previous period; DeFi projects accounted for 29.69%, a 0.25% increase; large addresses (top 1000 addresses excluding exchanges and DeFi projects) accounted for 29.77%, a 0.07% decrease; and other addresses accounted for 31.7%, a 0.12% decrease.
token.unlocks shows that the total ETH staked across the network is 23.27 million ETH, with a staking rate of 19.09%. Since the Shanghai upgrade, the total deposit amount is 10.03 million ETH, with 35,000 ETH added in the past week. The total withdrawal is 4 million ETH, with 29,000 ETH added in the past week, resulting in a net staking increase of 603,000 ETH, compared to 574,000 ETH in the previous week.
5. Lock-up Data
Data from DeFiLlama shows that the on-chain locked collateral value increased from $233.7 billion to $245 billion last week, a 4.8% increase. The top three locked values for individual projects are: Lido at $150.4 billion, MakerDAO at $60.7 billion, and Aave at $41.8 billion.
III. Ecosystem and Technology
1. Technological Progress
Parithosh Jayathi, an engineer at the Ethereum Foundation, tweeted that the Holesky testnet is expected to launch around September 15. Developers have had two coordination calls for this purpose. The testnet aims to provide a platform larger than the mainnet for client teams to test their setups and allow home stakers to test without risk. Jayathi also added that Goerli is currently the largest test network with about 500,000 validators, but due to supply issues, it is about to be deprecated. Therefore, there is an urgent need to launch a new network, or else there may be significant unknown issues on the mainnet.
The Ethereum Go language client, Go Ethereum, has released Ethereum client Geth v1.12.1, which may be its largest maintenance version to date, including security-related fixes. It is recommended for all users to upgrade.
Development work around the upcoming Cancun hard fork has been a focus of this release cycle, but Geth v1.12.1 is not yet prepared for Cancun. However, this version includes basic type definitions and state transition logic for EIP-4844 "Shard Blob Transactions," and it implements a new memory pool blobpool for EIP-4844 transactions. The new pool is supported by a database on disk and has a simpler overall design than the txpool used for regular transactions. The blobpool is not yet used by the p2p network and is still being tested on the Cancun development network. Additionally, Geth no longer supports the Rinkeby test network.
2. Community Voice
(1) Ethereum ACDC Meeting #115: Devnet 8 to be launched early next week
Christine Kim, Vice President of Research at Galaxy, summarized the 115th Ethereum Core Developers Consensus Meeting (ACDC), stating that Devnet 8 will be launched early next week. This will be the first dedicated testnet containing all completed EIPs for the Cancun/Deneb upgrade. In addition, the Holesky testnet is set to launch at the end of September with 1.4 million validators, twice the size of the mainnet. Developers also reiterated the decision to rewrite EIP 4788 as a regular contract.
III. Project Trends
The zkSync-based DEX ZigZag announced the launch of the privacy-focused ZK-Rollup DEX Invisible on the testnet. Invisible is an order book trading platform that allows users to transact funds privately. Users can access the testnet without Goerli ETH and only need to sign a message to participate in testing. Users can request ETH, USDC, and BTC for testing on the "Deposit/Withdrawal" page without confirming wallet transactions. Previously, the founder of the Ethereum Layer 2 ZK Rollup order book DEX ZigZag proposed to raise $500,000 for its new Perp DEX Invisible at a valuation of $10 million. Invisible will be released as an independent project, and at least 20% of the platform's tokens will eventually be unlocked and released to ZZ holders.
2. PayPal launches the USD stablecoin PYUSD, issued by Paxos and open to US customers
PayPal announced the launch of the USD stablecoin PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by the US dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible US PayPal customers will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD at checkout, and exchange any cryptocurrency supported by PayPal for PYUSD.
PayPal stated that PayPal USD is the only stablecoin supported within the PayPal network. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be made available to the large and growing external developer, wallet, and Web3 application community, making it easily adoptable by exchanges and enhancing the experience within the PayPal ecosystem. While most stablecoins are used in Web3-specific environments, PayPal USD will be compatible with the ecosystem from day one and will soon be available on Venmo.
3. Aave's proposal to reduce CRV LT, LTV, and debt limits on Ethereum and Polygon has been approved
The governance page shows that Aave's proposal to reduce CRV LT, LTV, and debt limits on Ethereum and Polygon has been approved with a 100% support rate. According to the proposal, the changes are as follows: on Ethereum, CRV LT is reduced from 61% to 41%, LTV from 55% to 35%, and the debt limit from $20 million to $5 million. On Polygon, CRV LT is reduced from 75% to 65%, LTV from 70% to 35%.
The LSD protocol Puffer Finance announced the completion of a $5.5 million seed round, led by Lemniscap and Lightspeed Faction. The new funding will be used to further develop Puffer Finance's open-source project "Secure-Signer," aimed at preventing validators from being penalized during the validation process. The project has received $120,000 in funding from the Ethereum Foundation and has core researcher Justin Drake as an advisor. Additionally, Puffer Finance is creating a permissionless staking pool to reduce the entry barrier for independent validators from 32 ETH to 2 ETH, in order to improve capital efficiency. Puffer Finance previously raised a $650,000 pre-seed round in June last year, led by Jump Crypto, with participation from Arcanum Capital and IoTeX. (CoinDesk)
The decentralized stablecoin project Hope.money announced that HopeLend has gone live on the Ethereum mainnet. As an important part of the HOPE ecosystem, HopeLend is a decentralized lending protocol that rewards depositors, borrowers, and liquidators, redefining the use of assets within the HOPE ecosystem. To celebrate the official launch of HopeLend, Hope.money has launched a series of airdrop reward activities to encourage users to actively participate in lending through HopeLend. The activities will last for two weeks, with a total reward of up to 200 million LT (worth approximately 10,000 U) in the first week.
6. Gas consumption on the Ethereum NFT market reaches a two-year low
Gas consumption on the Ethereum-based NFT market is significantly decreasing, reaching levels last seen in June 2021. Specifically, transaction activities on OpenSea, Blur, LooksRare, Rarible, and SuperRare currently account for approximately 1.85% of the total gas consumption on the Ethereum network. This number is a significant decrease from the previous high point on January 9, 2022, when NFT transactions on OpenSea alone accounted for 28.69% of the total gas consumption on Ethereum. (CryptoSlate)
7. Scroll: There are currently no tokens or airdrop activities, please beware of false information
The Ethereum Layer 2 solution Scroll has issued a reminder on Twitter, stating: "We have recently noticed an increase in accounts impersonating Scroll on Twitter, Discord, and Telegram. We want to reiterate that there are currently no Scroll tokens, and Scroll has not conducted any form of airdrop activities. Please remain vigilant."
8. Base mainnet officially launched, with over 100 DApps and service providers in the ecosystem
The Base mainnet has officially opened to the public, with over 100 DApps and service providers as part of the Base ecosystem. Jesse Pollak, head of the Base protocol, stated that users can explore these DApps and benefit from lower transaction fees and faster transaction speeds (compared to Ethereum). Meanwhile, Coinbase has launched the "Onchain Summer" event, which will last for several weeks and focus on promoting DApps from Base's mainnet partners in the digital art, music, and gaming sectors. It is worth mentioning that users will be able to mint a unique "Base, Day One" NFT to celebrate the opening of the Base mainnet.
9. EigenLayer plans to increase the liquidity re-staking limits for stETH, rETH, and cbETH on August 22
The Ethereum re-staking protocol EigenLayer has announced that it plans to increase the liquidity re-staking limits for stETH, rETH, and cbETH on August 22. The specific criteria are that when the re-staking amount of any of the three assets reaches 100,000 tokens, the protocol will once again suspend deposits.
10. Asset management company Virtune lists Virtune Staked Ethereum ETP SEK on Nasdaq Stockholm
Swedish digital asset management company Virtune has listed Virtune Staked Ethereum ETP SEK on Nasdaq Stockholm. The exchange-traded product (ETP) tracks the price of Ethereum while providing an additional annualized return of up to 5%. It is 100% physically backed and fully collateralized, and Virtune uses non-custodial staking, ensuring that Ethereum is not transferred to third parties.
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