jakiro
Author: Day, vernacular blockchain
With the new round of bull market Bitcoin narrative, the bear market has been optimistic about Ethereum ecology gradually weaker. With the strong outbreak of Solana, the encrypted industry seems to usher in the beginning of 2024 with the “narrative of the rise of the new public chain”.Essence
Although the price of Ethereum has doubled in the past year, it is still sprayed by many people, and even starting to have major problems in the Fud Vitalik decision -making layer. The reason for this phenomenon is that everyone expects that ETH expects too much (at least to win big cakes),In addition, it is also related to the performance of SOL too bright.Today we will take stock of the past year, what new changes have happened in Ethereum ecology this year.(FUD: Fear, Uncertainy, Double, the abbreviations of fear, hesitation, and doubt refers to the panic of investors by the negative feelings of people’s spread.)
01Ethereum enters the entire shrinkage
Since the beginning of the year, the number of Ethereum has decreased from 120.5 billion to the current 120.1 billion pieces, and a total of 340,000 pieces were destroyed a year, worth 750 million US dollars.As the bull market arrives, the amount of destruction will inevitably increase significantly.
Ethereum total supply changes, source: ultrasound.money
02LSD track outbreak
Since the merger of Ethereum in September 2022, it has developed into a hot spot in 23 years after several months. As the end of the bear market, the stable 4%annualized income financial management has attracted a lot of funds. Lido, RPL, SSV, etc.The LSD project ushered in a wave of outbreaks. The pledge rate of Ethereum continued to rise. As of January 3, 23 years, the pledge volume reached 28.8 million.
Ethereum pledge changes, source: dune.com
With the continuous expansion of pledge funds and the approaching Shanghai upgrade, a small number of project party began to aim at this part of the funds and launched its own DEFI products. Through the layer of dolls, the utilization rate of pledge funds is improved., More institutions and funds have begun to influx, layout of related tracks, which derives LSDFI -related tracks and gradually improves LSD -related infrastructure.
There is a good aspect, there are unsatisfactory places, as the pledge rate increases,LiDO occupies Ethereum pledged market share of more than 1/3. The pledge is too centralized. The market is beginning to worry about whether the growth of LiDo threatens the main security security of Ethereum.There are divergent opinions about whether there is a harm of the centralization of Lido.
On December 28th, the DVT (distributed verification technology) technology mentioned by Vitalik, from the perspective of pledge and verifying decentralization, solves related issues. On November 28, 2023DVT technology provided by Obol Network and SSV Network.
The market share of each project of pledge, source: dune.com
With the arrival of the bull market and the increase in Ethereum, the Ethereum pledge is almost a matter of the 100 billion market size.The development of the relevant track, the development of related tracks and innovation are worth looking forward to.
03Layer2 hundred flowers bloom
Layer2 has developed into an important part of Ethereum.Each layer2 has made different progress in all aspects. It can be said that each chain has its own characteristics. Let’s simply review it.
Layer2 tvl top ten rankings, Source: L2 Beat
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Optimism
With the establishment of the bottom of the bear market in 2022, in early 2023, the price of Optimism ushered in a wave of outbreaks. Although the ecological side was obviously weaker than Arbitrum,However, the project has found a different way. With modular+one -click hair chain technology OP STACK cooperation with multiple projects, including Base, OPBNB, MANTA Network, Debank and many other well -known project parties choose to use OP Stack technology.Recently, because of the specific time of the upgrade of Cankun, the second floor of Optimism has been attracted by everyone.
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Arbitrum
In the first quarter of last year, accompanied by Arbitrum’s token distribution, the Arbitrum ecosystem ushered in a big explosion, and was even known as “Arbitrum Summer”. Representative projects include GMX, Magic, RDNT, GNS, Aidoge, etc. Most of them have been launched.
But Optimism and Arbitrum have the same problem, such as “institutional Token”, that is, high market value and low circulation,In the past year, watching the market value of two Layer2 circulation has gone up, but the price of Token can be said to be motionless and completely reduced to the “withdrawal machine” of the institution.Soup.
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ZKSYNC & amp; Starknet
ZKSYNC and Starknet can be described as the industry PUA Shuangxiong. Relying on the receipt fee, the wool party is completely anti -rolling, especially the StarkNet.The teeth are itchy, and ZKSYNC insists on PUA to the end, and even 2025 token is reported.However, ZK’s progress is generally slow, and nothing worthy of speaking in 2023.
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Base
Base has attracted a lot of funds to enter by the short -term ecological wealth effect in the short term, and has risen through several waves of traffic, but most of the ecological projects are not long.In early August, the main online online is approaching. The chain appears thousands of times Meme token Bald. The market value exceeds 100 million US dollars in two days. The huge wealth effect FOMO users enter the venue. Unfortunately, the final project RUG ended, but the funds entered have precipitated.
It didn’t take long before, the Ponzi gameplay of FREEND Tech, the social track project, and Paradigm. The AirDROP expects it to make it a few phenomenal products for the bear market. It also brings hundreds of thousands of users to the Base Chain.Layer2’s status, but Friend Tech is currently in a cool state.
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Blast
It was launched on November 21st, relying on Blur’s own traffic and the Ponzi gameplay expected by AirDrop. Although the problem of the wallet management is centralized, it still does not prevent it from going online for about two months.Become another place for the stable financial management of large capital users in the industry.
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Manta Pacific
In less than three weeks in the near future, TVL has risen from 30 million to 650 million. The same financial management method as BLAST has attracted funds to obtain AirDROP through the New Paradigm activity. The selling point is shorter than BLAST, and the utilization rate of funds is higher.
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Metis
Recently, Cankun’s upgrade is approaching, Metis has emerged, and the market has performed well in the short term. TVL has also improved to the top three in the short term. Because most Layer2 exists in the problem of being too centralized, Metis does decentralization.SEQUENCER scheme.As for whether it is technical promotion or capital promotion behind it, seeing wisdom.
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Zkfair
Through the form of GAS Fee AirDrop, 100% token AirDrop is given to all community users’ ways to attract users to participate in the short term. After the GAS Fee Airdrop activity is opened, less than a week, the GAS fee on the chain will exceed 60 million USDC, and the number of active addresses exceeds the number of active addresses.200,000, TVL over 120 million, the recent event has fallen, and it is focused on a fair division. It can be said that for users who continue to be subject to ZKSYNC and Starknet PUA, they are very conscience. As for the subsequent development, it can continue to pay attention.
It can be seen that the development of the second floor is the advantage of each family. As the market becomes better, the rise speed is getting faster and relatively simple and rude.Slowly accumulate,Instead, through a series of stimuli, the market has erupted in a short time. As for whether it can continue for a long time, it remains to be observed.
04DEX BOT Sudden Progress
It can be said that before the BRC20 inscription did not get up, almost 90%of the local dog distribution was on Ethereum. There will be dozens of new projects every day, and some players stare at the chain every day, hopingCan get more than expected benefits.With the increase of players, good tools are added to investors, and DEX BOT is generated in this environment.
In mid -May, the UNIBOT project was established and became phenomenal products in just over 2 months. In the bear market environment, it made a profit of tens of millions of dollars, which led to the entire track and related concepts.However, after the launch of Banana Gun in September, due to its better operating experience, the UNIBOT market share was compressed.Recently, because of the limelight, it has been covered by Bitcoin and SOL, resulting in a decline in trading volume on the Ethereum chain, and DEX BOT demand is naturally decreasing. However, as a new narrative this year, it is worthy of continuous attention.
DEX BOT trading market share, source: dune.com
05Ethereum inscription & amp; meme
The emergence of the Ethereum Inscription Agreement ETHScriptions can be said to have repeatedly engraved the Bitcoin Ordinals protocol, and from the proposal, it has been rejected by everyone.For other reasons, it brought it up by the way.
At present, the entire Ethereum inscription track, except ETHS, has no other dazzling existence. Although there are some micro -innovation and rune+NFT, most of them are short -term speculation. FOMO waves and then feathers.In addition, the inscription of the new public chain is also lively. When it is hit, it is lively and tested the performance of each public chain. However, most of them were short -term prosperity.As for whether the relevant track can have new narratives and running out of new things in the future, we need to pay attention to it.(Note: FOMO: Fear of Missing Out, fear of missing opportunities)
As one of the mainstream narratives of the previous round, Meme ran out of multiple phenomenal projects such as Doge, Shib, and in this round, the appearance of PEPE can be said to further stimulate the activity of Ethereum chain.In mid -2023, the user began to FUD institution token. The project was launched just to dump their chips, and retail investors are always at the last stick.
And Meme coin just solves this part of the pain point. Relatively speaking, fairness is equal, community -driven, and no threshold, anyone can participate, The BRC20 of the backfire has nothing to do with it.Although many projects belong to the short -term heat of meteor, there is no more popularity, and there are very few that really come out, but it is indeed the nearest track of the discrete investor.
06other
Except for the above, the rest of the track performed mediocre.
Defi track,The RWA represented by Maker began to expand outward, but the response was flat,The old DEFI represented by UNISWAP began to expand inward, conducting some technical micro -innovation, and launching a full -chain expansion plan, hoping to further occupy more market share;
The chain travel track belongs to a complete stallout stateAlthough other chains have some chain tours for launch, and all -chain games have some promotion, it has not completely detonated the explosion of the market;
NFT track, although Yuga Labs has done a certain effort in the game, the response is mediocre, NFT has not made much progress in this year. Azuki raised 20,000 Ethereum at the end of June, but the final products given the red beans directly.Come a wave of falling.Regarding the NFT trading market, Opensea has reduced from the previous 10 billion valuation to 1.4 billion, or even less.EssenceBlur is also constantly having the market share of Opensea.The project on the Ethereum has occupied the market share. It can be said that it is currently in a red sea, the market competition is fierce, and it is difficult to make some results, but the Bitcoin is just the opposite.Essence
07summary
The above is some new innovations about Ethereum this year. Among them, the concepts such as account abstraction and AI are also under construction, but there is no phenomenal product, and there is no list one by one.
On the other hand, because Ethereum has not performed well recently, many people have begun to FUD and believe that the reason is that Vitalik has a major problem in the decision -making layer of Ethereum.Everyone’s opinions are not uniform.
Finally, what is worth looking forward to in Ethereum: one is the upgrade of Cancun to favors the second floor; the other is the Ethereum ETF application after the Bitcoin ETF passed.
2024, are you more optimistic about the development of Bitcoin ecology or the development of Ethereum ecology?
