jakiro
In the recent period of time, Ethereum has risen very strong. Following the past few days, it has exceeded 3500U in the previous few days and has reached a new high since May 2022. In the past two days, it has exceeded 4000U.Ethereum surpassed Bitcoin with a 62%increase, which is indeed unexpected by many people.
However, the ecological development of Ethereum has been continuously upgraded from the growing shrinking data and the successful test of the Kankun who will be successfully launched on the main network.Passing expectations, it is indeed overlapping for multiple profits, and the price of ETH is also reasonable.
So, will these benefits really be fulfilled one by one?What is the ecological development of Ethereum at present?Look at the data.
Ethereum shrinking situation
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Bitcoin and Ethereum inflation/shrinking data trend chart in the past 532 days, source: ultrasound.money
Ethereum has officially entered the shrinkage stage since January 16, 2023, that is, the number of ETHs newly generated daily is less than the number of ETH that was burned.Specifically, ETH’s current shrinkage ratio is 0.239%.
Compared with the industry leader Bitcoin,The annual inflation ratio is 1.716%,Although the total amount is limited, new Bitcoin is continuously real estate every day.Therefore, when we say that “the total amount of Bitcoin is limited and each bitcoin is very precious”, it can better highlight the value of ETH in the current contraction state.
With the booming development of Ethereum ecology, the total amount of combustion in Ethereum continues to increase, which increases the contraction ratio of Ethereum, thereby increasing the popular Ethereum in the market.
The rapid development of the pledge
Not only the increase in the contraction ratio of Ethereum, the increasing circulation of Ethereum is getting less and less. With the development of the current pledged and re -pledged track on Ethereum, a large number of Ethereum is locked on the chain, resulting in the circulation of the Ether EtherThe number of houses has further decreased.
Oklink Ethereum pledged contract related data shows,At present, the total pledge of Ethereum has exceeded 40 million, accounting for more than 34%of the market value of Ethereum, and the total number of verifications exceeds 1.26 millionAlthough most of the verificationrs came to the appreciation and pledge yield of Ethereum, but no matter what,For the security of Ethereum’s entire network, it is great.
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Ethereum pledged contract number, data source: oklink
Moreover, according to StakingrewAnts related data, as the pledge amount is far ahead of the public chain, Ethereum has been in a net inflow of pledge flow in the past 7 days, and compared with the latter public chain.The attractiveness of investors is obvious.
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List of the top five public chain pledged market value, data source: stakingrewArds
Of course, the recent soaring pledge of Ethereum is inseparable from the development of Restaking track.
The first pledge was first proposed by the founder of Eigenlayer. The core is to allow ETH, which has been pledged on the main chain of Ethereum, and pledged it on other agreements again, so that other agreements can share the security of Ethereum, thereby reducing its chainSafety cost.Investors participating in the pledge can not only get the benefits of pledged Ethereum, but also the revenue of the pledge.
Therefore, the pledge created a win -win results:
For an agreement to use re -pledge,While enjoying the safety of the same level as Ethereum, the cost of security is reduced, and it attracts a large number of ETH holders to enter the ecology and participate in its ecological development;
For ETH pledgers,Not only does it enjoy the benefits of Ethereum pledge and re -pledge, but also a large number of AirDrop expectations;
in addition,For the main chain of Ethereum,The re -pledge mechanism allows its own assets to have more empowerment scenarios, and stimulates the holder to lock ETH to bring greater room for appreciation.
Therefore, the re -pledged track with Eigenlayer has developed rapidly in these months, and it has also attracted more and more institutional capital to enter the game.Taking Eigenlayer as an example, in less than two years from May 2022 to now, four rounds of financing has been completed. The recent period of financing is injected from A16Z, a single financing has reached US $ 100 million. At present, the cumulative four -round financing has reached 160 million US dollars.The above, as an emerging track, the pledge has indeed ushered in the wind.
At present, EIGENLAYER’s total TVL has exceeded $ 11 billion. Among all DEFI projects, TVL is second only to Lido and AAVE, ranking third.The TVL of the related projects of liquidity re -pledged tracks has increased significantly, and the 7 -day increase is above 10%.
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Llerance re -pledged track -related project TVL increase, data source: Defillama
The rapid development of the pledge agreement and the expectations of ecological AirDrop expect more to stimulate more ETH holders to participate in the pledge and re -pledge of ETH, from the rapid growth of ETH pledge ratio and the rapid growth of the re -pledge protocol TVL.These have further reduced the number of ETHs in circulation and brings new room for rise to ETH.
Cancun upgrade
Of course, the Cancun upgrade is naturally a very good factor for Ethereum.
For Ethereum main network, the upgrade of Cancun is an important hardware upgrade, which mainly enhances the scalability, safety and availability of the Ethereum main network.
Of course, the biggest perception for users is that after Ethereum has been upgraded by Cancun, the cost on Layer2 will be reduced a lot.On the current basis, the decline may reach more than 14 times, which is roughly equivalent to the GAS cost of the public chain such as Solana, and it will also greatly increase the throughput of Layer2.This is mainly because the EIP-4844 in the upgrade of Cancun greatly reduces the cost of ETH main chain on the data in the Layer2 protocol, and the process of promoting the Ethereum scheme.
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At a list of TVL growth on each Layer2 project on Ethereum chain, data source: L2Beat
In addition, there is also a relatively important upgrade of this Cankun upgrade is EIP-4788, which optimizes the problem of information interoperability between the Ethereum consensus layer and the execution layer.And cross -chain bridge -related projects improve their safety and operating efficiency.
Therefore, in general, the Cancun upgrade not only greatly reduces the rate of Layer2, increases throughput, and facilitates the development of Layer2 on Ethereum, which is convenient to absorb a large number of new funds to enter Layer2 to participate in ecological construction. Moreover, for liquidity pledge, pledge of mobility, pledge, and pledge of mobility, and for the pledge of liquidity,The pledge track is also a great benefit. The success of the upgrade of Cancun will bring a breakthrough in the Ethereum ecology.
At present, the Cancun upgrade has been successfully deployed on all the test web (including Georli, Sepolia, and Holesky) of Ethereum. It is planned to be launched on March 13 this year.It also reflects the expectations of Cankun’s upgrade to a certain extent.
The probability of the Ethereum spot ETF passes
Since SEC approved 10 Bitcoin spot ETFs on January 10 this year, people have begun to turn their attention to Ethereum spot ETF.
After all, the passing of Bitcoin spot ETF is great for the Bitcoin and the Bitcoin ecosystem. The increase in Bitcoin in the short term is the best proof.
But will Ethereum ETF pass as scheduled?
At present, 7 institutions including BlackRock, HashDex, ARK 21SHARES, VANECK, etc. have already applied for the Ethereum spot ETF. After the SEC is postponed several times, it will decide whether to approve in May this year.Ethereum spot ETF application (see below) of the Ethereum (see).
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Ethereum spot/futures ETF application tracking chart, source: blockworks
Of course, the key to whether the Ethereum spot ETF passed is that the SEC will identify Ethereum as a commodity or a securities.The current difference is that the entire mechanism of Ethereum is very different from Bitcoin. Ethereum does not have a fixed total, and the holders of Ethereum can pledge it for benefits.
This makes many people think that Ethereum has the risk of securities.
However, in the case of the SEC prosecution of the SEC in June last year, the SEC listed 67 tokens of securities, of which there was no ETH.Moreover, SEC has sued a number of CEX because they launch some of the token of securities as securities, and ETH does not include it.In other words, the SEC has not yet publicized and clearly pointed out that ETH is securities.
More importantly, last year, the US securities regulatory agency has approved the Ethereum Futures ETF. This approval implies that ETH is commodity rather than securities. Therefore, the approval of ETH spot ETF is likely to be a matter of time.
In the future, ETH spot ETF will be passed, and it will bring a lot of funds and resources to Ethereum and Ethereum ecosystems like Bitcoin spot ETF, and open the development pattern and ceiling of the entire ecology.
summary
If last year was a year when the Bitcoin and Bitcoin ecosystem occupied the entire encryption industry’s stage conservation light, then the Ethereum ecology in 2024, under the multiple benefits of the Ethereum ecology of the Cancun, the expectations of the spot ETF and the continuous shrinkage, the number of pledge, must be soaring, it must be sureIt will also write a strong stroke.
Is the protagonist of this bull market charge?We wait and see.
