Ethereum Ecosystem is making progress daily, so we hope you do not even miss any updates from the past week. Here is a recap of the Ethereum Weekly Ecosystem.

TL;DR

There are several highlight events in the last 7 days:

  • Highlight On-chain Data
  • Social Signal updates for Ethereum
  • Goerli will be the final testnet before the Merge and will transition between August 6th- 12th
  • Orbiter Finance announces Orbiter has been integrated into StarkGate

Highlights On-chain Data

ETH flips BTC in Options Open Interest for the first time in history

Open interest is the number of active contracts. It is one of the data fields on most option quote displays, along with bid price, ask price, volume, and implied volatility.

Open interest indicates the total number of option contracts that are currently in the market. These are contracts that have been traded but not yet liquidated.

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In this way, this is the first time in history that Ethereum has attracted the attention of investors and traders. This shall indicate the considerable effect of the upcoming launch of The Merge.

Ethereum Name Service registrations hit ATH of 377.8K in July

The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.

ENS’s job is to map human-readable names like ‘Alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.

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The more users register, the more attention they pay to the Ethereum network. Moreover, this is regarded as the main gateway for cryptocurrency to bring real people in terms of transparency.

Ethereum generated $109.5 million in total revenue for the month of July                                                  

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In fact, this is a hidden signal indicating that there may be a small pullback trading when Ethereum is trying to re-test $1,800. Though this maybe-bear market, the revenue generated from Ethereum is still impressive. In other words, Ethereum has proved itself an indispensable and strongest blockchain platform.

The price of ETH token is up 65% for the month of July

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All of us had witnessed the toughest time in the market since the ATH global market capital was $3.4 Billion. On average, the price of a token will decrease by three (3) times. 

However, many other smaller-cap altcoins have decreased from 70% to 90% and they never get back to their ATH price again. Fortunately, the price of Ethereum has followed the above calculation. We will see the price of Ethereum reach back its ATH of $4,800 in the foreseeable future.

Over 90% of Ethereum transactions now use EIP-1559

Ethereum Improvement Proposal (EIP) 1559 is an upgrade that happened on August 5, 2021, to change how Ethereum calculates and processes network transaction fees.

The upgrade made Ethereum transactions more efficient by using a system of block-based base fees, and sender-specified max fees, rather than bidding on gas prices to more evenly incentivize miners in periods of high or low network congestion.

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It is surprising to see a rocket in the chart in July 2022. The nearer the upcoming launch of The Merge, the more active and upgraded the transactions on the Ethereum network.

ETH surpasses BTC in futures trading volume

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It can be seen that Ethereum is more active than Bitcoin ever before. This trading volume reflects the attention of users to the upcoming The Merge.

To sum up, from the on-chain statistics, it can be seen that there are many good signals for users to accumulate for joining the Ethereum ecosystem. In fact, it cannot be denied that Ethereum has proved itself in the cryptocurrency market since 2015 to be the top leading coin.

Social Signal updates for Ethereum

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The Ethereum ecosystem is continually proud to be expanding and developing, regardless of the state of the market. A summary of what Ethereum, in general, and important projects, in particular, have accomplished.

Ethereum is currently closer to The Merge than it has ever been. Before Proof of Stake, it is only a matter of time.

Noticeably, though the trend of meme/animal tokens had passed in 2021, the attention of the social signals around social media (especially on Twitter) keeps the heat.

Weekly Highlight News

Ethereum News

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Arbitrum Developer shows a list of scheduled dates for testnet upgrades 

Orbiter Finance announces Orbiter has been integrated into StarkGate

RadiantCapital goes live 

zeroDAO is now live on Optimism

Atlantis World launches Optimism integration 

Nexus Mutual announces ETH2 Staking Cover

The Merge

Ethereum Mainnet Shadow Fork 10 was successful

Goerli will be the final testnet before the Merge and will transition between August 6th- 12th

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Weekly Famous Thread

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Ben Edgington releases What’s new in Eth2

SajZ explains The Merge at EthCC

Akshay Jain releases why the ETH Merge matters for everyone

Predictions

Since 2015, Ethereum has established itself as the top coin in the cryptocurrency market. In fact, many large blockchain networks, such as Binance Smart Chain, Fantom, Celo, etc. must use and rely on the EVM (Ethereum Virtual Machine) foundation in order to operate more effectively. As a result, there is a 0.0001 percent chance that Ethereum will vanish like Terra blockchain.

Optimism, Arbitrum, Zksync, and other projects are coming to Ethereum and its layer 2 blockchain platforms. While layer 2 will concentrate on decentralized applications, it is clear that Ethereum will quickly establish itself as the ideal secured blockchain to construct.

Disclaimer

The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the report’s content as such.

Ethereum Daily does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligent research and consult your financial advisor before making any investment decisions.

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