80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks.

What are the new ways to play ETH 2 Staking? What is the next step for ETH 2.0? ETH 1 will continue for a while, where will the miners go?

The curtain of Ethereum 2.0 has officially opened. As of November 24, the minimum conditions for triggering the creation block of the ETH 2.0 beacon chain, that is, there are at least 16,384 validators who have pledged 32 ETH in the 7 days before December 1, and the total pledge amount reaches the minimum of 524288 ETH or more. The conditions have been met. Therefore, the beacon chain will be officially launched as planned, at the earliest launch time-8pm Beijing time on December 1.

With the official launch of the ETH 2.0 Phase 0 beacon chain, what new ways can staking of ETH 2 (the token of Ethereum 2.0) be available in the future? What is the next step for ETH 2.0? ETH 1 (Ethereum 1.0 phase token) will continue for a while, where will the miners go?

Complete Phase 0 sprint in 5 days

According to CryptoQuant data, as of November 24, a total of 22001 independent addresses had sent 704032 ETH to the pledge contract, exceeding the start requirement by 134.28%.

Coin World-80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks

However, the launch of the beacon chain is quite dramatic. Since the announcement of the pledge contract on November 4, the total pledge progress within 15 days has not exceeded 20%, and the market was once skeptical about the punctual opening of ETH2.0. However, after November 20, the pledge progress bar of the beacon chain was suddenly fast-forwarded.

According to statistics, before November 20 (excluding the day), the average daily increase in pledge progress was about 1.28%, and after November 20 (including the day), the average daily increase in pledge progress was about 22.78%. Especially on November 23 and 24, the pledge progress in these two days reached 33.81% and 46.55%, respectively, the total amount of newly added pledge reached about 421,300 ETH, and the total number of newly added independent pledge addresses reached about 13,200 This is equivalent to 80.36% of the starting conditions completed in 2 days.

Coin World-80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks

Deep integration of Staking and DeFi

During the launch of the beacon chain pledge process, many third-party pledge service providers for ETH2 have emerged in the Staking track. These third-party service providers can be roughly divided into two types: staking as a service and staking pool. The former mainly refers to service providers that are dedicated to helping users build nodes by providing a series of tools or solutions, such as Blox Staking, Attestant, Alchemy, etc. The latter mainly refers to traditional staking mining pools, such as Binance Staking, Everstake, EtherPocket, etc.

At present, most of the service providers of staking as a service have already launched their services, but most of the service providers of staking pool have not officially launched except Bitcoin Suisse AG, which has started the pre-staking. It is expected that the beacon chain will be officially launched on December 1. These pledge services will only go online after the launch.

Coin World-80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks

Different pledge service providers have big differences in whether they are custody, whether to limit the minimum pledge amount, and whether to provide additional liquidity solutions. This not only provides users with more choices, but also shows the maturity of the staking business. According to the product information provided by the official website of each service provider, it can be seen that, generally speaking, most service providers that require a minimum of 32 ETH to pledge will provide non-custodial services, that is, both secret keys are kept by users themselves. This type of service mainly Provided by staking as a service service providers, such as Blox Staking, Launchnodes, Avado, and staking pool service providers only provide such services as stakefish.

However, the pledge threshold for 32 ETH (equivalent to 100,000 RMB) is not low, and these funds must be locked up for at least 12 months, or even 24 months, until Phase 1.5 or Phase 2 goes online. In order to lower the threshold for participation, many third-party pledge service providers have launched services that do not limit the minimum pledge amount or greatly reduce the minimum pledge amount. For example, the pledge services provided by Bitcoin Suisse AG, StakeWise, Lido Finance, Liquid Stake, etc. have no minimum limit. As for the pledge amount, the pledge services provided by Binance Staking, Rocket Pool, EtherChest, Ankr, etc. mostly set the minimum pledge amount to around 0.1ETH-0.5ETH, and Rocket Pool even allows the minimum pledge amount to be 0.01ETH. However, these services are mainly based on custodial services, and only staking as a service provider Ankr provides non-custodial small pledge services.

It is also worth noting that the ETH2 pledge service has shown a trend of deep integration with DeFi.

Coin World-80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks

Since the long lock-up period of ETH2 limits the liquidity of funds, many third-party pledge service providers provide additional liquidity solutions, which are usually achieved by issuing an ERC20 token. For example, Binance Staking will return the pledge user BETH, Rocket Pool will return the pledge user rETH, Ankr will return the pledge user aETH, and StakeWise will return the user a Deposit Tokens (stake tokens) and a Reward Tokens (revenue tokens), these tokens can be It is circulating in other DeFi and secondary markets. The second way to realize this scheme is to integrate with DeFi’s lending products. For example, Liquid Stake treats pledge as a loan, that is, users who pledge ETH will get USDC, which is equivalent to pledge ETH to lend USDC. The third way to realize this scheme is to combine pledges with NFTs, that is, to capitalize pledge rights. For example, EtherChest tokenizes pledge rights into EtherChest nfts. NFTs obtained by pledge users can be circulated in the NFT trading market.

In addition, the combination of ETH2 pledge and DeFi is also reflected in the aggregation proxy pledge service. This proxy pledge service is similar to DeFi aggregation services such as yearn.finance. Both are to allocate users’ assets to specific entities in an automated manner. The difference between the services that obtain higher returns in the market is the application scenario. For example, in the ETH2 pledge scenario, Ankr will automatically put the user’s pledged assets into the higher-profit mining pool.

Although, in essence, the combination of ETH2 pledge service and DeFi did not bring innovation to the staking business. For example, ETH2 pledge liquidity solutions also existed in early staking services. Some large exchanges rely on their own liquidity to provide users It provides non-locked staking methods, but the embedding of DeFi undoubtedly provides greater imagination for the future development of staking, at least it can make staking be associated with a wider range of business scenarios and improve the efficiency of capital utilization.

It should be pointed out that with the launch of the Ethereum 2.0 beacon chain, more products with pledge services will be released one after another. If this article has not been included, please provide product information to the reporter’s mailbox carol@panony.com. We will take further steps in the future. Sort out and make an ecological map of Ethereum 2.0 pledge.

The next step of Phase0: Fragmentation and Layer2

The start of the beacon chain marks the completion of Phase 0 of ETH 2.0. According to the introduction by the Ethereum Foundation ETH 2.0 research team in the fifth AMA event on November 18, ETH 2.0 will go through two important phases. , Which are the (data) sharding of Phase 1 and the merge of ETH1 and ETH2 of Phase 1.5.

The difference from the previous plan is that the new route plan no longer emphasizes the priority of the sharding execution of Phase 2 for the time being, but is dedicated to making the beacon chain have the execution function, that is, when ETH1 and ETH2 are merged, ETH1 will have the overall situation at that time. Data such as status, account balance, smart contract code, and smart contract storage will be moved to the ETH2 network. According to this route plan, after the beacon chain goes online, the focus of ETH 2.0’s work will fall on the three aspects of light client support, data fragmentation and merging.

Among them, data sharding has always attracted much attention. In the vision, the purpose of data sharding is to ensure the data availability of Layer 2 expansion solutions such as Rollup, so that the Layer 2 protocol only releases a very small amount of data on the chain, and completely In the process of calculation outside the chain, it is still possible to judge who performed the calculation correctly and who performed the calculation incorrectly, and this judgment is theoretically stable.

Vitalik mentioned in the article Sidechains vs Plasma vs Sharding that a common idea in the blockchain field is to keep Layer 1 as simple as possible, and build more complex functions on it in a Layer 2 manner. Therefore, he believes that in the short term, Ethereum needs to develop Layer 1 and Layer 2 in parallel, and in the long run, it needs to pay more attention to Layer 2.

The most notable feature of Layer2 is that it does not have tight coupling, that is, the effectiveness of the main chain (the “beacon chain” in Ethereum 2.0) is not inseparable from the effectiveness of the sub-chains. In other words, the sub-chain block including the invalid main chain block and the main chain block including the invalid sub-chain block are not synchronized in definition. At present, there are six main solutions for Ethereum Layer2, which are state channel, side chain, Plasma, Validium, ZKRollup and Optimistic Rollup.

Different Layer 2 solutions differ in terms of whether they are custody, on-chain computing, on-chain storage, fraud proof or zero-knowledge proof. Regarding which solution will eventually become the mainstream solution, the general market view is that the solution chosen by the mainstream application will have a brighter future application prospects. According to the public information, ZKRollup and Optimistic Rollup have received support from many applications. The former includes Curve and Balancer, etc. The latter includes Uniswap and Chainlink.

Will the future be mining or pledge?

It will take at least one year for ETH 2.0 to achieve Phase 1.5, that is, it will take at least one year before the beacon chain has the execution function. During this time, the PoW mining of ETH 1 will continue. . For mining, continuity is limited. Should we continue mining in the future or participate in pre-staking?

According to data from Etherescan and CoinMetrics, this year’s Ethereum’s entire network computing power and the entire network’s single-day mining revenue can be fitted to a polynomial curve. When the entire network’s computing power is below 215TH/s, the entire network will be mined in a single day Income increases with the increase of computing power. When the computing power of the whole network is above 215TH/s, the mining income of the whole network per day will decrease with the increase of computing power. According to statistics, as of November 23, the average single-day mining income of the entire network this year is about 16,900 ETH, the entire network’s computing power is about 190.80 TH/s, and the average daily income per 1T of computing power is about 89.16 ETH. Converted according to the A10 Pro (720M), which is the highest ETH computing power listed by f2pool, is equivalent to a single miner’s daily income of 0.064 ETH (720M/1000000*89.16 ETH/T), and annual income (calculated by 365 days) ) About 23.43 ETH.

Coin World-80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks

Looking at the ETH2 pledge income, according to Bitcoin Suisse AG’s calculations, there is a power relationship between the total pledge amount and the pledge income, that is, as the pledge deposit continues to grow, the annual pledge income decreases. The initial pledge annualized income of ETH2 is expected to be about 20%, and the expected annualized pledge of ETH2 given by Staked has reached 25.82% (November 23). Calculated based on the expected annualization of 20%, the expected annualized income of operating a verification node, that is, pledged 32 ETH, is about 6.4 ETH. If the pledge is completed through a third-party service provider, a certain handling fee is required, then the expected annualization The income will be less than 6.4 ETH.

Coin World-80% pledge completed in 2 days, Ethereum 2.0 pledge and DeFi play new tricks

From the perspective of income comparison alone, after the beacon chain goes online, the income of miners may be affected, but perhaps the deep integration of Staking and DeFi can bridge this gap.

Source: PA NEWS


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