Analysis of the ETH 2.0 Genesis Address, V God is ranked fifth.Who are the other "big whales"?

Today is November 16th, and it has been 12 days since the release of the ETH 2.0 deposit contract address.

In the past period of time, the progress of ETH 2.0 has attracted attention. Today, there is less than half a month left before the ETH 2.0 genesis block setting time (December 1), how is the progress? Can ETH 2.0 arrive as scheduled?

Odaily Planet Daily found the answer by analyzing the deposit contract address, and found some interesting points.

(1) The progress of the deposit is slow, and the release is more likely to be delayed

Etherscan data shows that the current balance of ETH in the deposit contract address is 94,848, which is only 18.09% of the progress from the minimum requirement of 524,288 ETH to start the ETH 2.0 genesis block. As follows:

On average, an average of 7904 ETH has been deposited per day in the past; it would take at least 66 days to meet the minimum requirements for the launch conditions. In other words, according to the current average progress, it will take at least around January 10, 2021 to deposit enough 524,288 ETHs, and the genesis block will be generated 7 days after reaching it (January 17).

Bahamas Securities Commission: Will take measures to protect the assets of FTX and the interests of creditors: On November 24, the Bahamas Securities Commission stated that it will cooperate with relevant authorities to take measures to protect the assets of the FTX digital market and the interests of customers and creditors. [2022/11/24 8:04:00]

However, the average does not fully reflect the sample situation, and the median may be a good choice.

Odaily Planet Daily has counted the changes in ETH in deposit addresses in the past 12 days, as follows: 

The data shows that the median is currently 3,695; according to this progress, it will take at least 140 days for the deposit contract to meet the activation standard, that is, it will not be activated until late February next year.

The above two calculations may deviate from the actual results. After all, the daily deposit volume does not follow a linear law. Take the last two days as an example, the daily deposits have risen to more than 10,000.

But in any case, there is a high probability that the official start time of the genesis block will be delayed.

Token management platform Magna completed a $15 million seed round of financing, led by Tiger Global and Tusk Ventures: On September 15th, the token management platform Magna completed a $15 million seed round of financing at a valuation of $70 million, Tiger Global and Tusk Ventures Tusk Ventures led the round, with participation from Shima Capital, Circle Ventures, Solana Ventures, Avalanche Labs and Galaxy Labs, as well as individual investors former Coinbase executive Balaji Srinivasan, Messari's Ryan Selkis and DJ Steve Aoki.

Co-founded by MIT and Y-Combinator alum Bruno Faviero, Magna is building token distribution software to make it easier for protocols, decentralized autonomous organizations (DAOs), and crypto funds to send and receive tokens. [2022/9/16 6:59:53]

According to the official plan, the original genesis block start time is December 1st, which requires that the minimum start-up conditions must be met on November 24th. At present, there are only 9 days left, which is equivalent to depositing an average of 47,000 ETH per day. It seems impossible to complete this task.

Multichain: Cross-chain cooperation with Step Network has been reached: According to official news, the cross-chain routing protocol Multichain announced that the integration of Step Network has supported FITFI and 7 other assets (BNB, BUSD, DAI, ETH, USDC, USDT, WBTC) Safe, fast and low-fee cross-chain transactions between Step Network and 7 blockchains including Ethereum and Binance Smart Chain.

Step Network, as a blockchain focused on experiencing life, deploys the Step App on it as the development protocol of FitFi (Fitness Finance), and is committed to creating a gamified metaverse for the fitness economy. As a cross-chain infrastructure, Multichain is committed to promoting the prosperity and development of multi-chain ecology, and has cooperated with 60 mainstream public chains to support more than 2,500 kinds of assets cross-chain. [2022/8/17 12:31:06]

Why are deposits less motivated?

A very important reason is that the ETH deposited by users needs to be locked for at least one to two years. At present, ETH 2.0 only has a deposit function, and does not support transfers. It will not support transfer transactions until Phase 2 (at least one year later). According to the current pledge income, the maximum is only 17%. At the moment when the currency price is soaring, many users are relatively cautious when staking, considering that the risk of ETH price decline in the future cannot cover the income.

Goldman Sachs CEO Solomon: I do not hold Bitcoin and Ethereum: According to news on December 7, Goldman Sachs CEO Solomon said that he hopes customers can do what they want in cryptocurrency, and he does not hold Bitcoin and Ethereum. (Sina Finance) [2021/12/7 12:57:27]

The key to breaking the game is to release the ETH 2.0 pledge liquidity, so that users can cash out at any time. This is also the main direction of solutions such as ANKR and Rocket pool. Click to read "Rocket Pool Specializing in ETH 2.0 Staking Services". the

(2) Big households are in high spirits

Although the current number of deposits is insufficient, Odaily Planet Daily has also observed some very interesting phenomena.

Among the top ten deposit addresses, the largest account has deposited a total of 16,000 ETH (equivalent to 500 validators). It is worth noting that this address is a new address created two months ago, and tens of thousands of ETH were remitted from different addresses in the next period of time and have not been transferred out; until the ETH 2.0 deposit contract was opened, this address The address responded immediately and deposited all its assets. Therefore, it is very likely that this address was specially prepared for ETH 2.0 by a large household.

Data: Encrypted investment funds had a net inflow of US$288 million last week: Jinse Finance reported that a CoinShares report on Monday showed that in the week ended October 29, the total inflow of funds into digital asset investment products was US$288 million, compared with That was down from the previous week's record $1.47 billion but helped push year-to-date inflows to $8.7 billion. Like the previous week, most of the new investment went into bitcoin-related funds, at around $269 million. The new products added $53 million in assets last week as the hype that accompanied their launch faded and inflows into U.S. bitcoin ETFs slowed. In addition, the Ethereum fund saw inflows of US$16.6 million last week, and its year-to-date inflow was US$1.06 billion, second only to the US$6.37 billion inflows into Bitcoin funds in 2021. [2021/11/2 21:16:50]

The second deposit address currently deposits 8,000 ETH (250 verifiers). This address was created in January this year, and the current account still has 8,600 ETH left. In this year's DeFi boom, this address frequently participates in various DeFi applications including SUSHI, WETH, and liquidity mining.

The third-ranked address currently deposits 5504 ETH (172 verifiers). This address is an old address created in October 2016 and has participated in two capital projects and multiple DeFi projects.

The fourth-ranked address currently has a deposit of 5024 ETH (157 validators). This address is an old address created in January 2018 and has also participated in multiple fund projects and DeFi projects.

V God, the founder of Ethereum, also participated in the pledge, with a deposit of 3200 ETH, currently ranking fifth.

(3) Altcoins seek exposure

In fact, in addition to receiving ETH, the deposit contract address also received 83 other tokens.

Previously, TrustNodes reported that the altcoins were worth around $54 million in total. But this is not the real value. Because $50 million of it is UNIF, which is a "dead coin" with a real trading volume of only $10.

In addition to this, there are also a large number of altcoins that do not have any trading volume at all. OKLink data shows that only 30 of the 83 tokens have real prices and trading volumes, accounting for 36%; the real total value of the altcoins in the deposit contract except ETH is about 420,000 US dollars; the highest value is STAKE, accounting for 36%. More than 99.44%.

(Odaily Planet Daily Note: STAKE is the governance token of xDai Chain, which is a USD stablecoin blockchain jointly launched by the MakerDAO Foundation and POA Network, and is also a sidechain compatible with Ethereum.)

Why did these altcoins choose to move into the ETH 2.0 deposit contract? Odaily Planet Daily believes that its main purpose is to pursue exposure.

At present, ETH 2.0 has attracted the attention of all parties, and the change of the deposit contract has also attracted much attention. Transfer a certain amount of counterfeit tokens to this address. If you can stay in the forefront, all parties will also see the tokens when querying the genesis address, which plays a role in publicity.

In fact, Odaily Planet Daily noticed that MEME, DPI, POLY, AAVE, and eMTRG were exposed in this way for the first time when the deposit contract was online for an hour.  

(Screenshot of Odaily Planet Daily on November 5)

So for these projects exposed on ETH 2.0, would you choose to hold them? the

(4) There are many people who touch porcelain

In addition to rubbing hot spots on the address of the creation contract, many copycat projects are also deeply bound to the chariot of ETH 2.0 and began to "touch porcelain".

Odaily Planet Daily searched on OKlink and found that there are currently several counterfeit projects named after ETH 2.0. ETH 2.0 has not yet started, and the real purpose of most of the projects can be imagined, and the purpose may be to make a wave of quick money.

In addition, Odaily Planet Daily also noticed that a fund project called Ethfund (Ethereum Fund), under the banner of ETH 2.0, is wantonly collecting money.

In the publicity, the project claimed that V God, the founder of Ethereum, invested 3,000 ETH, but in fact the payee was not the relevant address of this project, and the screenshot of the chat was also suspected to be PS synthesis; in addition, the Ethereum Foundation and the Ethereum Foundation (The Ethereum Foundation) Foundation) is not associated in any way. The project requires users to send ETH to a specific contract address, and claims to be able to obtain more than 200% of the income; encourages users to develop offline, and obtain additional income by pulling people; the project itself does not have a clear profit model, but only with new user funds Repay the old users, the capital disk model of tearing down the east wall to make up for the west wall.

(Ethereum Foundation has nothing to do with Eth fund, it’s purely Porcelain)

Odaily Planet Daily hereby reminds investors to stay away and carefully identify similar projects.

Author | Qin Xiaofeng

Editor | Hao Fangzhou

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