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ETC, LDO skyrocketed, and what other Ethereum fork concept projects

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Someone is betting on an Ethereum fork

Written by: FYJ & 0x711 & czgsws, BlockBeats

Discussion about Ethereum fork is getting hotter, merge The date is approaching, and the computing power of over 800T miners belongs to the attention of the whole network. Many people have already started planning to fork Ethereum, and it is expected that the second community fork in the history of Ethereum will happen with high probability.

The secondary market is also hyping the concept of Ethereum fork. The speech led to a surge in encrypted assets. Among them, LDO and ETC, the two leading ETH2.0 and fork leading concept projects, led the market. It is not difficult to see the market's preference for the concept of ETH fork. BlockBeats sorted out the project related to the fork concept, NFA, which is mainly divided into two parts: ETH2.0 and ETH fork.

ETH 2.0 Concept

LDO (Lido) and RPL (Rocket Pool)

Lido, Ethereum liquidity bet leader, with the current More than 4 million ETH pledges account for 90.4% of the market. Its protocol design is simple and clear. You can deposit ETH to get stETH at 1:1. As an equity derivative asset, the latter has good liquidity on Curve.

Rocket Pool, focusing on Ethereum’s liquidity staking protocol, compared to Lido’s full chain In terms of expansion, Rocket Pool only deals with Ethereum. The main difference between the two is that Lido's underlying verifiers are selected by Lido DAO, and anyone who deposits 16 ETH (half of the 32 ETH required by the Ethereum protocol) can become a Rocket Pool node operator. Correspondingly, a certain amount of RPL needs to be pledged to ensure the normal operation of the node.

In terms of mechanism design, LDO’s Utility only has a governance function, and its practical value is difficult to quantify; while RPL As a threshold for participating in the network, there should be more market demand. However, Lido was launched in November 2020, 11 months earlier than Rocket Pool. The martial arts in the world can only be achieved quickly. We don't try to ask who has a better design logically. In this week's rebound, the market has already given the answer.

ssv.network

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SSV itself is an infrastructure serving verifiers, but SSV does not do asset management, that is, SSV does not absorb users' ETH for recombination. Unlike a true staking service provider like Lido. SSV mainly serves two types of users, one is long-term holdings, who need to ensure the safety of funds (do not entrust assets to third parties), but do not want to do it themselves. One is the value capture of SSV, a group of ETH pledge service providers led by Lido, Rocketpool, and Binance. SSV helps pledge operators reduce operation and maintenance pressure, reduce equipment server expenditure and management costs, reduce security risks, and save worry.

ssv.network completed a financing of US$10 million in February this year, which was sponsored by Coinbase , Lukka, OKX and Digital Currency Group (DCG) participated in the investment.

Obol

Obol Technologies, $6.15M Oct 2021, led by ConsenSys ex- Founded by the head of global product strategy, ConsenSys and Coinbase participated in the investment, with a luxurious background. Obol mainly promotes a concept called "distributed verification node cluster": a single pledge node may fail, so the pledge cluster is dispersed to make user assets more secure.

Currently no currency has been issued, and the product has not yet been launched. The official website roadmap shows that the product prototype will be launched in Q2 . In addition, Lido has donated $100,000 to Obol to support its research. It can be seen that the highlight of the project lies in technology, but the effectiveness needs to be tested after the product is launched.

StakeWise

StakeWise (SWISE) is a liquidity staking protocol based on the Ethereum mainnet and Gnosis Chain. In March 2021, StakeWise completed a financing of US$2 million, led by Greenfield One, and participated by Collider Ventures, Gumi Cryptos, Lionschain Capital and others. In March 2022, StakeWise received strategic investment from blockchain infrastructure service providers Blockdaemon and boldstart Ventures to jointly provide KYC-based liquid pledge solutions for financial institutions and large technology companies.

The protocol has a unique dual Token model, which allows users to reinvest the pledge reward (rETH2) into pledge Token (sETH2), so as to realize the compound rate of return.

Swell Network

Swell Network is a permissionless, non-custodial ETH staking protocol built for stakers, node operators, and the Ethereum ecosystem. Swell announced its cooperation with SSV on June 16 this year, and will prioritize the integration of ssv.network’s advancements in distributed validator technology, which will help better manage risks and improve validator performance. At present, its Goerli testnet version has been launched, with a TVL of 286 ETH and an annual interest rate of 4.2%.

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Swell Network completed a $3.75 million seed round of financing in March this year, led by Framework Ventures, with participation from IOSG Ventures, Apollo Capital, and Maven 11, and angel investors including Mark Cuban, co-founder of Synthetix Kain Warwick, along with Jordan Momtazi, Balancer founder Fernando Martinelli, Ryan Sean Adams, Bankless co-founder David Hoffman, Ren Protocol co-founder Loong Wang, and Mask Network founder Suji Yan, among others.

Connect to ETH POW computing power concept (graphics card mining)

Except ETH2.0 POS Sectors, the attribution of miners’ computing power are also the main points of market hype. For example, ETC is now considered by the market to be the leading fork, after all, there is only one fork project. And if you want to look at it from the perspective of graphics card computing power switching, many POW projects can receive the computing power of ETH, but not all of them. BlockBeats only selected relatively large market capitalization and relatively mainstream graphics card mining projects as representatives.

ETC

From To some extent, ETC (Ethereum Classic) can be regarded as the "brother" of Ethereum. After the hacking of THE DAO in 2016, the Ethereum community faced a survival dilemma. There were huge differences in the community on whether the community should fork and roll back to recover the losses. Some people agreed with the fork, which gave birth to the current Ethereum, and some people refused, and their persistence produced ETC.

Today, the computing power of ETC’s entire network is only 23.55TH/s, which is about 40% of the current computing power of Ethereum’s entire network (881.59TH/s). one-third. It is hard to imagine what would happen if ETC took over most of the computing power of Ethereum.

XMR

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Monero (XMR) is an open source cryptocurrency created in April 2014, focusing on privacy, decentralization and scalability. From the beginning of its birth, the development concept of Monero has included the concept of fighting against ASICs. The current algorithm of Monero is RandomX, which can use CPU, GPU, RSIC (such as Apple M1) to participate in mining. The mining efficiency of CPU and RSIC is relatively high, while the efficiency of GPU is relatively high due to the high latency of video memory. low.

The current circulation of XMR is 18,153,413 pieces, The computing power of the entire network is 2441.4 Mh/s. After falling to a yearly low of $96.43 on June 19 this year, it has rebounded by 69.750% (the highest price on July 28 was $163.69).

RVN

RVN, Ravencoin, once due to the fair distribution mechanism (no IC0, no Mining, no master node) and an old-fashioned mining coin with high expectations. The project code fully draws on the Bitcoin code, so some shadows of Bitcoin can be seen from it, such as: the total amount of Token is capped at 21 billion. In addition, Ravencoin uses the ASIC-resistant KAWPOW algorithm, hoping to reduce the centralization of mining output.

The current Ravencoin network computing power is 2.336TH/s.