Partnered With:

A comprehensive analysis of the impact of the "dual upgrade" of Ethereum network on the supply of coins and ETH

Read this article in 21 Minutes

Verifiers are unlikely to see a mass exodus after allowing withdrawals.

原文标题：《全面解析以太坊网络「双重升级」对提币和 ETH 供应量的影响》

Original source: Insights

Katie Koo, Odaily Planet

Self 2020 Year 12 For the past month, Ethereum network validators have volunteered to use it. ETH Locked in Beacon Chain, and there is no clear timetable for the coin function.

Coming soon. The Shanghai-Capella "Dual Upgrade" will mark the end of this era by granting verifiers access to the pledged ETH , will also provide incentives for verification. In this article, we will explore the upcoming "dual upgrade" of Ethereum network against coin and against nbsp; ETH The impact of supply.

Ethereum 'dual upgrade'

The upcoming upgrade to the Ethereum network protocol is actually a "dual upgrade" (Shanghai And Capella). These are the parts of the Ethereum network that perform calculations and transactions (the execution chain) and the parts that control the production and verification of new blocks (Beacon Chain). Execution chain refers to in Merge The part of the network that previously handled consensus (by mining) and enforcement (updating balances, changing the internal state of the smart contract).

Shanghai An upgrade is a hard fork of the network execution layer, or chain of execution, to implement a series of changes to some operations on the Ethereum network. Its most important upgrade will allow validators to self-validate. 2020 Year 12 The moon beacon chain was established for the first time since extracting what they hold. ETH. When the network is in nbsp; 2022 Year 9 Monthly switch from proof-of-work (PoW) mining to use Beacon Chain to control block production, the Ethereum Foundation set a tentative deadline to activate the coin feature in the next network upgrade.

Recently, the "dual upgrade" date was brought forward to 2023. Year 3 Last month, it is currently awaiting the completion of several successful tests. The Ethereum Foundation has recently been working to achieve this goal within the timeframe it originally promised, even delaying its planned launch. Shanghai Deploy other upgrades so that the coin feature is activated preferentially.

Please note that verifiers can currently suspend their verification duties and "cancel the pledge" of their ETH without the need to withdraw coins. Shanghai The upgrade allows users to withdraw coins from Beacon Chains in which they are extracted. ETH.

How will the upgrade be implemented

Like previous network upgrades such as Merge or London, Shanghai The upgrade will be done using a hard fork. This requires each node listening or authenticating on the network to install a new version of the Ethereum network client. A client is a program that each node runs locally in order to interact with the rest of the network. There are multiple versions of the Ethereum client, released by different third-party providers, but each version promises to implement the provisions of the open source Ethereum protocol as determined by the Ethereum Foundation.

Once the Ethereum Foundation specifies the final version of the upgrade protocol, each client provider will release an upgrade version of its client, which contains the old and new versions of the protocol. For all blocks after the agreed block height (the length of the blockchain from one block to the first block on the chain), every node on the network will start using an upgraded version of the protocol. This ensures that the original history of the network will remain intact. Since the upgraded protocol will only apply to blocks whose height is higher than the agreed number of blocks, if the chain is restored to blocks before the switch, the node will use the previous version of the rules. This ensures that the network is in agreement when new rules apply.

Test

To prepare for the upgrade to the network, the Ethereum Foundation has created a copy of the Ethereum network to test its changes. This is done by configuring a small group of nodes (verifier and non-verifier). The side chain with the main chain allows developers to simulate network upgrades on separate chains and fix encounters. bug. This process is called shadow bifurcation.

By shadow forking the Ethereum backbone, the developers launched a series of public test nets for developers to test their smart contracts on proposed versions of the network. The first public test Network Shandong In 2022 Year 10 Month 14 The day started, started. 5 Second planned upgrade, but not included. Beacon The chain's withdrawal function. 2 Month 1 The day of the launch of Zhejiang Test Net allows developers to test. All proposals (EIP) included in the Shanghai-Capella "Dual Upgrade". This includes the simulation of a hard fork, which would switch nodes from the current version of the Ethereum protocol to an upgraded version. After hard forking the test network, users will be able to use the on the test chain. ETH Tested the coin withdrawal process, but could not communicate with the Ethereum network in real time.

Process of pledge

Users can use Beacon On-chain pledge ETH, to validate new blocks and contribute to the security of the blockchain. In return, the pledge is rewarded for doing the job "correctly" and punished if they are dishonest or fail to do the job as required. This feature is available now, long before the Ethereum network starts listening for consensus on new blocks. Beacon The chain was already there. However, in Shanghai Users will not be able to withdraw the money they have pledged until the upgrade. ETH (includes reward and punishment sections).

To participate in this process, users must have the software needed to validate and propose new blocks (execution and consensus clients) running on their system. They must also generate a public and private key pair, Beacon The chain can use it to track new verifiers. Once this is done, the user must put the 32 D ETH deposit Beacon Chain deposit smart contracts and enter their public keys (and some other credentials) as data for the transaction.

A successful deposit is issued on the execution chain as a "receipt", formally known as a "Log". The receipt contains data on the amount deposited by the user and is stored in the Beacon Register their deposits on the chain. Beacon The chain reads these "logs" from the execution chain and includes the new pledge in the activation queue. The operation is in Beacon Processing on the chain as a transaction, similar to the way smart contract functions are executed on the execution chain.

Deposits in smart contracts. ETH

The verifier sends to Beacon Chain smart contract ETH Will remain there forever, because smart contracts are not written to be able to pull coins and cannot be upgraded. Instead, prior to approval of the final withdrawable balance, the verifier's record of the balance during its pledge period (including the incentive and penalty portions) will be made by Beacon The chain is handled separately.

That means. Beacon The balance of the execution layer of the chain smart contract will be pledged by the verifier. ETH The accumulation of quantities. The balance should be from the network. ETH staking is staking. Staking is staking.

"Un-Staking" process

After the upgrade, the verifier will be able to make two types of withdrawals/withdrawals: partial withdrawals and full withdrawals. For both cases, the verifier must also be in the 2048 Be active for a period of time (~ 9 Days, per 12 Seconds One slot, each time slot 32 D slot) before signaling "exit."

Withdrawal of currency

Upon full withdrawal/withdrawal, the verifier must first stop participating in the verification. They can do this by paying tribute to Beacon Chain transmission Voluntary Exit Transaction To make that happen.

Once the verifier is deemed exited and available, they can send a final transaction to initiate the exit. When a verifier submits all or part of a coin withdrawal request, they are added to a single coin queue. Each block of the network will only be processed. 16 A withdrawal request is made by bringing the former 16 Each withdrawal request is included in the queue and follows the first in, first out rule. This results in approximately 115,000 verifiers (withdrawn and withdrawable) were able to withdraw coins on any given day.

When dealing with coins, new ones that were not in circulation before. ETH Will be minted to the depositing address specified by the verifier. As mentioned earlier, this new. ETH Which will not be initially deposited from the verifier in its pledge. Beacon Deleted from the chain deposit contract. Note that any transaction required to complete the "pledge cancellation" process will not result in a transaction for the verifier. Gas Cost.

Possible impact

Since the establishment of the Beacon chain, the pledge. ETH And as a result of the pledge to reward the verifier. ETH None of the increased supply has yet found its way into the spot market. The nbsp; ETH It remains locked on the Beacon chain until coin withdrawal is enabled. This means Shanghai The unlocked upgrade has the potential to significantly increase the Token supply because (at the time of writing) there is 1116 Each verifier can withdraw coins after unlocking.

On the exit Beacon The limit set on the chain's final withdrawal queue means a maximum of a single slot. 16 A verifier can quit. Assume that each verifier is withdrawing in full (the verifier will need to "withdraw and withdraw") and that the pledged balance of each verifier is 32 D ETH (assume 32 D ETH It is a reasonable assumption that the verifier node is discrete, but other analyses vary), which means that at most per day; 3, 686, 400 D ETH. However, only if the final backlog in the withdrawal queue exceeds that. 6 When a verifier, it is possible to achieve this unlocking rate.

In the long run

然而，我们不应该低估等待立即提币的用户的积压数量，这些用户还不到 500, 000 个验证者的 1% 。这个群体选择在没有保证提币日期的情况下集体锁定超过 1600 万 ETH（按每个 Token 1673 美元计算，约合 268 亿美元）。我们认为，解锁最终可能会导致质押 ETH 的增加，因为在知道 ETH 是可取回的情况下，质押者会更放心地锁定其 ETH。

We also believe that an increase in successful coin withdrawals is likely to reinforce confidence in the network, resulting in a net inflow of new pledges in the medium to long term. The operational cost of participating as a validator is much lower than mining the proof-of-work chain. As a result, validators will not face pressure to withdraw their pledge positions to cover the cost of the calculation. This gives us confidence that the verifier is unlikely to see a mass exodus after allowing the withdrawal.

In the short term

However, in the short term, we think a lot of validators will want to take a look at it. Beacon The chain balance performs partial withdrawals, which may result. Beacon Chain ETH Net outflow of The verifier is excited against it. Beacon The chain balance is partially withdrawn because its balance exceeds. 32 D ETH The proportion in Beacon There's no payoff on the chain. By not performing a partial withdrawal, the verifier basically loses access to it. ETH The right to access, lose the lady and then break the soldier.

In addition, we think hope will. ETH The pledged user will not withdraw money immediately, but will wait to see if the withdrawal process goes smoothly. In the short term, both phenomena may get in the way. ETH Flow into the Beacon chain.

流动性质押 Token

流动性质押 Token 已经成为用户在 Beacon 链上质押 ETH 的最流行的方式之一，允许用户使用其质押 ETH 的 Token 化版本来交易其质押头寸。这仍然是一种流行的质押方法，因为促进了集中质押，类似于主导比特币哈希率的矿池。流动性质押提供者降低了质押的门槛，并允许少于 32 个 ETH 的用户（截至 2 月 9 日约为 5.2 万美元）获得质押奖励。

此外，他们将继续允许更快地强平（unwind）质押头寸，用户可以直接在链上现货交易平台直接为 ETH 出售其 Token 化的质押头寸，而不是完成上面概述的全额提币过程，这可能需要更长的交易时间，成本是为他们的执行层交易支付 Gas 费。

Other upgrades

As previously mentioned, the Shanghai-Capella "dual upgrades" include Beacon A series of upgrades beyond chain coin activation. The following two upgrades are worth noting.

Warm Coinbase Upgrade (with Coinbase Regardless of trading platform)

The value involves IP-3651.

This upgrade is designed to enable users to optimize. It allows users to set initial payments to miners. Gas And then increase or decrease if certain conditions are met. Gas Fee. This upgrade is especially helpful for those who want to optimize costs by dynamically adjusting expenses. MEV Searcher, which must originally be a fixed value.

PUSH0 Instruction upgrade

The value involves IP-3855.

The upgrade is designed to add a base instruction. PUSH0 To reduce the average size of the smart contract, this instruction allows the addition of bytes. 0 . Prior to this upgrade, the use of other non-dedicated instructions will 0 Padding is bytes, but using specialized instructions consumes more . Gas. The update plans to introduce this dedicated instruction, which will help Ethereum developers reduce when deploying smart contracts on the network. Gas Cost.

summarize

即将到来的 Shanghai-Capella「双重升级」将标志着以太坊基金会未来网络路线图的另一个重要里程碑。两年多来，验证者愿意在没有访问权限的情况下将他们的 ETH 质押在网络上，这是这次升级重点解决的问题。我们相信，从中长期来看，这次升级的成功将导致更多的 ETH 被锁定在 Beacon 链中，因为熊市中投资者正在积极寻找 Token 的收益来源。我们相信「 Token 可取回」将解决许多尚未质押的 ETH 持有者参与性低下这一痛点。