Ethereum Price: $294.64
Ethereum Price (BTC): 0.02701 BTC
Market Cap: $31.44B
ETH Network Dominance*: 77.32%
7 Day Candle**: $309.66 / $365.76 / $274.47 / $294.64
️ Nick’s Market Summary
Daily transactions on Ethereum surpassed 1,000,000 on June 28th – the first time since May 2018 – in a week which saw incredible price volatility. While markets shifted up and down by billions of dollars, an important but subtle development happened on June 30th with the specification freeze of Ethereum 2.0’s Phase 0. The freeze halts further releases of the Phase 0 spec, paving the way for the “emergence of long-lived cross-client testnets”. Phase 0 will implement Ethereum 2.0’s Beacon Chain and deposit contract which provide the core infrastructure for the blockchain’s switch to Proof of Stake.
Under Proof of Stake, users will be able to validate network transactions by running a Beacon Chain client (several are currently in development) and staking ETH in a deposit contract on the existing Ethereum chain. A validator must run a Beacon Chain client and make a 32 ETH stake (roughly $9,500 at current prices) to begin validating the network. In return, the validator is rewarded with an “interest rate” on their staked funds. The interest earned will vary depending on the total amount staked across the network with thresholds expected to be as follows:
|ETH validating||Max annual issuance||Max annual network issuance %||Max annual return rate (for validators)|
Expected Issuance Rates as of April 20th 2019
Unlike with Bitcoin and Ethereum mining today, Proof of Stake validators will not need to make a large investment in specialized hardware. Instead, Ethereum 2.0 researcher, Justin Drake, expects to see Beacon Chain clients syncing and validating on Raspberry Pi hardware “without breaking a sweat”.
I expect the new Raspberry Pi 4 (4GB RAM option, external SSD) to handle an Eth2 validator node without breaking a sweat. That's $100 of hardware running at 10 Watts to support a 32 ETH node (currently ~$10K stake).
— Justin Ðrake (@drakefjustin) June 24, 2019
The popularity of staking will undoubtedly be massive. The staking contract will be – by requirement – the most secure smart contract of any blockchain. It will be this contract that helps to validate the billions of dollars stored on Ethereum. Should a black swan event arise within this contract, it will almost certainly receive a “hard fork fix” to recover funds and patch the critical bug. The same cannot be said for other interest-earning contracts from the likes of Compound or Maker.
Expect Ethereum price fireworks when the deposit contract goes live at Devcon 5 in October and in the build up to January 3rd’s Beacon Chain genesis block. However the excitement may be a little more muted in the immediate term than many Ethereum-aficionados will have you believe.
Staking in Phase 0 will be a 1 way trip; funds which are staked are burned from the existing Ethereum chain and will only become available for withdrawal (along with their rewards) in Phase 2 of Ethereum 2.0 which is expected some time in 2021. For this reason, some ETH holders may have reservations about staking until more details about Phase 2 come to light, particularly with a very frothy bubble expected in the build up to Bitcoin’s block reward halving and the Libra launch next year.
Fast forward to 2022 though and the Ethereum ecosystem will be light-years ahead of where it is now. A switch away from energy-intensive “mining” (as seen in Ethereum and Bitcoin currently) to much greener validator staking is likely to create an improved narrative for Ethereum among mainstream media. Cryptocurrency giants like Coinbase are also set to enable Ethereum staking from within their platform (if this recent announcement is anything to go by), allowing users to earn interest on their ETH holdings with ease.
In the meantime however, the key price I’ll be looking at is ETH/BTC. How does the simple halving of a block reward compare to the collective mind-share of several thousand developers.
Personal opinion, $ETH/BTC is one of the most undervalued pairs in crypto and will grow 500%+ in the next 2-3 years. 0.027 => 0.17
Posting for my own posterity.
— Nick (@Ether0x) June 30, 2019
– Nick, Owner EthereumPrice.org
Opera Browser Launches Crypto Wallet On iOS
Opera’s new browser feature for iOS provides a built-in cryptocurrency wallet and the ability to run Web 3.0 and decentralized apps (dapps) without a third-party plugin. The wallet has been available to Android users for some time now, however its release on iOS takes another step towards more closely integrating and legitimizing Ethereum among mainstream users.
The Opera website says the wallet can automatically detect and list any ERC-20 tokens used in Ethereum dapps, such as in-game currencies.
In order to start using dapps, users will need to purchase Ethereum and store it in the Opera wallet.
Chainlink Experiences The ‘Coinbase Effect’
Chainlink, a blockchain platform which connects smart contracts to external data sources, experienced the “Coinbase Effect” after listing on Coinbase Pro, causing the altcoin to surge by 117.2 percent.
Chainlink announced the listing via an official blog post on 26th June 2019. In the announcement, it was stated that two trading pairs for LINK had been listed so far – LINK/USD and LINK/ETH.
This is not the only newsworthy topic surrounding Chainlink. They have been busy in recent weeks with launching their mainnet, partnering with Google and just last week announced a collaboration with Oracle, the world’s third largest software company.
PoolTogether For Lossless Lottery
PoolTogether, a lossless lottery built on the Ethereum blockchain, launched last week with the aim of creating a financially secure way alternative to conventional lotteries.
Players can join a pool using the stablecoin DAI with each ticket currently costing 20 DAI ($20). The tokens are pooled together and locked in a smart contract for 15 days. During this time all the DAI in the pool is lent out on Compound, collecting interest over the 15 days. After this lock-up period is over, participants receive the full amount of funds they deposited with one participant winning the interest earned on the funds over the period and PoolTogether taking a 10% fee.
The key advantage of the first blockchain-based no loss lottery is that it is efficient, global and auditable based on the security of the Ethereum blockchain.
The project has also integrated themselves with Compound and Aragon DAO making PoolTogether itself another building block of open digital finance accessible to all throughout the globe with their code to be open sourced. Their smart contracts have been audited and verified by Quantstamp.
* calculated as: (ETH Market Cap / Ethereum Network Market Cap)
** open / high / low / close