Recently, the announcement of the launch of the mainnet of the Ethereum ETH2.0 beacon chain on December 1 caused a great shock in the crypto world. People are enthusiastic about discussing the topic of ETH2.0. It seems that the ambition of ETH2.0 is To be achieved in one fell swoop on December 1. However, the reality is much more objective than market sentiment. Half a month after the contract pledge was opened, the progress of contract deposit pledge was extremely slow. By the time of publication, only 20 % of the pledge was completed. Obviously such a result. There is still a huge gap with the target volume for the launch date on December 1.
December 1 is an important starting point, but only counting the huge gap between ideals and reality in the paper talk stage , does it mean that we overestimated the significance and impact of December 1 on ETH 2.0? On the one hand, people are still cautious about setting up such a two-year pledge cycle. On the other hand, the clear launch date of December 1 has no essential effect. It can only represent the first step of ETH2.0, and the real arrival of ETH2.0 requires three stages. According to the official announcement, the pace of the ETH2.0 mainnet launch will continue to advance in phase 0, phase 1, and phase 2. Phase 0 is to introduce the “beacon chain”, that is, to build the core of the ETH2.0 ecosystem and become the source of security and verification for all other shards; Phase 1 starts to deploy shards based on Phase 0, and write data to the shards Shard chain; Phase 2 is the execution phase, which will add accounts on Ethereum 2.0, support transfer and withdrawal to build an execution environment, etc., and merge the ETH1.0 chain into the ETH2.0 chain.
The advancement of ETH2.0 is a long and complicated process, and it needs to be deployed step by step. Therefore, at this stage, the industry may be too excited about the time node set by ETH2.0 on December 1st, and too high. Estimate the value of its arrival. But I have to say that there is a huge opportunity behind the news on December 1.
The pre-collateralized ETH2.0 will trigger a new wave of DeFi. For a long time, Ethereum , as the leading project in the public chain field, has received extensive attention from the industry in its words and deeds, and facing such a self-innovating ETH2.0 , People hope that it can bring new possibilities to the blockchain world like the Ethereum of the year. And we noticed that the minimum 32 ETH per validator in ETH 2.0 will bring huge practical opportunities. Specifically, this stage will bring secondary value mining to the DeFi sector. The first is that the introduction of assets will inject flow water into DeFi, and the volume of value will increase simultaneously. The current DeFi pledge amount has increased to a certain extent, and the emergence of this small bull market requires a kind of external motivation. Simply put, the more funds in the DeF sector enter, the greater the momentum for the rise, and the ETH2.0 era is coming. The premise is that DeFi may benefit from the influx of assets brought by at least 32 ETH pledges per person.
On the other hand, after liquidity mining, DeFi can find new outlets with pledge activities. We all know that Uni has stopped mining now, and many of the stock values are stagnant and nowhere to be placed. Through this kind of large-scale pledge project provided by ETH2.0, the early staking that builds a strong and secure network operating environment will be the present Liquidity mining in the empty window period provides an alternative exit. And this kind of pledge method requires only entry but no exit. The annualized rate of return can reach up to 21.6%. It is a kind of prudent investment channel. Even with the increase of validators, the annualized rate of return decreases, but the more the amount of pledge, The corresponding ETH2.0 network environment will also be safer, and more importantly, the low-inflation ETH circulation has a huge room for appreciation. Correspondingly, pledge behaviors can also obtain more pledge returns.
Secondly, this will stimulate the emergence of a wave of innovative products. Because pledge requires certain conditions, for users who want to participate in the project but do not have financial support, they need to use DeFi loan products to spend in advance, which means that a new round of lending may follow the pledge of ETH2.0. A rise. And this model will not stop at the part of lending, because the pledge lock-up period of ETH2.0 is as long as two years. In this period of time, it is difficult to say whether the market is falling or rising. Then, how to balance this income risk uncertainty? Perhaps this will also bring a new wave of financial innovation, that is, market demand stimulates innovation and development.
For example, will there be a kind of pledge guarantee project that will provide the same pledge service, but there is no hard condition that 32 ETH must be pledged at once, and all participants only need to have relatively easy conditions for participation , The project party can open up a simpler path for the pledgers through the advance payment. In this way, it will more mobilize the enthusiasm of the general public to help achieve the pledge goal of ETH2.0 as soon as possible, relying on this positive behavior transformation The formation of a positive circular market environment will stimulate the large-scale rise of more emerging pledge service projects.
Third, it is to stimulate the explosion in the field of staking derivatives . Everyone has at least 32 ETH. The huge staking asset cake behind ETH2.0 built on POS has become the most important direction next. The fact is that many projects focusing on the field of Staking derivatives are also gaining momentum. For example, Bifrost provides a liquid cross-chain network, staking services on behalf of users, and solves the problem of ordinary users participating in staking. In addition, its own EVM comes with EVM sub-modules, Uniswap, Bancor and other popular DeFi platforms, which can also be easily transplanted Go to Bifrost. Projects of this kind include Stafi, Acala, etc., all of which are focusing on staking field for different levels of innovation. From a broader market perspective, the early arrival of ETH2.0 will put more pressure on cross-chain projects such as Polkadot and Cosmos, and to a certain extent can also stimulate them to accelerate the technological development process. In short, the future of ETH2.0 can still be expected, but it requires simultaneous configuration in terms of time, money, technology, etc., and every step of the mileage, such as the ETH2.0 pledge, will bring unexpected chemical reactions. Let’s wait. .
