本文 Hash (SHA 1): ca13a25f6b3e6d952ef55932b136b75b074015af
Number: Lianyuan Security Knowledge No.014
Analysis of the security aspects and market dynamics of ETF launches
With the launch of the Ethereum spot ETF in the United States on July 23, the market is paying close attention to its potential impact. Bitwise's chief investment officer predicts that the ETF will push the price of Ethereum to a record high of more than $5,000. In this context, the evolution and security of Ethereum have also become the focus. This article combines ETFs and the second-layer expansion plan to analyze their impact and potential on the Ethereum ecosystem.
Security and Market Impact of Ethereum ETF
The launch of the Ethereum ETF brings a new source of demand to the market, but also brings security challenges and opportunities. At this stage, Ethereum's low inflation rate, staking mechanism and locked supply will amplify the price increase effect brought by the inflow of ETFs.
The security of Ethereum staking
Ethereum's staking mechanism is different from Bitcoin's, and does not force stakers to sell the ETH they receive. The staking mechanism not only reduces short-term selling pressure, but also enhances the security and stability of the network.
Locking in the security of supply
Currently, 28% of ETH has been staked, 13% is locked in DeFi smart contracts, and about 40% of ETH has withdrawn from the market. This locked supply mechanism provides additional security for Ethereum.
Layer 2 Extensions: Solving the Security Challenges of Bridges
In cross-chain asset transfers, the differences in blockchain architecture and consensus mechanisms lead to a complex and expensive verification process, which limits asset mobility. Existing third-party bridges face trust and security challenges, while centralized bridges need to maintain liquidity and pass on costs to users. One-click chain issuance is like solving a triangle problem and is a compromise asset bridging solution. The following are several second-layer expansion solutions and their security analysis:
ZKsync 3.0 ：Elastic Chain
Elastic Chain is an infinitely scalable network of ZK Chains (rollups, validiums, and volitions), which is secured by mathematical verification methods. The design of ZK Router, ZK Gateway, and ZK Chains ensures efficient and secure interoperability between different chains.
Polygon 2.0 ：AggLayer
AggLayer achieves atomic cross-chain interoperability between different Rollups through a shared sorter, a unified bridge, and a pessimistic proof mechanism. The unified bridge ensures seamless communication and data transmission between different chains through standardized interoperability protocols and cross-chain communication protocols, improving security.
Optimism：Superchain Explainer
Optimism's Superchain establishes a unified network standard through OP Stack to achieve coordination and communication between chains. Its five-layer structure consisting of data availability layer, sorting layer, derivative layer, execution layer and settlement layer ensures the security and reliability of the system.
Connecting islands between chains: the security issues of bridges
The main problem facing cross-chain asset transfers is that different blockchains have different architectures and consensus mechanisms, lacking unified standards, leading to a complex and expensive verification process. This limitation has led to a surge in certification networks that use multi-signature committees to prove the state of each other's chains. There is currently no universal decentralized standard or protocol that can achieve interoperability between all blockchains, which limits the free flow of assets between different blockchains.
To facilitate cross-chain asset transfers, a large number of third-party bridges have emerged, but these bridges face huge network security challenges in operation. Centralized bridges need to maintain sufficient liquidity on each integrated chain, and the cost is passed on to users. Currently, there are problems that cannot meet the requirements of native decentralized asset bridging and it is difficult to trust third-party bridges.
Security and future development of one-click chain issuance
The evolution of Ethereum and the introduction of one-click chain launch have brought more security and scalability solutions to the blockchain ecosystem. The different expansion solutions of ZKsync 3.0, Polygon 2.0 and Optimism each have their own advantages in achieving inter-chain interoperability and improving system security.
Summarize
In the future, with the launch of ETFs and the continuous optimization of the second-layer expansion plan, the price and security of Ethereum will continue to improve. The innovation and development of DeFi protocols and other applications on Rollup will also inject new vitality and security into the Ethereum ecosystem. Through continuous optimization and upgrading, Ethereum is expected to achieve wider applications and higher market value while ensuring security.
Lianyuan Technology is a company focused on blockchain security. Our core work includes blockchain security research, on-chain data analysis, and asset and contract vulnerability rescue. We have successfully recovered many stolen digital assets for individuals and institutions. At the same time, we are committed to providing project security analysis reports, on-chain traceability, and technical consulting/support services to industry organizations.
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