Weekly Layers 1 & 2 Update (Week 5, 01/02/2022 – 07/02/2022)
Sphere 3D to buy 60,000 units of BTC mining gear, plans to get 15% of global hashrate. Vitalik Buterin talks about near-future hard fork for ETH.
Key Takeaways
- Sphere 3D has announced an agreement to buy 60,000 pieces of Bitcoin (BTC) mining equipment, with which it estimates to generate at least 15% of the hashrate of the current global network. This deal would also put Sphere 3D on pace to be one of the largest carbon-neutral bitcoin miners.
- In a recent tweet, Ethereum (ETH) co-founder Vitalik Buterin discussed some proposals to add ‘blob-carrying transactions’ in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete.
- Polkadot (DOT) deposits and withdrawals are now live on the Crypto.com app via Cronos (CRO) chain. In addition, Crypto.com recently announced a multi-year partnership with the LeBron James Foundation to provide crypto education to underserved communities.
- Cronos (CRO) saw a +7.99% increase in total transactions to 14.00M and an increase of TVL to $2.23B (+14.95% week-on-week). The total number of wallet addresses now stands at 344,336, up +1.37% from last week.
Highlights
- Ethereum’s main client almost ready for the merge to proof of stake
- Cardano block size to increase by 11%
- Official: Total number of Cardano wallets hits 3 million milestone
- Gas-free transactions will revolutionize Web3
- Cardano uses the least amount of electricity per node, says CCRI Research
- Polkadot (DOT) consumes the least amount of electricity compared to other top chains, according to new research
- IMX token tumbles as GameStop appears to dump $42M from Immutable X grant
- Shiba Inu leads market comeback with massive 22% leap as launch of its layer-2 blockchain nears
- Polygon joins arms race to become ‘the AWS of Web 3’ with $450 million in fresh funding
- Layer 1 Project Aleo raises $200M
Layer 1 Project Metrics
| Ethereum | Terra | Avalanche | Solana | Fantom | Binance Smart Chain | Cronos | |
|---|---|---|---|---|---|---|---|
| Market Cap of Native Coin | $376.87B | $23.70B | $20.48B | $37.36B | $5.90B | $73.11B | $12.51B |
| 7-Day Change | +14.26% | +8.68% | +12.02% | +16.48% | +5.27% | +11.75% | +7.82% |
| Total Value Locked (TVL) | $135.99B | $15.08B | $10.44B | $8.60B | $9.07B | $13.65B | $2.23B |
| 7-Day Change | +9.79% | +12.49% | +18.41% | +4.08% | +2.83% | +11.72% | +15.12% |
| Cap / TVL | 2.77x | 1.57x | 1.96x | 4.34x | 0.65x | 5.36x | 5.62x |
| 7-Day Avg. Daily Volume (Native Coin) | $14.79B | $1.79B | $0.74B | $2.33B | $0.75B | $1.21B | $0.12B |
| 7-Day Change | -11.35% | -33.54% | -11.50% | -1.45% | -46.69% | -25.27% | -23.78% |
| Price of Native Coin | $3,152.29 | $58.91 | $83.50 | $117.74 | $2.32 | $434.82 | $0.50 |
| 7-Day Change | +17.22% | +13.00% | +19.17% | +17.87% | +13.13% | +15.49% | +15.42% |
| Total # of Transactions since Launch | 1.46B | – | 88.63M† | 56.21B | 184.21M | 2.45B | 14.00M |
| # of Nodes / Validators | 5388 | 130 | 1239 | 1487 | 58 | 21 | 26 |
† X-Chain total transactions plus C-Chain total transactions
‘-’ denotes missing, unavailable, or incomplete data
Sources: Coingecko, Etherscan, Ethernodes, Terra Station, Terra Etherscan, Avascan, Solana Beach, FTMscan, BSCscan, CronoScan, DeFi Llama
Layer 2 Project Metrics
| Polygon | Lightning Network | Ronin Sidechain† | Optimistic Ethereum | Arbitrum | Boba | |
|---|---|---|---|---|---|---|
| TVL/ Capacity on Network | $5.42B | $151.03M | $620.11M | $354.26M | $2.1B | $93.89M |
| Total Transactions | 1.38B | – | 301.19M | – | 6.18M | 317,332 |
| Nodes / Unique Addresses | 67 | 34,374 | 9.86M | – | 378,426 | 16,329 |
† Ronin is the sidechain developed by Sky Mavis for Axie Infinity
‘-’ denotes missing, unavailable, or incomplete data
Sources: DeFi Llama, Polygonscan, Clark Moody Bitcoin, 1ML, Ronin Explorer, Coingecko, Optimistic Etherscan, Arbiscan, Boba Explorer
Share with Friends
Related Articles
DeFi - YESTERDAY
DeFi & L1L2 Weekly — 📈 Hyperliquid’s trading volume grew by 32% MoM; Tether launched gold-backed stable XAUt0 on TON
Market Pulse - 3D AGO
📈 Stablecoin transactions reached US$94 billion from Jan 2023 to Feb 2025; Canary Capital submits S-1 for first spot CRO ETF in the US
GameFi - 30 May 2025
NFT & Gaming — 💎 Loaded Lions: Mane City introduced the Land Combos feature; FIFA selected Avalanche to build its L1 chain for its NFTs platform
Ready to start your crypto journey?
Get your step-by-step guide to setting upan account with Crypto.com
By clicking the Submit button you acknowledge having read the Privacy Notice of Crypto.com where we explain how we use and protect your personal data.
