Weekly Layers 1 & 2 Update (Week 17, 26/04/2022 – 02/05/2022)

Ethereum suffers network congestion during NFT mint event of BAYC creator Yuga Labs. Solana’s seventh downtime incident lasts 7 hours. Optimism plans to launch a DAO, several airdrops.

Key Takeaways

• Solana (SOL) suffered a seven-hour outage over the weekend, with a network restart restoring connectivity on Sunday at 3:00 UTC. This was the seventh downtime incident on the network, this time caused by a surge of NFT minting bots.
• Optimism announced that it would launch a DAO and several rounds of airdrops. The team laid out the plan for these events in a recent blog post.
• Ethereum (ETH) experienced severe network congestion during an NFT minting event by Bored Ape Yacht Club creator Yuga Labs, which has since apologised for the congestion. Gas fees soared during the minting event, with reports of thousands of dollars spent in gas fees to mint the tokens.
• Cronos (CRO) saw a +6.12% increase in total transactions to 37.26M. The total number of wallet addresses now stands at 761,368, up +7.65% from last week.

Highlights

• Ethereum Core developers put off hard fork to focus on proof-of-stake merge
• El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says
• New York Assembly passes bill to temporarily ban Bitcoin mining
• Bitfarms mined 405 BTC in April, now holds 5,646 BTC
• Mark Cuban proposes using Dogecoin to solve Twitter’s crypto ad problem
• Juno Blockchain community officially votes to revoke whale’s tokens
• Bitcoin Mining Council rebuts House Democrats in letter to EPA
• Bitcoin ATM installation slowdown continues for 4th month in 2022
• Eth2 deposit contract now holds 10% of the circulating ETH supply
• Battered Bitcoin miners increasingly turn to debt financing

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