Weekly Layers 1 & 2 Update (Week 21, 24/05/2022 – 30/05/2022)
Terra 2.0 launches with airdrop for previous Terra holders. Staking for ETH 2.0 reaches 10% of ETH circulating supply. Bitcoin Lightning Network’s capacity reaches new high at 3,900 BTC.
Key Takeaways
- Terra was rebranded as Terra Classic (LUNC), while its hard fork Terra 2.0 (LUNA) commenced with an airdrop for previous holders. After peaking at $19.53, the new LUNA is trading at around $9.67 as of the time of writing.
- Ethereum (ETH) is preparing for the Merge, with 10% of its token’s circulating supply now being staked in ETH 2.0 and developers agree to delay the difficulty bomb by two to four months.
- The mining difficulty of Bitcoin (BTC) dropped by 4.3%, while the capacity of the Lightning Network reached an all-time high of 3,900 BTC.
- Cronos (CRO) reached 44.03M total transactions, an increase of +3.86% from last week.
Highlights
- Ropsten Beacon Chain successfully launched
- OpenEthereum support ends with the Merge fast approaching
- Ethereum Beacon Chain experiences 7 block reorg: What’s going on?
- Ethereum miner tries to expedite testnet Merge by 2 weeks
- Optimism Foundation cracks down on airdrop farmers
- Avalanche’s new proposal wants ApeCoin on its subnet
- Hydropower plant in China’s Hubei province fined for powering crypto mining
- Cryptosat’s first nanosatellite blasts off Wednesday on SpaceX rocket
- Injective partners with Wormhole to bring 10 new blockchains to the platform
- Improving Bitcoin privacy with silent payments
- Frank McCourt, Gavin Wood team up to create new social media platform
Layer 1 Project Metrics
* % change is based on the difference between two subsequent bi-weekly periods
† Sum of P, X and C-chain total transactions
‘–’ denotes missing, unavailable, or incomplete data
Sources: Coingecko, Etherscan, Ethernodes, Cardanoscan, Avascan, Solana Beach, FTMscan, BSCscan, CronoScan, Cronos Explorer, DeFi Llama
Layer 2 Project Metrics
* Figure refers to Lightning nodes with active channels
† 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, Andromeda Metis Explorer
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