Layers 1 & 2 (Week 24, 14/06/2022 – 20/06/2022)

Arbitrum launches a reward system called Arbitrum Odyssey, Ethereum launches a testnet Beacon chain, VeChain tests Proof of Authority 2.0

Key Takeaways

• Arbitrum announced the launch of the Arbitrum Odyssey reward system while holding 51% of the total market share in terms of TVL for Layer 2 solutions at press time.
• Ethereum (ETH) launched a testnet Beacon chain which utilises Proof Of Stake consensus instead of Proof Of Work. 
• VeChain (VET) successfully tested its new consensus update named Proof Of Authority 2.0, which makes transactions virtually impossible to revert.
• Cronos (CRO) reached 47.40 million total transactions, increasing +2.30% from last week.

Highlights

• Solana DeFi platform votes to control whale account in bid to avoid liquidation ‘chaos’
• Litecoin’s (LTC) MWEB was going to aid a rally but is now getting delisted – what’s going on
• Ankr adds Ethereum’s L2 Optimism (OP) to its platform stack
• Bitcoin (BTC) mining equipment older than 2019 reaches shutdown price
• Ethereum (ETH) mining no longer profitable for many miners as energy prices and ETH dip cause perfect storm
• Algorand (ALGO) oracle network Goracle teams with blockchain development firm HEADLINE
• The latest release of Besu helps test The Merge on any platform
• Lightning Network now supported on Bitcoin e-commerce savings site Purse.io
• Bitcoin’s sinking price pushes hashrate below 200 exahash, mining difficulty expected to slide 2.8% lower
• Iran to cut electricity to authorised crypto miners