Layers 1 & 2 (Week 23, 07/06/2022 – 13/06/2022)

Hacker returns stolen Optimism tokens. Solana disables buggy feature. Jack Dorsey announces Web5.

Key Takeaways

• Optimism (OP) hacker partially returned 20 million OP stolen during a botched transfer, with 1 million OP sent to Vitalik Buterin. 
• Jack Dorsey announced plans to bypass Web3 and build a decentralised web using a Bitcoin-based (BTC) identity management system called Web5.
• Solana (SOL) released a postmortem report and disabled the durable nonce transaction feature, which caused a 4.5-hour outage on 1 June.
• Cronos (CRO) reached 46.31 million total transactions, increasing +2.70% from last week.

Highlights

• Bitcoin’s hashrate hits an all-time high, nearing 300 exahash per second
• Terra’s Anchor protocol users vote to halt ‘earning and borrowing’
• Hut 8 Mining opens third facility, hits 7,000 Bitcoin (BTC) in reserves
• Crypto miner Hive Blockchain selling Ether (ETH) to pay for Intel mining rigs
• Storage blockchain Crust Network to launch External Adapter on Chainlink (LINK)
• Cube Chain launches high-performance modular mainnet to meet market demand for Web3
• Elrond L1 network hacked, with US$1.65M EGLD stolen
• FatManTerra launches non-profit LUNA validator for UST compensation
• Bitcoin Lightning Network capacity charges through 4,000 BTC
• Chinese chip designer reportedly filed for US$50M Nasdaq IPO
• Jack Dorsey and Jay-Z announce the Bitcoin Academy in Brooklyn, New York

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