Weekly Layers 1 & 2 Update (Week 9, 01/03/2022 – 07/03/2022)

ETH mining revenues reach USD 1.19B in February. Layer 2 solution Immutable raises $200M. CRO TVL grows 22.01% week-on-week to $2.38B.

Key Takeaways

• Ethereum (ETH) miners generated USD 1.19B in revenues in February. Roughly 87% of the revenues came from block subsidies, while around 13% came from transaction fees.
• Layer 2 solution Immutable X (IMX) was the key target for a $200M raise in a Series C round for developer Immutable. The solution uses technology from Starkware to achieve scalability and remove gas fees.
• Cronos (CRO) saw a +7.96% increase in total transactions to 19.94M, while its TVL grew to $2.38B (+22.01% week-on-week). The total number of wallet addresses now stands at 515,586, up +27.76% from last week.

Highlights

• Terra’s LUNA passes ether to become second-largest staked asset
• Cardano’s Peer-to-Peer (P2P) lending in Africa gains traction with first set of loans disbursed
• Polygon announces groundbreaking milestone as Swiss city of Lugano adopts crypto
• Layer 2 address activity slows, but Arbitrum bucks the trend
• What is the Algorand blockchain, and how does it work?
• Algorand upgrade set to allow for easy creation of complex Dapps
• Multichain partnering with NEAR Protocol to enable communication with other networks
• Ethereum layer 2 service StarkNet goes live on Alchemy, promises 100x lower gas fees
• Evmos chain paused after going live with highly anticipated ‘RektDrop’
• Immutable raises $200M to invest in blockchain gaming, bringing valuation to $2.5B
• BOBA Network launches hybrid compute on mainnet to enable smarter dApps

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