Weekly Layers 1 & 2 Update (Week 6, 08/02/2022 – 14/02/2022)
BTC network hashrate ATH at 248.11 EH/s. ETHDenver kicks off BUIDL Week with Colorado Gov. Jared Polis, Ethereum co-founder Vitalik Buterin, Kimbal Musk, and Cronos Chain Managing Director Ken Timsit. CRO TVL rises to $2.38B, total transactions up to 15.42M.
Key Takeaways
- The Bitcoin (BTC) network hashrate has exploded to a new all-time high of 248.11 EH/s. The network hashrate jumped 31.69% — from 188.40 EH/s to 248.11 EH/s — on 13 February, further ensuring resilience against attacks on the Bitcoin network.
- ETHDenver, the world’s largest Web3 conference, kicks off its BUIDL Week on 11 February. Notable participants this year include Governor Jared Polis, South African entrepreneur (and brother to Elon) Kimbal Musk, and Ethereum (ETH) co-inventor Vitalik Buterin, who will sit for a live AMA.
- The Cronos (CRO) team is coming to ETHDenver. Cronos Chain & Particle B Managing Director Ken Timsit will speak on 15 February to discuss cross-chain connectivity for new L1s.
- Cronos (CRO) saw a +10.14% increase in total transactions to 15.42M and an increase of TVL to $2.38B (+6.73% week-on-week). The total number of wallet addresses now stands at 350,847, up +1.89% from last week.
Highlights
- Arbitrum leads Ethereum layer 2 race with $3.3B locked
- iOS jailbreak dev wins $2M bounty for finding critical Optimism bug
- Solana proves formidable with rapid growth in daily active addresses, neck and neck with Polygon and Ether
- Cardano ($ADA) network surpasses 30 million transactions as TVL reaches new high
- Terra secures sports sponsorship deal with MLB’s Washington Nationals
- Cardano beats Bitcoin, Ethereum to become the network with the most transaction activity
- Cardano and Polkadot ETPs debut on the Frankfurt Stock Exchange today
- What is the Ethereum Arrow Glacier upgrade?
- Ether Capital Corporation announces an additional $38 million of Ethereum staking
- Gnosis (GNO) continues uptrend after vCOW airdrop and rebrand to CoW Protocol
- What is SX Network? A look at Polygon’s first layer 2 blockchain
Layer 1 Project Metrics
| Ethereum | Terra | Avalanche | Solana | Fantom | Binance Smart Chain | Cronos | |
| Market Cap of Native Coin | $363.05B | $22.08B | $20.78B | $32.53B | $5.07B | $69.55B | $12.20B |
| 7-Day Change | -8.26% | -13.90% | -6.08% | -20.46% | -17.99% | -8.02% | +2.17% |
| Total Value Locked (TVL) | $121.51B | $14.78B | $10.75B | $7.97B | $8.42B | $13.39B | $2.38B |
| 7-Day Change | +0.90% | -2.05% | +4.90% | -6.47% | -5.27% | -1.04% | +6.48% |
| Cap / TVL | 2.99x | 1.49x | 1.93x | 4.08x | 0.6x | 5.19x | 5.14x |
| 7-Day Avg. Daily Volume (Native Coin) | $14.46B | $1.38B | $1.04B | $1.74B | $0.71B | $1.36B | $0.21B |
| 7-Day Change | -2.22% | -23.18% | +41.31% | -25.39% | -5.94% | +11.95% | +74.69% |
| Price of Native Coin | $3,034.56 | $55.40 | $84.72 | $101.89 | $2.00 | $413.57 | $0.48 |
| 7-Day Change | -3.66% | -7.06% | +1.55% | -13.41% | -13.97% | -4.70% | -2.86% |
| Total # of Transactions since Launch | 1.47B | – | 94.93M† | 57.67B | 190.96M | 2.49B | 15.42M |
| # of Nodes/ Validators | 5545 | 130 | 1246 | 1517 | 57 | 21 | 26 |
† X-Chain total transactions plus C-Chain total transactions
‘-’ denotes missing, unavailable, or incomplete data
Sources: Coingecko, Etherscan,Ethernodes, Terra Station, Terra Etherscan, Avascan, Solana Beach, FTMscan, BSCscan,CronoScan, DeFi Llama
Layer 2 Project Metrics
| Polygon | Lightning Network | Ronin Sidechain† | Optimistic Ethereum | Arbitrum | Boba | |
| TVL/ Capacity on Network | $4.99B | $150.2M | $620.11M | $344.37M | $2.16B | $99M |
| Total Transactions | 1.40B | – | 308.72M | – | 6.68M | 332,568 |
| Nodes/ Unique Addresses | 71 | 34,636 | 10.01M | – | 389,854 | 16,654 |
† 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
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