Layers 1 & 2 (Week 27, 05/07/2022 – 11/07/2022)

Ethereum developers have activated the Merge on the Sepolia testnet. Approximately 50 Terra projects are migrating to the Polygon network. Ronin attacker in March gained access via a fake job advert.

Key Takeaways

• Ethereum (ETH) developers have activated the Merge on the Sepolia testnet. This exercise was essentially a dry run for activating the Merge on the main network, which is currently scheduled for later this year.
• Two months on from the Terra (LUNC) collapse, around 50 projects formerly on the network have begun to migrate to Polygon (MATIC).
• It has been revealed that the hack in which four out of nine Ronin validators were taken over by an attacker was conducted using a fake job advertisement. The attack on Axie Infinity’s sidechain resulted in US$540M in losses in March this year.
• Cronos (CRO) has completed 50.01 million transactions since its launch, an increase of  +1.52% from last week.

Highlights

• Ethereum layer 2 Immutable X launches ETH-to-dollar withdrawals
• Marathon Q2 Bitcoin production down 44% as fleet remains crippled
• SHIB burn rate spikes 231% as 187 million SHIB sent to dead address
• New York State slings another arrow at Bitcoin mining
• Baseball club Perth Heat to enhance fan experience with Lightning Network
• Bitmain launches 2,400 megahash E9 Ethereum miner ahead of the Merge
• Riot Blockchain announces plans to move NY miners to Lone Star State
• Compass Mining retrenches 15% of staff, execs to take major pay cuts
• Cardano ‘sharks’ scoop up 79.1 million ADA ahead of Vasil hard fork
• Polygon scores deal with Reddit for new NFT marketplace

Layer 1 Project Metrics

Layer 2 Project Metrics

Authors

Research and Insights Team