Weekly Layers 1 & 2 Update (Week 20, 17/05/2022 – 23/05/2022)

Ethereum’s Ropsten testnet simulates the Merge of proof of work and proof of stake. Cardano’s upcoming Vasil hard fork plans to reduce transaction size. Filecoin Foundation plans to host blockchain nodes in space.

Key Takeaways

• Ethereum’s (ETH) Ropsten testnet will attempt to simulate the Merge by combining proof of work with a proof of stake consensus layer. Meanwhile, $8.1B in ETH has been burned since the implementation of EIP 1559 in Aug 2021.
• Cardano (ADA) plans to improve scalability by reducing the transaction size of smart contracts in the upcoming Vasil hard fork.
• The Filecoin Foundation and Lockheed Martin (an American aerospace corporation) announced plans to host blockchain nodes in space.
• Cronos (CRO) reached 42.39M total transactions, an increase of +3.44% from last week.

Highlights

• Cloudflare to run Ethereum node experiment to help ‘build a better internet’
• Litecoin activates MimbleWimble Extension Blocks (MWEB)
• Computer scientists unveil rapid energy-efficient Bitcoin mining algorithms
• Hyperledger Foundation deploy new versions of three blockchain tools to enhance ecosystem
• Uniswap confirms launch on Gnosis and Moonbeam
• ZCash (ZEC) could soon transition to proof of stake as a means of driving sustainable growth
• Terra (LUNA) network dropped by Coinbase Cloud service
• Terra LUNA fork voting in chaos amid massive inflation
• Do Kwon says Terra collecting snapshot data for LUNA airdrop

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