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
Layer 1 Project Metrics
| Ethereum | Terra | Avalanche | Solana | Fantom | Binance Smart Chain | Cronos | |
| Market Cap of Native Coin | $304.01B | $29.33B | $19.39B | $26.56B | $3.38B | $64.42B | $9.70B |
| 7-Day Change | -12.14% | -15.09% | -6.67% | -15.73% | -20.37% | -5.04% | -10.41% |
| Total Value Locked (TVL) | $106.90B | $22.13B | $10.63B | $6.72B | $7.10B | $11.95B | $2.38B |
| 7-Day Change | -5.85% | -3.57% | -3.48% | -9.96% | -39.49% | -7.53% | +22.01% |
| Cap / TVL | 2.84x | 1.33x | 1.82x | 3.95x | 0.48x | 5.39x | 4.07x |
| 7-Day Avg. Daily Volume (Native Coin) | $14.75B | $2.93B | $1.23B | $2.03B | $1.17B | $1.46B | $0.10B |
| 7-Day Change | -19.24% | +13.92% | -10.54% | -4.85% | +31.99% | -1.39% | -27.36% |
| Price of Native Coin | $2,537.37 | $79.94 | $72.85 | $82.65 | $1.33 | $382.93 | $0.38 |
| 7-Day Change | -13.08% | -12.41% | -13.63% | -17.00% | -25.31% | -3.26% | -12.63% |
| Total # of Transactions since Launch | 1.50B | – | 115.82M† | 61.80B | 215.10M | 2.60B | 19.94M |
| # of Nodes/Validators | 6,388 | 130 | 1,236 | 1,581 | 59 | 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, Cronos Explorer, DeFi Llama
Layer 2 Project Metrics
| Polygon | Lightning Network | Ronin Sidechain† | Optimistic Ethereum | Arbitrum | Boba | Metis Andromeda | |
| TVL/ Capacity on Network | $3.65B | $133.7M | $620.11M | $307.24M | $2.01B | $55.8M | $300.5M |
| Total Transactions | 1.46B | – | 323.35M | – | 8.32M | 386,581 | 1.19M |
| Nodes/ Unique Addresses | 68 | 35,286 | 10.15M | – | 434,772 | 17,620 | 52,470 |
† 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, Andromeda Metis Explorer
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