Key Takeaways

Vitalik Buterin estimated that Ethereum would only be roughly “55% complete” following its transition to Proof of Stake. He described that Ethereum was in a “long and complicated transition” phase during his presentation at the fifth edition of EthCC.
Nearly 60% of the electricity for Bitcoin (BTC) mining machines comes from sustainable sources, according to the Q2 2022 report from the Bitcoin Mining Council.
Polygon announced the launch of Polygon zkEVM, an EVM-compatible zero-knowledge based layer-2 solution. Meanwhile, Matter Labs, the company behind the zero-knowledge rollup zkSync, plans to launch zkSync 2.0 to Ethereum’s mainnet in October.

Highlights

Layer 1 Project Metrics

* % change is based on the difference between two subsequent bi-weekly periods
† Sum of P, X and C-chain total transactions
‘–’ denotes missing, unavailable, or incomplete data
Sources: Coingecko, Etherscan, Ethernodes, Cardanoscan, Avascan, Solana Beach, FTMscan, BSCscan, CronoScan, Cronos Explorer, DeFi Llama

Layer 2 Project Metrics

* Figure refers to Lightning nodes with active channels
† 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

Author

Research and Insights Team

26 Jul 2022|MARKET UPDATES

Layers 1 & 2 (Week 29, 19/07/2022 – 25/07/2022)

Vitalik Buterin: Ethereum would only be roughly “55% complete” following its transition to Proof of Stake. Sustainable BTC mining power mix hits 59.5%. Polygon launches zkEVM layer-2 solution.

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