Weekly Layers 1 & 2 Update (Week 18, 03/05/2022 – 09/05/2022)
Bitcoin’s hashrate climbs, reaches halfway point towards next halving. Ethereum developer Tim Beiko highlights requirements for seamless Merge. Cronos ‘Huygens’ mainnet upgrade launches successfully.
Key Takeaways
- Despite macro headwinds and a recent price decline, Bitcoin’s (BTC) hashrate continued climbing higher as the 105,000th block was mined — marking 50% of the journey into its next halving.
- In the Ethereum (ETH) AllCoreDevs Update 011, Tim Beiko highlighted the technical requirements needed for the Merge to happen in a seamless manner — continued Mainnet shadowforks without returning any errors.
- The Cronos mainnet upgrade v0.7.0 ‘Huygens’ was successful. The upgrade introduces variable transaction fees depending on network utilisation and the performance of the node storage.
- Cronos (CRO) saw a +5.44% increase in total transactions to 39.29M. The total number of wallet addresses now stands at 761,368, up +3.93% from last week.
Highlights
- El Salvador announces new purchase of 500 BTC
- Meta’s Instagram to support NFTs from Ethereum, Polygon, Solana, Flow
- Polkadex wins Polkadot’s parachain slot
- Polkadot upgrade locks in parachain messaging major step forward for multi-chain interoperability
- NEAR’s April Town Hall Highlights
- Apecoin integrates with Polygon, DAO Board member says native APE chain was never discussed
- Cardano’s first eUTxO cross-chain DEX goes live on public testnet: details
- Cardano to host two developer events ahead of Vasil hard fork
- Chainlink set to power Latin American real estate platform
Layer 1 Project Metrics
† Sum of P, X and 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
† 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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