12 Jul 2022|MARKET UPDATES

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.

L1L2 (1200x728)

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

Layer 1 Project Metrics

Image 28
* % 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

Authors

Research and Insights Team

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