Weekly Layers 1 & 2 Update (Week 5, 01/02/2022 – 07/02/2022)
Sphere 3D to buy 60,000 units of BTC mining gear, plans to get 15% of global hashrate. Vitalik Buterin talks about near-future hard fork for ETH.
Key Takeaways
- Sphere 3D has announced an agreement to buy 60,000 pieces of Bitcoin (BTC) mining equipment, with which it estimates to generate at least 15% of the hashrate of the current global network. This deal would also put Sphere 3D on pace to be one of the largest carbon-neutral bitcoin miners.
- In a recent tweet, Ethereum (ETH) co-founder Vitalik Buterin discussed some proposals to add ‘blob-carrying transactions’ in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete.
- Polkadot (DOT) deposits and withdrawals are now live on the Crypto.com app via Cronos (CRO) chain. In addition, Crypto.com recently announced a multi-year partnership with the LeBron James Foundation to provide crypto education to underserved communities.
- Cronos (CRO) saw a +7.99% increase in total transactions to 14.00M and an increase of TVL to $2.23B (+14.95% week-on-week). The total number of wallet addresses now stands at 344,336, up +1.37% from last week.
Highlights
- Ethereum’s main client almost ready for the merge to proof of stake
- Cardano block size to increase by 11%
- Official: Total number of Cardano wallets hits 3 million milestone
- Gas-free transactions will revolutionize Web3
- Cardano uses the least amount of electricity per node, says CCRI Research
- Polkadot (DOT) consumes the least amount of electricity compared to other top chains, according to new research
- IMX token tumbles as GameStop appears to dump $42M from Immutable X grant
- Shiba Inu leads market comeback with massive 22% leap as launch of its layer-2 blockchain nears
- Polygon joins arms race to become ‘the AWS of Web 3’ with $450 million in fresh funding
- Layer 1 Project Aleo raises $200M
Layer 1 Project Metrics
| Ethereum | Terra | Avalanche | Solana | Fantom | Binance Smart Chain | Cronos | |
|---|---|---|---|---|---|---|---|
| Market Cap of Native Coin | $376.87B | $23.70B | $20.48B | $37.36B | $5.90B | $73.11B | $12.51B |
| 7-Day Change | +14.26% | +8.68% | +12.02% | +16.48% | +5.27% | +11.75% | +7.82% |
| Total Value Locked (TVL) | $135.99B | $15.08B | $10.44B | $8.60B | $9.07B | $13.65B | $2.23B |
| 7-Day Change | +9.79% | +12.49% | +18.41% | +4.08% | +2.83% | +11.72% | +15.12% |
| Cap / TVL | 2.77x | 1.57x | 1.96x | 4.34x | 0.65x | 5.36x | 5.62x |
| 7-Day Avg. Daily Volume (Native Coin) | $14.79B | $1.79B | $0.74B | $2.33B | $0.75B | $1.21B | $0.12B |
| 7-Day Change | -11.35% | -33.54% | -11.50% | -1.45% | -46.69% | -25.27% | -23.78% |
| Price of Native Coin | $3,152.29 | $58.91 | $83.50 | $117.74 | $2.32 | $434.82 | $0.50 |
| 7-Day Change | +17.22% | +13.00% | +19.17% | +17.87% | +13.13% | +15.49% | +15.42% |
| Total # of Transactions since Launch | 1.46B | – | 88.63M† | 56.21B | 184.21M | 2.45B | 14.00M |
| # of Nodes / Validators | 5388 | 130 | 1239 | 1487 | 58 | 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, DeFi Llama
Layer 2 Project Metrics
| Polygon | Lightning Network | Ronin Sidechain† | Optimistic Ethereum | Arbitrum | Boba | |
|---|---|---|---|---|---|---|
| TVL/ Capacity on Network | $5.42B | $151.03M | $620.11M | $354.26M | $2.1B | $93.89M |
| Total Transactions | 1.38B | – | 301.19M | – | 6.18M | 317,332 |
| Nodes / Unique Addresses | 67 | 34,374 | 9.86M | – | 378,426 | 16,329 |
† 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
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