Weekly Layers 1 & 2 Update (Week 12, 22/03/2022 – 28/03/2022)

ETH’s Shanghai upgrade will boost EVM, reduce Layer-2 fees. BTC’s Lightning network completes it first stablecoin transaction. Polygon unveils a new token burn mechanism.

Key Takeaways

• Ethereum (ETH)’s latest AllCoreDevs updates talked about the highly anticipated next upgrade named Shanghai, which will incorporate Ethereum Virtual Machine (EVM) upgrades, Beacon Chain withdrawals, L2 Fee reductions, and more. 
• Bitcoin (BTC)’s Lightning network completed its first stablecoin transaction.
• Layer 2 solution Polygon (MATIC) introduced a new token burn mechanism called ‘Mobile burn’ to move towards deflationary tokenomics and more predictable gas prices.
• Cronos (CRO) saw a +8.07% increase in total transactions to 25.04M, while its TVL grew to US$3.67B (+12.83% week-on-week). The total number of wallet addresses now stands at 489,967, up +6.31% from last week.

Highlights

• BNB Chain to launch application-specific sidechains to reduce network strain
• Top 10 Ethereum wallets now hold 23.7% of total ETH supply: Santiment
• Bitcoin miner Iris Energy secures $71 million in equipment financing
• Avalanche bridge to add native support for Bitcoin, expanding opportunities for BTC in Avalanche DeFi
• Introducing Core: the new operating system for Web3 users
• Tether (USDT) Issued on Avalanche (AVAX) hits $351 Million
• Avalanche Foundation, OP3N launch $100M Web3 culture fund
• Terra’s LFG among largest new Bitcoin (BTC) holders: IntoTheBlock
• Algorand upgrades will boost speed and privacy, founder says
• Axie Infinity launches fee reform to scale transactions on Ronin sidechain
• Cardano set to hit major interoperability milestone as EVM compatible Layer 2 launches
• Blockchain middleware Pocket Network adds support for L2 solution Boba

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