Weekly Layers 1 & 2 Update (Week 14, 05/04/2022 – 11/04/2022)

Tesla teams up with Block, Blockstream to mine BTC in Texas. Ethereum developers completes shadow fork on the mainnet. Arbitrum launches Nitro devnet.

Apr 12, 2022
L1L2 (1200x728)

Key Takeaways

  • Tesla Motors, Block (formerly Square), and Blockstream are partnering up to mine Bitcoin in Texas using Tesla’s battery and renewable energy technology. 
  • Ethereum (ETH) developers tested and completed a shadow fork successfully on the mainnet. ETH developer Tim Beiko released an FAQ summarising the status of the merge, addressing multiple questions from the Kiln merge to withdrawals and sharding. 
  • Arbitrum launched its full featured Nitro devnet, claiming that it features “reduced fees, increased capacity, and an overall faster experience”. The launch begins on ETH’s Görli testnet, followed by the migration of the Arbitrum Rinkeby testnet to the Nitro stack, and then integration with Arbitrum One. 
  • Cronos (CRO) saw a +9.87% increase in total transactions to 30.40M, while its TVL declined to US$ 3.85B (-3.82% week-on-week). The total number of wallet addresses now stands at 610,312, up +14.33% from last week.


Layer 1 Project Metrics

Image 7
* % change is based on the difference between two subsequent bi-weekly periods
† 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, Cronos Explorer, DeFi Llama

Layer 2 Project Metrics

Image 9
* 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

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