Weekly Layers 1 & 2 Update (Week 15, 12/04/2022 – 18/04/2022)

BTC Lightning Network capacity beats Liquid’s. ETH delays Proof-of-Stake shift to 2nd half of 2022. Cronos transactions up 8.09%; wallet addresses grow 11.86%.

Apr 19, 2022
L1L2 (1200x728)

Key Takeaways

  • The Bitcoin (BTC) Lightning Network has surpassed the BTC capacity of its fellow Layer 2 solution Liquid for the first time. According to BlockStream, Lightning’s capacity is slightly over 3,600 BTC against Liquid’s 3,523 BTC. In addition, over 80M users are now estimated to have access to the Lightning Network.
  • The Ethereum (ETH) network’s transition to Proof-of-Stake, also known as “The Merge”, has been pushed back to the 2nd half of the year. Despite the Merge getting pushed back, Ethereum developers will continue to shadow-fork across the various testnets, aiming to reduce client node issues.
  • Cronos (CRO) saw a +8.09% increase in total transactions to 32.86M, while its TVL fell to US$ 3.65B (-5.19% week-on-week). The total number of wallet addresses now stands at 682,702, up +11.86% from last week.


Layer 1 Project Metrics

Image 11
* % 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 12
* 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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