Weekly Layers 1 & 2 Update (Week 18, 03/05/2022 – 09/05/2022)

Bitcoin’s hashrate climbs, reaches halfway point towards next halving. Ethereum developer Tim Beiko highlights requirements for seamless Merge. Cronos ‘Huygens’ mainnet upgrade launches successfully.

May 10, 2022
L1L2 (1200x728)

Key Takeaways

  • Despite macro headwinds and a recent price decline, Bitcoin’s (BTC) hashrate continued climbing higher as the 105,000th block was mined — marking 50% of the journey into its next halving.
  • In the Ethereum (ETH) AllCoreDevs Update 011, Tim Beiko highlighted the technical requirements needed for the Merge to happen in a seamless manner — continued Mainnet shadowforks without returning any errors.
  • The Cronos mainnet upgrade  v0.7.0 ‘Huygens’ was successful. The upgrade introduces variable transaction fees depending on network utilisation and the performance of the node storage.
  • Cronos (CRO) saw a +5.44% increase in total transactions to 39.29M. The total number of wallet addresses now stands at 761,368, up +3.93% from last week.


Layer 1 Project Metrics

Screen Shot 2022 05 10 At 6.19.10 Pm
* % 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, Terra Station, Terra Etherscan, Avascan, Solana Beach, FTMscan, BSCscan, CronoScan, Cronos Explorer, DeFi Llama

Layer 2 Project Metrics

Screen Shot 2022 05 10 At 6.21.58 Pm
* 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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