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Weekly Layers 1 & 2 Update (Week 20, 17/05/2022 – 23/05/2022)

Ethereum’s Ropsten testnet simulates the Merge of proof of work and proof of stake. Cardano’s upcoming Vasil hard fork plans to reduce transaction size. Filecoin Foundation plans to host blockchain nodes in space.

May 24, 2022
L1L2 (1200x728)

Key Takeaways

  • Ethereum’s (ETH) Ropsten testnet will attempt to simulate the Merge by combining proof of work with a proof of stake consensus layer. Meanwhile, $8.1B in ETH has been burned since the implementation of EIP 1559 in Aug 2021.
  • Cardano (ADA) plans to improve scalability by reducing the transaction size of smart contracts in the upcoming Vasil hard fork.
  • The Filecoin Foundation and Lockheed Martin (an American aerospace corporation) announced plans to host blockchain nodes in space.
  • Cronos (CRO) reached 42.39M total transactions, an increase of +3.44% from last week.

Highlights

Layer 1 Project Metrics

Screen Shot 2022 05 24 At 8.06.34 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, Cardanoscan, Avascan, Solana Beach, FTMscan, BSCscan, CronoScan, Cronos Explorer, DeFi Llama

Screen Shot 2022 05 24 At 7.46.19 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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cryptocurrencies

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