Weekly Layers 1 & 2 Update (Week 7, 15/02/2022 – 21/02/2022)
EthereumDenver ends with 30 hackathon finalists addressing ETH adoption barriers. Twitter launches ETH tipping feature. CRO rebrands from Crypto.org Coin to Cronos.
Key Takeaways
- At the closing ceremony for the ETHDenver conference on Sunday, 30 hackathon finalists took aim at adoption barriers, with a range of submissions primarily focused on solving common pain points across the Ethereum (ETH) ecosystem.
- Twitter now allows users to give and receive Ethereum (ETH) tips natively. Users looking to receive ETH tips simply need to enable the platform’s tipping features and add an Ethereum address to the dedicated section of their profile.
- The Crypto.org Coin has been officially rebranded to Cronos (CRO). The rebrand reflects the decentralisation of the coin and the growth of the Cronos ecosystem.
- Cronos (CRO) saw a +11.87% increase in total transactions to 17.25M and a decrease of TVL to $2.26B (-5.46% week-on-week). The total number of wallet addresses now stands at 388,387, up +10.70% from last week.
Highlights
- Bitcoin difficulty reaches all-time high, hash rate up 45% in 6 months
- Ethereum’s average transaction fees reach 5-month low
- Polygon (MATIC) and Filecoin (FIL) increase collaboration to integrate into metaverse and NFT spaces
- Cardano doubles bug bounty for hackers who find vulnerabilities
- Cardano sees significant growth in on-chain activity as new addresses spike 167%
- Avalanche growth sparks third-party cross-chain bridges
- Algorand is getting a bridge to Ethereum
- Cosmos ecosystem quietly surges to $17B in TVL in challenge to Ethereum layer 2s
- What is the Near Protocol, and how does it work?
- Algorand pushes for Ethereum compatibility with $20M incentive program
- The ultimate guide to Boba network
- Ethereum scaling solution SKALE launches $100M ecosystem fund
Layer 1 Project Metrics
| Ethereum | Terra | Avalanche | Solana | Fantom | Binance Smart Chain | Cronos | |
|---|---|---|---|---|---|---|---|
| Market Cap of Native Coin | $310.44B | $19.67B | $17.19B | $26.72B | $3.91B | $60.37B | $9.75B |
| 7-Day Change | -10.35% | -10.04% | -4.92% | -4.95% | -9.41% | -5.15% | -14.00% |
| Total Value Locked (TVL) | $115.18B | $15.77B | $10.47B | $7.16B | $7.36B | $12.21B | $2.26B |
| 7-Day Change | -3.20% | +8.12% | -1.85% | -8.47% | -11.31% | -7.39% | -5.46% |
| Cap / TVL | 2.7x | 1.25x | 1.64x | 3.73x | 0.53x | 4.95x | 4.31x |
| 7-Day Avg. Daily Volume (Native Coin) | $13.42B | $0.82B | $0.96B | $1.36B | $0.49B | $1.07B | $0.15B |
| 7-Day Change | -7.23% | -40.11% | -7.70% | -22.02% | -30.92% | -20.92% | -30.10% |
| Price of Native Coin | $2,587.82 | $50.49 | $69.80 | $83.36 | $1.54 | $358.32 | $0.38 |
| 7-Day Change | -11.85% | -6.31% | -14.84% | -13.57% | -20.36% | -11.21% | -18.26% |
| Total # of Transactions since Launch | 1.48B | – | 101.65M† | 59.06B | 197.92M | 2.53B | 17.25M |
| # of Nodes/Validators | 5,922 | 130 | 1,291 | 1,543 | 59 | 21 | 26 |
† 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
| Polygon | Lightning Network | Ronin Sidechain† | Optimistic Ethereum | Arbitrum | Boba | |
|---|---|---|---|---|---|---|
| TVL/ Capacity on Network | $4.03B | $128.93M | $620.11M | $321M | $2.14B | $66.19M |
| Total Transactions | 1.42B | – | 314.28M | – | 7.26M | 350,651 |
| Nodes/ Unique Addresses | 72 | 34,897 | 10.08M | – | 399,043 | 17,090 |
† 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
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