Weekly Layers 1 & 2 Update (Week 21, 24/05/2022 – 30/05/2022)

Terra 2.0 launches with airdrop for previous Terra holders. Staking for ETH 2.0 reaches 10% of ETH circulating supply. Bitcoin Lightning Network’s capacity reaches new high at 3,900 BTC.

Key Takeaways

• Terra was rebranded as Terra Classic (LUNC), while its hard fork Terra 2.0 (LUNA) commenced with an airdrop for previous holders. After peaking at $19.53, the new LUNA is trading at around $9.67 as of the time of writing.
• Ethereum (ETH) is preparing for the Merge, with 10% of its token’s circulating supply now being staked in ETH 2.0 and developers agree to delay the difficulty bomb by two to four months.
• The mining difficulty of Bitcoin (BTC) dropped by 4.3%, while the capacity of the Lightning Network reached an all-time high of 3,900 BTC.
• Cronos (CRO) reached 44.03M total transactions, an increase of +3.86% from last week.

Highlights

• Ropsten Beacon Chain successfully launched
• OpenEthereum support ends with the Merge fast approaching
• Ethereum Beacon Chain experiences 7 block reorg: What’s going on?
• Ethereum miner tries to expedite testnet Merge by 2 weeks
• Optimism Foundation cracks down on airdrop farmers
• Avalanche’s new proposal wants ApeCoin on its subnet
• Hydropower plant in China’s Hubei province fined for powering crypto mining
• Cryptosat’s first nanosatellite blasts off Wednesday on SpaceX rocket
• Injective partners with Wormhole to bring 10 new blockchains to the platform
• Improving Bitcoin privacy with silent payments
• Frank McCourt, Gavin Wood team up to create new social media platform

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