Layers 1 & 2 (Week 25, 21/06/2022 – 27/06/2022)

Harmony announces a US$1M bounty for the hacker who moved US$100M to Tornado Cash. Norway announces an Arbitrum-powered platform, letting people access shares of unlisted firms. Cardano postpones Vasil.

Key Takeaways

• Harmony (ONE) announced a US$1 million bounty for the hacker that exploited the Horizon Bridge for US$100 million and moved them into Tornado Cash Ethereum (ETH) mixer.
• Norway announced an Arbitrum-powered platform for citizens to access shares of unlisted companies.
• Cardano (ADA) postponed Vasil hard fork citing software bugs and an ‘abundance of caution’.
• Cronos (CRO) reached 48.35 million total transactions, increasing +2% from last week.

Highlights

• Ethereum (ETH) testnet Beacon Chain launched and ready for trial merge
• Bitcoin (BTC) network power demand falls to 10.65GW as hash rate sees 14% drop
• Central African Republic president launches crypto initiative following Bitcoin adoption
• Bitcoin mining company Compass Mining loses facility for not paying electricity bill
• Almost US$4 billion in Bitcoin miner loans are coming under stress
• Solana Labs (SOL)  to launch Web3 smartphone in 2023
• Tron’s (TRX) total accounts hits a new milestone of 100M as the project celebrates its 4th anniversary
• Convex Finance (CVX) sets up new URLs after website address Is hijacked
• THORChain (RUNE)  mainnet goes live on seven networks; RUNE spikes
• Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

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Authors

Crypto.com Research & Insights team