Weekly Layers 1 & 2 Update (Week 8, 22/02/2022 – 28/02/2022)
BTC network’s daily raw hashrate sinks to 173.8 EH/s, and then climbs to 214.1 EH/s. ETH 2.0 Beacon Chain validators surpass 300K mark. Luna Foundation Guard raises $1B in reserves for UST.

Key Takeaways
- Intraweek, the Bitcoin (BTC) network’s daily raw hashrate dipped to a low of 173.8 EH/s before bouncing up to 214.1 EH/s. The network remained largely unaffected by the ongoing geopolitical conflict.
- The number of unique validators on the ETH 2.0 Beacon Chain crossed the 300,000 mark. The total number of ETH wallet non-zero addresses reached 76.3M despite volatility in recent weeks.
- The Luna Foundation Guard raised $1B in reserves to support the Terra network stablecoin (UST) over a four-year vesting period.
- Cronos (CRO) saw a +7.07% increase in total transactions to 18.47M, while its TVL grew to $2.34B (+23.83% week-on-week). The total number of wallet addresses now stands at 403,533, up +3.18% from last week.
Highlights
- Russian miners keep running, may see pivot to Bitcoin in response to sanctions
- Thousands of Ethereum coders bring their grunge-hacker vibe to Denver
- Yearn launches its first Ethereum layer-2 service on Arbitrum
- Ethereum validators near 300,000 as amount of ETH staked surpasses 9.5 million
- Ethereum mining pool Flexpool halts all services to Russia in wake of Ukraine invasion
- Ethereum gets an upgraded scaling Testnet – and it’s actually years ahead of schedule
- (Optimism) ETHDenver: Rollup recap
- Ethereum scaling solution StarkNet completes launch – with goal to move to community control
- Cardano interoperability with Ethereum in the works as Bridge Testnet launches
- Cardano’s scaling solution based on ZK Rollups unveiled
Layer 1 Project Metrics
Ethereum | Terra | Avalanche | Solana | Fantom | Binance Smart Chain | Cronos | |
---|---|---|---|---|---|---|---|
Market Cap of Native Coin | $349.72B | $33.62B | $21.49B | $31.26B | $4.76B | $66.19B | $11.25B |
7-Day Change | +1.86% | +39.82% | +6.76% | +2.37% | +2.86% | +0.99% | +2.11% |
Total Value Locked (TVL) | $113.54B | $22.67B | $11.08B | $7.33B | $11.77B | $12.85B | $2.34B |
7-Day Change | -1.58% | +44.19% | +6.47% | +1.79% | +62.06% | +4.96% | +23.83% |
Cap / TVL | 3.08x | 1.48x | 1.94x | 4.26x | 0.4x | 5.15x | 4.8x |
7-Day Avg. Daily Volume (Native Coin) | $18.26B | $2.57B | $1.38B | $2.14B | $0.89B | $1.48B | $0.14B |
7-Day Change | +36.11% | +212.06% | +43.37% | +57.63% | +81.44% | +37.99% | -8.07% |
Price ofNative Coin | $2,927.68 | $89.52 | $87.62 | $97.75 | $1.88 | $395.47 | $0.45 |
7-Day Change | +13.72% | +78.15% | +25.13% | +17.57% | +21.94% | +10.79% | +15.55% |
Total # of Transactions since Launch | 1.49B | – | 108.87M† | 60.45B | 207.25M | 2.57B | 18.47M |
# of Nodes/Validators | 6,427 | 130 | 1,264 | 1,557 | 58 | 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 | Metis Andromeda | |
---|---|---|---|---|---|---|---|
TVL/ Capacity on Network | $4.16B | $148.83M | $620.11M | $337.69M | $2.22B | $61.09M | $284.45M |
Total Transactions | 1.44B | – | 318.90M | – | 7.89M | 370,382 | 1.01M |
Nodes/ Unique Addresses | 65 | 35,102 | 10.11M | – | 414,171 | 17,380 | 49,370 |
† 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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