Weekly Layers 1 & 2 Update (Week 19, 10/05/2022 – 16/05/2022)

Terra blockchain restarts after LUNA price crash. New BTC mining project launches in Mobile, Alabama. Ex-Meta crypto chief unveils Lightspark, a new project for enhancing Bitcoin, Lightning Network.

Key Takeaways

• The Terra (LUNA) blockchain was restarted on Thursday due to security concerns arising from LUNA’s price crash to under US$0.01. Do Kwon has proposed a plan that may involve forking the blockchain in an attempt to revive the ecosystem.
• The city of Mobile, Alabama has embraced crypto with a project for sustainable Bitcoin (BTC) mining using 100 Bitmain Antminer S19s.
• Meta’s former crypto chief David Marcus introduced Lightspark, a new project that aims to expand the capabilities of Bitcoin and the Lightning Network.
• Infinity Wallet now supports the Cronos chain, including CRC20 tokens and DApps.
• Cronos (CRO) saw a +4.25% increase in total transactions to 40.96M, while the total number of wallet addresses increased to 802,670, up +5.43% from last week.

Highlights

• Bitcoin miner Bitfarms scales back growth plans for 2022 after drop in revenue, net profit
• Bitcoin miner Iris Energy reiterates hashrate view; revenue misses estimates
• Cardano releases new Daedalus wallet updates
• Celer cBridge partners with Crabada’s Swimmer Network to enable cross-chain asset transfers
• Celsius announces plans for an IPO of its Bitcoin mining subsidiary
• Fantom upgrade: Introducing Snapsync
• Major validator calls for ‘Completely new chain’ to replace Terra
• Polygon burned additional than 1.6 million MATICs in just 4 months of implementing EIP-1559
• Polygon and others extend helping hand to Terra blockchain projects
• StarkGate Alpha: Introducing the First Version of StarkNet Bridge
• The latest Zcash software release supports the network’s ‘Largest upgrade in history’

Layer 1 Project Metrics

Layer 2 Project Metrics