12 Jul 2022|MARKET UPDATES

Layers 1 & 2 (Week 27, 05/07/2022 – 11/07/2022)

Ethereum developers have activated the Merge on the Sepolia testnet. Approximately 50 Terra projects are migrating to the Polygon network. Ronin attacker in March gained access via a fake job advert.

Key Takeaways

Ethereum (ETH) developers have activated the Merge on the Sepolia testnet. This exercise was essentially a dry run for activating the Merge on the main network, which is currently scheduled for later this year.
Two months on from the Terra (LUNC) collapse, around 50 projects formerly on the network have begun to migrate to Polygon (MATIC).
It has been revealed that the hack in which four out of nine Ronin validators were taken over by an attacker was conducted using a fake job advertisement. The attack on Axie Infinity’s sidechain resulted in US$540M in losses in March this year.
Cronos (CRO) has completed 50.01 million transactions since its launch, an increase of +1.52% from last week.

Highlights

Layer 1 Project Metrics

* % change is based on the difference between two subsequent bi-weekly periods
*† Sum of P, X and C-chain total transactions*
*‘–’ denotes missing, unavailable, or incomplete data*
*Sources:* *Coingecko*, *Etherscan*,*Ethernodes*, *Cardanoscan*, *Avascan*, *Solana Beach*, *FTMscan*, *BSCscan*,*CronoScan*, *Cronos Explorer*, *DeFi Llama*

Layer 2 Project Metrics

* Figure refers to Lightning nodes with active channels
† 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

Authors

Research and Insights Team

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