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 

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