Weekly Update - Layer 1 & Layer 2 News (Week 48, 30/11/2021 - 07/12/2021)

News Flash: Lightning Network nodes increase 23% since Sept over Twitter tipping and El Salvador’s embrace of BTC

Key Takeaways

• Binance Smart Chain activated a real-time BNB burning mechanism this week with the BEP-95 upgrade. The idea behind this is to speed up BSC’s burning process in order to help drive scarcity and increase the fiat value of the token (ref).

• The number of Lightning Network nodes increased 23% between 3 September and 3 December according to Bitcoin Visuals, as reported by Finbold. This increase comes on the back of Twitter’s Lightning tipping integration and the embracing of all things Bitcoin by El Salvador’s government (ref).

• A recently discovered bug in the Solana (SOL) Protocol Library could have seen attackers steal money from Solana-based projects at a rate of USD27M per hour according to security researchers NeoDyme. However, the bug appears to have now been fixed (ref).

• Cronos (CRO) saw a +32% week-on-week increase in TVL to $1.32B, and a +36.10% increase in total transactions to 5.09M. The total number of wallet addresses now stands at 185,758.

Highlights

• Binance Smart Chain activates real time BNB burning mechanism

• Number of Bitcoin Lightning Network nodes grows 23% within 3 months adding over 3,500

• Solana library bug could have seen attackers stealing $27 million an hour

• Whales suddenly move $320M in bitcoin to a single destination

• Bukele steps up El Salvador's bet on sliding Bitcoin; buys another 150 coins

• Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit

• MATIC soars to a 6-month high following announcement of new Javascript library

• Ether, not Bitcoin, could soon be the world's first deflationary crypto

• Cardano hits new milestone: over 1 million wallets now staking ADA

• Grubhub announces free Bitcoin rewards On food deliveries

• All about Tron’s ‘impressive’ feat, sees over $19 billion in stablecoin transfer volume

• Bitcoin (BTC) hashrate recovers from China’s crackdown

• IDEX to launch hybrid liquidity decentralised exchange on Polygon

Sources: Coingecko, Etherscan, Ethernodes, Terra Station, Terra Etherscan, Avascan, Solana Beach, FTMscan, BSCscan, Cronos Explorer, DeFi Llama

Sources:  DeFi Llama, Polyscan, Clark Moody Bitcoin, 1ML, Ronin Explorer, Coingecko, Optimistic Etherscan, Arbiscan, Boba Explorer

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