Weekly Update - Layer 1 & Layer 2 News (Week 1, 4/1/2022-10/1/2022)

CronoScan brings block explorer to Cronos chain $CRO. BTC mining pools recover after internet blackout.

Key Takeaways

• The hashrate of major Bitcoin (BTC) mining pools neared recovery on Monday (10 January 2022), days after computing power on the network fell following an internet blackout in Kazakhstan. The situation is now ‘almost resolved’ and crypto mining data centres are back online. (ref)

• Vitalik Buterin has shared a new proposal called ‘multidimensional EIP-1559’. If adopted, the update would affect Ethereum's (ETH) gas fee markets and the base fee charged for different resources within the Ethereum Virtual Machine. (ref)

• Built by the team behind Etherscan, CronoScan brings the most popular block explorer to Cronos (CRO), providing access to advanced features such as charts, developer API endpoints, and smart contract verification. (ref)

• Cronos (CRO) saw a+7.27% increase in total transactions to 10.18M and a decrease of TVL to $1.82B (-7.61%week-on-week). The total number of wallet addresses now stands at 316,910, up +2.61% from last week.

Highlights

• U.S. Bitcoin mining global market share hits 35% growing 8x in two years

• Bitcoin miners collateral damage during violent unrest in Kazakhstan

• Spanish lawmaker sees opportunity amid Kazakhstan’s Bitcoin mining collapse

• Ethereum Layer 2 Arbitrum One hit by another outage

• Terra to deploy $139 million in DeFi projects to enhance UST use cases

• Algorand partners with Israel’s leading research university to support blockchain education

• Europe’s leading esports organisation partners with Tezos

• Solana network faces degraded performance for the second time this week

• Cardano ticks positive in net network growth as active users spike 50% in 2022

• Cosmos ecosystem tokens rally after Evmos promises Ethereum interoperability

• Cardano average blockchain load hits highest level since November 2021

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

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

---

Thank you for reading! We hope you find our Weekly Layer 1 & Layer 2 Update enlightening! Hungry for more? Visit our Research Hub and University to access other insightful crypto research! Share with a friend if you like our email!