Weekly Update - Layer 1 & Layer 2 News (Week 3, 18/1/2022 - 24/1/2022)

Despite price crash, $BTC hashrate and difficulty at ATH. 46% of $BTC miners use green energy.

Key Takeaways

• Despite the price crash, Bitcoin’s (BTC) hashrate and mining difficulty continues to register new all-time highs. The hashrate, a crucial metric showcasing the robustness of BTC’s network, is over 194 Ehash/s while the mining difficulty has reached 26.64 T. This signals strong community support despite an ongoing bearish market.

• According to a recent survey conducted by the Bitcoin Mining Council (BMC), 46% of Bitcoin (BTC) miners employ renewable energy sources to mine Bitcoin. In addition, the global mining industry’s sustainable electricity mix had grown to approximately 58.5% during Q4 2021.

• The new Cronos Ecosystem page now enables users to discover new projects across the Cronos (CRO) ecosystem. In addition, developers can submit their project on #CronosAwesome, a community-maintained project database.

• Cronos (CRO) saw a +9.36% increase in total transactions to 12.03M and a decrease of TVL to $1.67B (-10.22% week-on-week). The total number of wallet addresses now stands at 336,092, up +1.07% from last week.

Highlights

• The great renaming: what happened to Eth2?

• Multichain asks users to revoke approvals amid ‘critical vulnerability’

• Polygon activates EIP-1559 hardfork

• Explaining CheckTemplateVerify, Bitcoin’s latest controversial soft fork proposal

• Here are the 11 ways Cardano is planning to scale in 2022

• Terraform Labs launches nonprofit Luna Foundation Guard

• Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot network

• This update allows users to run Cardano (ADA) node on low-end PCs

• Latest Solana network outage caused by arbitrage bot spam

• Cardano average blockchain load hits an all-time high of 94%

• Terra staking platform Stader Labs completes $12.5M raise

• Luxor starts Ethereum mining pool as proof-of-stake shift looms

• Polygon to delegate $189M worth of MATIC to Bitfinex for staking

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 News 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!