Weekly Update - Layer 1 & Layer 2 News (Week 9, 01/03/2022 – 07/03/2022)
ETH mining revenues reach $1.19B in February. CRO TVL grows 22.01% week-on-week to $2.38B.
Key Takeaways
Ethereum (ETH) miners generated USD 1.19B in revenues in February. Roughly 87% of the revenues came from block subsidies, while around 13% came from transaction fees.
Layer 2 solution Immutable X (IMX) was the key target for a $200M raise in a Series C round for developer Immutable. The solution uses technology from Starkware to achieve scalability and remove gas fees.
Cronos (CRO) saw a +7.96% increase in total transactions to 19.94M, while its TVL grew to $2.38B (+22.01% week-on-week). The total number of wallet addresses now stands at 515,586, up +27.76% from last week.
Highlights
Terra’s LUNA passes ether to become second-largest staked asset
Cardano's Peer-to-Peer (P2P) lending in Africa gains traction with first set of loans disbursed
Polygon announces groundbreaking milestone as Swiss city of Lugano adopts crypto
Layer 2 address activity slows, but Arbitrum bucks the trend
Algorand upgrade set to allow for easy creation of complex Dapps
Multichain partnering with NEAR Protocol to enable communication with other networks
Ethereum layer 2 service StarkNet goes live on Alchemy, promises 100x lower gas fees
Evmos chain paused after going live with highly anticipated ‘RektDrop’
Immutable raises $200M to invest in blockchain gaming, bringing valuation to $2.5B
BOBA Network launches hybrid compute on mainnet to enable smarter dApps
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