Weekly Update - Layer 1 & Layer 2 News ( Week 12, 22/03/2022 – 28/03/2022)
ETH’s Shanghai upgrade to boost EVM, reduce Layer-2 fees. Polygon unveils new token burn mechanism.
Key Takeaways
Ethereum (ETH)’s latest AllCoreDevs updates talked about the highly anticipated next upgrade named Shanghai, which will incorporate Ethereum Virtual Machine (EVM) upgrades, Beacon Chain withdrawals, L2 Fee reductions, and more.
Bitcoin (BTC)’s Lightning network completed its first stablecoin transaction.
Layer 2 solution Polygon (MATIC) introduced a new token burn mechanism called ‘Mobile burn’ to move towards deflationary tokenomics and more predictable gas prices.
Cronos (CRO) saw a +8.07% increase in total transactions to 25.04M, while its TVL grew to US$3.67B (+12.83% week-on-week). The total number of wallet addresses now stands at 489,967, up +6.31% from last week.
Highlights
BNB Chain to launch application-specific sidechains to reduce network strain
Top 10 Ethereum wallets now hold 23.7% of total ETH supply: Santiment
Bitcoin miner Iris Energy secures $71 million in equipment financing
Terra's LFG among largest new Bitcoin (BTC) holders: IntoTheBlock
Algorand upgrades will boost speed and privacy, founder says
Axie Infinity launches fee reform to scale transactions on Ronin sidechain
Cardano set to hit major interoperability milestone as EVM compatible Layer 2 launches
Blockchain middleware Pocket Network adds support for L2 solution Boba
Layer 1 Project Metrics
* % change is based on the difference between two subsequent bi-weekly periods
† X-Chain total transactions plus C-Chain total transactions
‘–’ denotes missing, unavailable, or incomplete data
Sources: Coingecko, Etherscan,Ethernodes, Terra Station, Terra Etherscan, Avascan, Solana Beach, FTMscan, BSCscan,CronoScan, Cronos Explorer, DeFi Llama
Layer 2 Project Metrics
* Figure refers to Lightning nodes with active channels
† Ronin is the sidechain developed by Sky Mavis for Axie Infinity
‘–’ denotes missing, unavailable, or incomplete data
Sources: DeFi Llama, Polygonscan, Clark Moody Bitcoin, 1ML, Ronin Explorer, Coingecko, Optimistic Etherscan, Arbiscan, Boba Explorer, Andromeda Metis Explorer
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