Weekly Update - Layer 1 & Layer 2 News (Week 19, 10/05/2022 – 16/05/2022)
Terra blockchain restarts after $LUNA price crash. New $BTC mining project launches in Mobile, Alabama. Ex-Meta crypto chief unveils Lightspark, a new project for enhancing Bitcoin, Lightning Network.
Key Takeaways
The Terra (LUNA) blockchain was restarted on Thursday due to security concerns arising from LUNA’s price crash to under US$0.01. Do Kwon has proposed a plan that may involve forking the blockchain in an attempt to revive the ecosystem.
The city of Mobile, Alabama has embraced crypto with a project for sustainable Bitcoin (BTC) mining using 100 Bitmain Antminer S19s.
Meta’s former crypto chief David Marcus introduced Lightspark, a new project that aims to expand the capabilities of Bitcoin and the Lightning Network.
Infinity Wallet now supports the Cronos chain, including CRC20 tokens and DApps.
Cronos (CRO) saw a +4.25% increase in total transactions to 40.96M, while the total number of wallet addresses increased to 802,670, up +5.43% from last week.
Highlights
Bitcoin miner Bitfarms scales back growth plans for 2022 after drop in revenue, net profit
Bitcoin miner Iris Energy reiterates hashrate view; revenue misses estimates
Celer cBridge partners with Crabada’s Swimmer Network to enable cross-chain asset transfers
Celsius announces plans for an IPO of its Bitcoin mining subsidiary
Major validator calls for ‘Completely new chain’ to replace Terra
Polygon burned additional than 1.6 million MATICs in just 4 months of implementing EIP-1559
Polygon and others extend helping hand to Terra blockchain projects
StarkGate Alpha: Introducing the First Version of StarkNet Bridge
The latest Zcash software release supports the network's 'Largest upgrade in history'
Layer 1 Project Metrics
* % change is based on the difference between two subsequent bi-weekly periods
† Sum of P, X and 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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