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

• Cardano releases new Daedalus wallet updates

• 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

• Fantom upgrade: Introducing Snapsync

• 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

Thank you for reading! We hope you find our Weekly Layer 1 & Layer 2 News Update enlightening!

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