Key Takeaways

• Terra was rebranded as Terra Classic (LUNC), while its hard fork Terra 2.0 (LUNA) commenced with an airdrop for previous holders. After peaking at $19.53, the new LUNA is trading at around $9.67 as of the time of writing.

• Ethereum (ETH) is preparing for the Merge, with 10% of its token’s circulating supply now being staked in ETH 2.0 and developers agree to delay the difficulty bomb by two to four months.

• The mining difficulty of Bitcoin (BTC) dropped by 4.3%, while the capacity of the Lightning Network reached an all-time high of 3,900 BTC.

• Cronos (CRO) reached 44.03M total transactions, an increase of +3.86% from last week.

Highlights

• Ropsten Beacon Chain successfully launched

• OpenEthereum support ends with the Merge fast approaching

• Ethereum Beacon Chain experiences 7 block reorg: What’s going on?

• Ethereum miner tries to expedite testnet Merge by 2 weeks

• Optimism Foundation cracks down on airdrop farmers

• Avalanche’s new proposal wants ApeCoin on its subnet

• Hydropower plant in China’s Hubei province fined for powering crypto mining

• Cryptosat’s first nanosatellite blasts off Wednesday on SpaceX rocket

• Injective partners with Wormhole to bring 10 new blockchains to the platform

• Improving Bitcoin privacy with silent payments

• Frank McCourt, Gavin Wood team up to create new social media platform

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, Cardanoscan, 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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