Key Takeaways

• Arbitrum announced the launch of the Arbitrum Odyssey reward system while holding 51% of the total market share in terms of TVL for Layer 2 solutions at press time.

• Ethereum (ETH) launched a testnet Beacon chain which utilises Proof Of Stake consensus instead of Proof Of Work. 

• VeChain (VET) successfully tested its new consensus update named Proof Of Authority 2.0, which makes transactions virtually impossible to revert.

• Cronos (CRO) reached 47.40 million total transactions, increasing +2.30% from last week.

Highlights

• Solana DeFi platform votes to control whale account in bid to avoid liquidation 'chaos'

• Litecoin’s (LTC) MWEB was going to aid a rally but is now getting delisted – what’s going on

• Ankr adds Ethereum's L2 Optimism (OP) to its platform stack

• Bitcoin (BTC) mining equipment older than 2019 reaches shutdown price

• Ethereum (ETH) mining no longer profitable for many miners as energy prices and ETH dip cause perfect storm

• Algorand (ALGO) oracle network Goracle teams with blockchain development firm HEADLINE

• The latest release of Besu helps test The Merge on any platform

• Lightning Network now supported on Bitcoin e-commerce savings site Purse.io

• Bitcoin’s sinking price pushes hashrate below 200 exahash, mining difficulty expected to slide 2.8% lower

• Iran to cut electricity to authorised crypto miners

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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