Key Takeaways

• Harmony (ONE) announced a US$1 million bounty for the hacker that exploited the Horizon Bridge for US$100 million and moved them into Tornado Cash Ethereum (ETH) mixer.

• Norway announced an Arbitrum-powered platform for citizens to access shares of unlisted companies.

• Cardano (ADA) postponed Vasil hard fork citing software bugs and an ‘abundance of caution’.

• Cronos (CRO) reached 48.35 million total transactions, increasing +2% from last week.

Highlights

• Ethereum (ETH) testnet Beacon Chain launched and ready for trial merge

• Bitcoin (BTC) network power demand falls to 10.65GW as hash rate sees 14% drop

• Central African Republic president launches crypto initiative following Bitcoin adoption

• Bitcoin mining company Compass Mining loses facility for not paying electricity bill

• Almost US$4 billion in Bitcoin miner loans are coming under stress

• Solana Labs (SOL)  to launch Web3 smartphone in 2023

• Tron’s (TRX) total accounts hits a new milestone of 100M as the project celebrates its 4th anniversary

• Convex Finance (CVX) sets up new URLs after website address Is hijacked

• THORChain (RUNE)  mainnet goes live on seven networks; RUNE spikes

• Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

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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