Key Takeaways

• Tesla Motors, Block (formerly Square), and Blockstream are partnering up to mine Bitcoin in Texas using Tesla’s battery and renewable energy technology. 

• Ethereum (ETH) developers tested and completed a shadow fork successfully on the mainnet. ETH developer Tim Beiko released an FAQ summarising the status of the merge, addressing multiple questions from the Kiln merge to withdrawals and sharding. 

• Arbitrum launched its full featured Nitro devnet, claiming that it features “reduced fees, increased capacity, and an overall faster experience”. The launch begins on ETH’s Görli testnet, followed by the migration of the Arbitrum Rinkeby testnet to the Nitro stack, and then integration with Arbitrum One. 

• Cronos (CRO) saw a +9.87% increase in total transactions to 30.40M, while its TVL declined to US$ 3.85B (-3.82% week-on-week). The total number of wallet addresses now stands at 610,312, up +14.33% from last week.

Highlights

• Canaan announces new ASIC miner along with company standards for green Bitcoin mining

• Lightning to strike Shopify merchants with addition of BTC payments

• Connecting Tesla cars to charging stations via Lightning at Bitcoin 2022

• Cosmos-based Juno blockchain pushed offline in apparent attack

• Kyber Network (KNC) soars after integrating with Uniswap v3 and Avalanche rush phase 2

• Polygon Avail: Unlocking the modular blockchain future

• Loopring Quarterly Update (Q1/2022)

• NEAR raises $350M in Tiger Global-led funding round

• HBAR Foundation launches $250M Metaverse fund to entice developers to build on Hedera

• Luna Foundation Guard To acquire $100M in Avax to build reserves

• Ethereum Layer 2 network Boba closes $45M series A funding round

• Celer Network to support digital asset and NFT bridging on Flow across 20+ Chains

Layer 1 Project Metrics

* % change is based on the difference between two subsequent bi-weekly periods

† X-Chain total transactions plus 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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