Weekly Update - Layer 1 & Layer 2 News (Week 17, 26/04/2022 – 02/05/2022)
$ETH network congestion during Yuga Labs NFT minting event. Solana suffers a 7-hour downtime. Optimism plans to launch a DAO, several airdrops.
Key Takeaways
Solana (SOL) suffered a seven-hour outage over the weekend, with a network restart restoring connectivity on Sunday at 3:00 UTC. This was the seventh downtime incident on the network, this time caused by a surge of NFT minting bots.
Optimism announced that it would launch a DAO and several rounds of airdrops. The team laid out the plan for these events in a recent blog post.
Ethereum (ETH) experienced severe network congestion during an NFT minting event by Bored Ape Yacht Club creator Yuga Labs, which has since apologised for the congestion. Gas fees soared during the minting event, with reports of thousands of dollars spent in gas fees to mint the tokens.
Cronos (CRO) saw a +6.12% increase in total transactions to 37.26M. The total number of wallet addresses now stands at 761,368, up +7.65% from last week.
Highlights
Ethereum Core developers put off hard fork to focus on proof-of-stake merge
El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says
New York Assembly passes bill to temporarily ban Bitcoin mining
Mark Cuban proposes using Dogecoin to solve Twitter's crypto ad problem
Juno Blockchain community officially votes to revoke whale’s tokens
Bitcoin Mining Council rebuts House Democrats in letter to EPA
Bitcoin ATM installation slowdown continues for 4th month in 2022
Eth2 deposit contract now holds 10% of the circulating ETH supply
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
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