📉Ethereum L2 Throughput Sinks 32% In Six Weeks

GM Defiers!

The dominance of Ethereum's base-layer is at a two-month high relative to its L2 ecosystem. Mainnet throughput has steadily trended around 12 transactions per second for the past year, while L2s are down 32% after posting a high six weeks ago.

Gary Gensler, the chair of the U.S. Securities and Exchange Commission, acknowledged the fifteenth anniversary of the Bitcoin Whitepaper via tweet. In substantive regulatory news, updated U.S. Treasury Department sanctions prompted WalletConnect to block Russian users from accessing its service.

Tron is now the leading the network by stablecoin transfer based on active wallets, according to a hedge fund-backed study. The news comes as the Aave community is exploring measures to the price of its stable token, GHO, up to $1. USDC also began shutting down consumer accounts.

Celestia, a highly anticipated "modular" blockchain launched on mainnet. The projected airdropped its native tokens to active users on Ethereum L2s, Cosmos and Osmosis stakers, and select web3 developers.

The Hashflow decentralized exchange introduced trading fees on its platform alongside a revenue-sharing mechanism. Stakers accrue 50% of fees, while 30% will fund token buy-backs.

And on-chain researchers believe someone is trying to manipulate the price of SUSHI for personal gain.

✍️ In today’s newsletter:

• Ethereum L2 activity recedes
• Gary Gensler's Bitcoin birthday message
• WalletConnect blocks Russian users
• Tron tops stablecoin users
• Aave looks to restore GHO peg
• Circle offboards consumer accounts
• Celestia launches on mainnet
• Hashflow redistributes revenue
• Are traders manipulating SUSHI?

🙏Sponsored

• Smart Contracts Now Live on Stellar Testnet