ChainCatcher news, according to The Block, Avalanche "subnets" have been renamed to Avalanche Layer 1s (L1s). Avalanche L1s are typically application-specific blockchains that can be customized to meet the specific needs of different use cases.In addition, Avalanche has initiated a community proposal ACP-77, aimed at reforming the creation and management design of Avalanche L1s, bringing more flexibility and autonomy to Avalanche L1s validators.

ChainCatcher news, Messari researcher Peter Horton tweeted that due to the impact of the Shanghai upgrade, memes, and various regulatory events, the circulating market capitalization growth rate of ETH in the second quarter was 3%, while the average market capitalization of other major L1s decreased by 23%.The liquidity staking rate of L1 gradually increased, with ETH exceeding 50% at the end of the second quarter, a growth of 25%. Cardano's DeFi TVL, DEX trading volume, and stablecoin market capitalization led in quarter-on-quarter growth rates. AVAX, influenced by Layerzero, saw a quarter-on-quarter growth rate exceeding that of major L1s in terms of tx, daa, new addresses, and total tx fees. (source link)