Arbitrum Leads Layer 2 Networks as Bitcoin Rises and Ethereum Dips; Key Market Updates
The total TVL on L2 Beat has seen a slight increase, standing at $8.15B today compared to $8.09B yesterday. Among the top Layer 2 networks, Arbitrum leads with a TVL of $2.71B, a 1.11% increase from the previous day. Base follows with $1.46B, up 0.64%. Blast's TVL is $871.41M, a rise of 0.82%. Scroll holds $647.33M, up 0.61%, while Optimism shows a minimal increase of 0.15%, bringing its TVL to $578.14M.
In the broader crypto market, Bitcoin's price has inched up to $59,507 from $59,395 yesterday. Ethereum, however, has dipped, currently priced at $2,652, down from $2,738.
Today’s fundraising activities have been notable, with a total of $4.80M raised. Ion Protocol led the charge, securing the entire $4.80M. This brings the cumulative fundraising for the week to $15.80M.
Veteran macro investor Luke Gromen has issued a stark warning about US Treasuries. In a recent interview, he highlighted the United States’ $35 trillion debt as 'The Biggest Short,' attributing the risk to the country's declining domestic manufacturing capacity, which he sees as a national security threat.
Market sentiment is also being influenced by political developments. According to Bernstein, a Trump election win could be bullish for the cryptocurrency markets, while a Harris victory might have the opposite effect.
In project news, Essential has successfully raised $11M for its 'intent-based' blockchain. The investment round saw participation from Archetype, IOSG, Spartan, Amber Group, and Big Brain Holdings.
Jesse Pollak, the founder of Base, has announced plans for a "dream wallet" aimed at revolutionizing Web2, with a potential launch in 2024. This development could significantly impact Coinbase's role in Web3.
ZetaChain is making strides in multi-chain interoperability and digital asset adoption through a new partnership with Animoca Brands, which has also joined as a network validator.
