Crypto Market Sees TVL Decline on L2 Networks; Binance Pay Adds ADA Payments
The cryptocurrency market continues to show dynamic shifts, with the Total Value Locked (TVL) on Layer 2 (L2) networks experiencing a decline. As of today, the total TVL on L2 Beat stands at $8.03 billion, down from $8.22 billion yesterday.
Among the top L2 networks, Arbitrum leads with a current TVL of $2.66 billion, marking a -2.28% change from yesterday. Base follows with $1.48 billion, reflecting a -1.27% decrease. Blast's TVL is at $855.16 million, down by -2.34%. Scroll has a TVL of $650.01 million, showing a -1.03% change. Optimism rounds out the top five with $589.67 million, a -1.92% decrease from the previous day.
Bitcoin (BTC) and Ethereum (ETH) prices have remained relatively stable. BTC is currently priced at $58,706, with a slight dip from $58,762 yesterday. ETH is at $2,589, down from $2,627.
In terms of fundraising, no new rounds were reported today due to the weekend. However, cumulative fundraising over the current week has reached $43.00 million.
Significant developments in the crypto space include Binance Pay's new support for Cardano’s ADA token payments to merchants. This integration enables instant settlements and is accessible to over 30 million users globally.
Fabric, a startup developing 'VPU' chips for cryptography, has successfully raised $33 million. This funding aims to enhance cryptographic processing capabilities.
Bitwise has expanded its footprint into Europe by acquiring London-based ETP provider ETC Group. This acquisition adds $1 billion in assets under management, bringing Bitwise's total AUM to over $4.5 billion.
Gate.io has announced the launch of a $100 million innovation fund in collaboration with the Blockchain Center in Abu Dhabi. The fund aims to promote decentralized infrastructure and blockchain adoption across the US, Asia, Europe, and the MENA region.
In a strategic move, Rebellions and Sapeon have agreed to merge, with the new entity set to launch in 2024. This merger positions them to compete with global AI chipmakers.
