Crypto Market Update: Arbitrum Leads L2 TVL, UwU Lend Hacked, Bitball Raises $2M

The cryptocurrency market is experiencing a dynamic phase, marked by significant events and data shifts. The total Total Value Locked (TVL) on L2 Beat stands at $10.28 billion today, slightly down from $10.33 billion yesterday.

Among the top-5 Layer 2 networks, Arbitrum leads with a TVL of $3.13 billion, reflecting a minor decrease of 0.14% from yesterday. Blast follows with $2.17 billion, down by 0.64%. Base shows a TVL of $1.78 billion, experiencing a 1.31% drop. Optimism, with $786.20 million, decreased by 0.72%, while Linea, at $674.75 million, saw a slight increase of 0.30%.

Bitcoin (BTC) is currently priced at $69,612, a marginal decline from $69,639 yesterday. Ethereum (ETH) is trading at $3,678, down from $3,705.

In fundraising news, Bitball secured $2 million today, marking the total funding for the week at $2 million, with no cumulative fundraising reported earlier this week.

In a significant security breach, UwU Lend has been hit by a $20 million crypto hack. The ongoing exploit has already netted the attacker nearly $20 million in digital assets.

Arbitrum DAO has approved a substantial $222 million for its Gaming Ecosystem Expansion. The Gaming Catalyst Program (GCP) aims to enhance user engagement across various gaming communities within Arbitrum, Orbit, and Stylus, managed by a council of experts.

Base TVL has surged to $8 billion just days after overtaking OP Mainnet. Base has topped the Ethereum layer-2 leaderboards by transaction count and has been the most profitable Ethereum scaler for three consecutive months.

HSBC China has rolled out e-CNY services for corporate clients. The bank’s China branch is the first foreign bank in China to offer digital yuan services to both retail and corporate customers.

Solana-based multisig protocol Squads has raised $10 million in Series A funding and launched its retail wallet app Fuse on public TestFlight.