Crypto Market Update: Layer 2 Networks Surge to $8.43B TVL as Bitcoin and Ethereum Prices Climb
The cryptocurrency market is currently witnessing some significant movements and developments. Total Value Locked (TVL) on Layer 2 networks has seen a rise, currently sitting at $8.43 billion, up from $8.09 billion yesterday.
Among the top Layer 2 networks, Base leads with a TVL of $2.60 billion, showing a slight increase of 3.95%. Following closely is Arbitrum with a TVL of $2.42 billion, marking a growth of 2.91%. Optimism stands at $682.97 million, up 4.05%, while Blast has a TVL of $637.49 million, rising by 3.00%. Lastly, Scroll holds $561.83 million, reflecting a growth of 2.13%.
In terms of market prices, Bitcoin (BTC) is currently trading at $72,324, a notable increase from $69,854 yesterday. Ethereum (ETH) also saw a jump, now priced at $2,646, up from $2,566.
On the fundraising front, today’s total funding reached $22.90 million, with the largest rounds going to Gelato at $11.00 million, BitSmiley at $10.00 million, and Streamflow at $1.90 million. For the current week, cumulative fundraising totals $25.50 million.
In notable news, the FTX estate is suing KuCoin to recover over $50 million in assets. These assets were initially valued at $28 million but have exceeded $50 million due to market fluctuations. The assets have been frozen by KuCoin since the collapse of FTX in November 2022.
In another development, Stacks Asia has partnered with HEX Trust to tap into a potential $180 billion Bitcoin DeFi opportunity. Calvin Shen, the chief commercial officer at HEX Trust, noted that this partnership could enhance the “financial utility of Bitcoin for our institutional clients.”
Meanwhile, Ethereum giant Consensys has announced layoffs affecting 20% of its staff amid an ETH slump. The company will focus on core offerings such as the crypto wallet MetaMask and the Ethereum layer-2 network Linea.
Looking ahead, China is planning a $1.5 trillion fiscal package contingent on a potential win by Donald Trump in the upcoming US elections. This could spike interest in Bitcoin as economic uncertainty looms.
Lastly, MatterFi has launched what it claims to be the first decentralized private AI agent for payments. This innovation aims to enhance security in digital finance.
