Crypto Market Update: Layer 2 TVL Rises, Major Hacks, and Groundbreaking Innovations
The cryptocurrency market remains dynamic as various factors influence the landscape. The total value locked (TVL) on L2 Beat currently stands at $10.30 billion, up from $10.21 billion yesterday. This increase reflects the evolving interest in Layer 2 solutions.
Among the top Layer 2 networks, Arbitrum leads with a TVL of $3.25 billion, showing a slight uptick of 0.09% from yesterday. Base follows with $1.76 billion, albeit experiencing a dip of 0.76%. Blast, with a current TVL of $1.30 billion, also saw a decrease of 0.45%. Optimism holds $773.57 million, down by 0.72%, while Scroll impressively surged by 4.41% to $770.49 million.
In terms of major cryptocurrencies, Bitcoin (BTC) is priced at $67,096, down from $67,930 yesterday. Ethereum (ETH) is currently at $3,463, a decrease from $3,526.
No new fundraising rounds were announced today, likely due to the weekend. However, the cumulative fundraising over the current week totals $21.00 million.
Recent news highlights several impactful developments. The approval of spot ETFs by the US SEC has stirred discussions around cryptocurrencies like Solana, hinting at the potential for new financial products. This development, dubbed "The Great Crypto Leap," could reshape market dynamics.
In a significant security breach, the Indian cryptocurrency exchange WazirX was hacked, resulting in a loss of $235 million. North Korean hackers are suspected to be behind this attack, which has serious implications for India's crypto industry.
Tokenized Asset Manager Superstate has launched a new fund aimed at profiting from Bitcoin and Ether 'carry trade.' This follows their earlier success with a tokenized fund of short-term U.S Treasury bills.
Singapore is making strides in financial technology, committing $74.3 million to enhance quantum computing and AI in its finance sector. This funding by the Monetary Authority of Singapore aims to support local institutions with substantial co-funding.
Lastly, Backed has introduced tokenized stocks, bridging the gap between DeFi and traditional finance. This new offering allows non-US investors to gain exposure to tech giants like Microsoft, Tesla, and GameStop using blockchain technology.
