Crypto Market Update: Layer 2 TVL Rises to $9.75B, Bitcoin Drops, and Innovative DeFi Moves Ahead!

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Crypto Market Update: Layer 2 TVL Rises to $9.75B, Bitcoin Drops, and Innovative DeFi Moves Ahead!

The cryptocurrency market is currently experiencing a slight uptick in total value locked (TVL) across Layer 2 networks, which stands at $9.75B, up from $9.72B yesterday. The leading Layer 2 networks contributing to this growth include:

  • Base: $3.29B (up 0.27%)
  • Arbitrum: $3.04B (up 0.48%)
  • Optimism: $775.66M (up 2.20%)
  • Blast: $596.55M (up 0.20%)
  • Mantle: $583.95M (down 0.76%)

In the broader market, Bitcoin (BTC) is currently priced at $97,276, down from $98,498 yesterday. Ethereum (ETH) is trading at $3,288, a decrease from $3,373 the previous day.

Today's fundraising efforts have yielded a total of $1.03B, with notable rounds including:

  • MARA: $1.00B
  • Deblock: $16.80M
  • KGeN: $10.00M

The cumulative fundraising for the current week has reached $1.14B.

In market analysis, MicroStrategy (NASDAQ:MSTR) is trading at an extraordinary 256% premium to the net asset value of its Bitcoin holdings. This valuation disparity, highlighted by BitMEX Research, stems from aggressive Bitcoin acquisitions by the company. The research suggests that regulatory hurdles around Bitcoin ETFs have driven investors to seek exposure through MicroStrategy shares despite the premium.

On the innovation front, Solv Protocol has partnered with Sonic to integrate Bitcoin into its network, creating a Bitcoin Reserve aimed at enhancing liquidity and expanding Bitcoin's role in decentralized finance (DeFi).

Investors are also taking note of the Pythagoras Crypto Fund, which has delivered a remarkable 230% return, outperforming Bitcoin's recent rally. This performance comes as spot-Bitcoin ETFs are anticipated to be available to U.S. investors soon.

Looking ahead, Charles Schwab Corp. is positioning itself to offer spot cryptocurrency trading once regulatory conditions improve. This move is expected to gain momentum with the potential change in U.S. leadership.

In a bid to enhance user experience, MetaMask has introduced gasless swaps, which eliminate the need for ETH fees during token exchanges. This innovation aims to simplify DeFi transactions, although the implications for ETH demand remain under discussion.

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