Crypto Market Update: TVL Fluctuations, Major Fundraising, and Regulatory Actions
The total value locked (TVL) on L2 Beat stands at $9.83 billion today, a slight dip from yesterday's $9.84 billion. The top Layer 2 (L2) networks are showing mixed results. Arbitrum holds a TVL of $3.01 billion, a minor decrease of 0.02% from yesterday. Blast, however, has increased by 0.35%, reaching $2.08 billion. Base, down by 0.28%, now has a TVL of $1.65 billion. Optimism and Linea also saw declines, with TVLs of $741.18 million and $675.89 million, down by 0.76% and 0.35% respectively.
In the broader crypto market, Bitcoin (BTC) is trading at $66,959, up from $66,824 yesterday. Ethereum (ETH) has also seen a rise, priced at $3,490 compared to yesterday's $3,472.
Today's fundraising activities have been notable, with a total of $14.20 million raised. The biggest round was by Nuffle Labs, which secured $13.00 million. Qiro Finance followed with $1.20 million. This brings the cumulative fundraising over the current week to $110.40 million.
On the regulatory front, Swiss regulator FINMA has shuttered crypto-linked FlowBank and initiated bankruptcy proceedings. FINMA reported that FlowBank had "significantly and seriously breached" minimum capital requirements.
MicroStrategy has revealed the pricing for its $700 million convertible note offering, which is expected to close on Monday. The notes will carry an interest rate of 2.25%.
Paradigm, a leading crypto VC firm, has raised $850 million for a new fund aimed at early-stage crypto projects. This fund will focus on a variety of nascent categories within the crypto space.
Amazon is making waves in the AI sector with a $230 million investment to support generative AI startups. This includes allocating $80 million to its second AWS Generative AI Accelerator Program.
In a groundbreaking move, MagnetAI has launched the world's first ModelFi protocol. This user-centric AI and Web3 framework aims to revolutionize the AI economy by merging AI with Web3 technology, offering financial opportunities for creators, users, and investors.
