Crypto Market Update: TVL on L2 Networks Hits $8.15B, Bitcoin and Ethereum Prices Drop
Crypto Market Update
The total TVL on L2 Beat currently stands at $8.15B, up from $8.05B yesterday. Among the top Layer 2 (L2) networks, Arbitrum leads with a TVL of $2.73B, showing a 1.28% increase from yesterday. Base follows with $1.51B, reflecting a 0.26% rise. Blast has $852.95M, up 0.31%. Scroll saw a significant 2.53% increase, bringing its TVL to $697.14M. Optimism rounds out the top five with $613.46M, marking a 1.80% uptick.
Bitcoin (BTC) is currently priced at $60,341, down from $61,052 yesterday. Ethereum (ETH) is trading at $2,598, slightly lower than yesterday's $2,627.
Today's fundraising activities saw a total of $217.50M raised. The largest round was by Stronghold Digital Mining, which secured $125.00M. Story Protocol followed with $80.00M, and Skyfire raised $8.50M. The cumulative fundraising for the week stands at $314.40M.
In other news, OmegaPro's co-founder has been arrested in Turkey on suspicion of running a $4B Ponzi scheme. The firm, which claimed investments in cryptocurrency and forex, collapsed in 2022.
Grayscale has launched the Grayscale Avalanche Trust Fund for the AVAX token, now available to eligible accredited investors. Additionally, Franklin Templeton has expanded its blockchain fund to Avalanche, making its money market fund accessible on the AVAX network.
Justin Sun has responded after the USDD stablecoin removed $732M of Bitcoin collateral. USDD, with a circulating supply of just over $749 million, is now almost entirely backed by TRX, the native token of the Tron blockchain.
DBS Bank has introduced a blockchain-based payment solution aimed at streamlining the distribution of government grants. This new solution leverages blockchain technology to enhance efficiency and transparency in grant distribution.
