Cryptocurrency Market Decline: Layer 2 Networks TVL Drops to $6.12B Amid Wider Downturn
The cryptocurrency market is currently experiencing a notable downturn, with the total value locked (TVL) on Layer 2 (L2) networks dropping to $6.12 billion, down from $6.72 billion just yesterday. This decline reflects a broader trend across the leading L2 networks.
Top-5 L2 Networks' TVL
- Base: Current: $2.74B, Yesterday: -10.16%
- Arbitrum: Current: $2.49B, Yesterday: -7.67%
- Mantle: Current: $265.30M, Yesterday: -6.93%
- Linea: Current: $183.61M, Yesterday: -10.13%
- Blast: Current: $159.93M, Yesterday: -8.42%
In tandem with the L2 market, major cryptocurrencies are also facing downward pressure. Bitcoin (BTC) is currently priced at $83,919, a decrease from $86,356 yesterday. Ethereum (ETH) follows suit, now at $2,100, down from $2,153.
Funding Activity
Despite the market's challenges, funding activity remains robust. Today, the total funding reached $6.00 million, with FastLane Labs securing the largest round at $6.00 million. Over the current week, cumulative fundraising has hit $58.00 million.
Industry News
In the tech sector, TSMC has pledged $100 billion for chip plants in the U.S., aiming to create 20,000 new jobs. This move comes amid ongoing geopolitical tensions and reflects the U.S.'s push for semiconductor independence.
On the gaming front, Sparq has launched Crown U™, a mobile game that integrates AI, blockchain, and collegiate NIL rights, aiming to redefine mobile sports gaming.
In healthcare innovation, Microsoft has introduced Dragon Copilot, an AI assistant designed to automate clinical workflows and reduce burnout among healthcare professionals.
In regulatory news, Vietnam is working on establishing a legal framework for digital assets. Prime Minister Phạm Minh Chính has tasked the Ministry of Finance and the State Bank of Vietnam to finalize regulations concerning cryptocurrencies.
Additionally, the SEC has dropped its lawsuit against crypto exchange Kraken, marking an end to what has been described as a 'politically motivated campaign.' This follows similar dismissals of lawsuits against other crypto companies, including Coinbase and Gemini.
