Cryptocurrency Market Sees Growth: Layer 2 TVL Hits $7.85 Billion Amid Industry Innovations

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Nov 4, 2024 — 1 min read

The cryptocurrency market is experiencing a steady flow of activity as the total value locked (TVL) on Layer 2 networks has climbed to $7.85 billion, up from $7.81 billion yesterday. This growth reflects a vibrant ecosystem as projects continue to attract user engagement and investment.

Top Layer 2 Networks

Base: $2.44 billion (up 0.75% from yesterday)
Arbitrum: $2.33 billion (up 0.44% from yesterday)
Optimism: $624.04 million (down 0.18% from yesterday)
Blast: $579.14 million (down 0.70% from yesterday)
Mantle: $479.30 million (up 1.02% from yesterday)

Current Prices

Bitcoin (BTC) is trading at $68,600, slightly down from $68,805 yesterday. Ethereum (ETH) is priced at $2,441, down from $2,457, indicating some fluctuations in the market.

Fundraising Highlights

Today, the total fundraising in the crypto space reached $2 million, with GameBeast securing the largest round at $2 million. However, cumulative fundraising for the week stands at $0, suggesting a pause in larger fundraising activities.

Industry News

The TON Gateway 2024 event in Dubai gathered 1,500 attendees, showcasing Telegram's efforts to integrate blockchain into everyday life. This event marks a significant step towards mainstream adoption within the blockchain ecosystem.

In a notable political move, Andreessen Horowitz has donated $23 million to the crypto super PAC Fairshake for the upcoming 2026 elections. This reflects the growing intersection of crypto and politics as stakeholders prepare for future electoral cycles.

Deutsche Telekom is set to pilot a Bitcoin mining scheme that utilizes surplus energy, dubbed "Digital Monetary Photosynthesis." This initiative aims to leverage renewable energy sources that would otherwise go unused, promoting sustainability in crypto mining.

In traditional finance, Provenance Blockchain Labs CEO Anthony Moro highlighted how blockchain technology is cutting home-equity loan processing times from weeks to just days, showcasing the efficiency gains of blockchain integration.

Furthermore, UBS Asset Management has launched its first tokenized money market fund on Ethereum, marking a significant development in the adoption of tokenized assets in the financial sector.

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