Cryptocurrency Market Sees TVL Rise to $8.26 Billion Amid Layer 2 Gains and Global Developments
The cryptocurrency market is currently showing a slight uptick in total value locked (TVL) across Layer 2 networks. As of now, the total TVL on L2 Beat stands at $8.26 billion, an increase from $8.21 billion yesterday.
Among the top Layer 2 networks, Arbitrum leads with a TVL of $2.38 billion, although it has seen a decrease of 0.65% over the past day. Base follows closely with $2.26 billion, reflecting a positive change of 0.81%. Scroll has a TVL of $738.03 million, marking an increase of 1.53%. Meanwhile, Blast has a TVL of $679.87 million, down by 1.16%, and Optimism rounds out the top five with $643.82 million, up by 0.50%.
In the broader cryptocurrency market, Bitcoin (BTC) is trading at $62,731, up from $62,047 yesterday. Ethereum (ETH) is also on the rise, currently priced at $2,447, up from $2,415.
In terms of fundraising, the weekend has seen no significant rounds reported, but the cumulative fundraising for the week totals $26.35 million.
In geopolitical developments, a Russian court has ordered the freezing of $372 million held by JPMorgan Chase and BNY Mellon in their Russian branches. This decision follows the Ukrainian central bank's revocation of MR Bank's license, highlighting ongoing tensions in the region.
On a more positive note, the UAE has taken a significant step in becoming a crypto-friendly jurisdiction by exempting cryptocurrency transfers and conversions from value-added tax. This move is expected to attract more digital asset transactions to the region.
In the world of innovation, the Open Network (TON) has launched Memelandia, a decentralized hub aimed at expanding its meme coin ecosystem. This initiative is likely to engage more users in the meme coin space.
Furthermore, Japan's new prime minister, Shigeru Ishiba, is advocating for a blockchain-powered economic renaissance. His vision includes leveraging blockchain technology and NFTs to stimulate economic growth, indicating a significant shift in Japan's technological landscape.
As the cryptocurrency market continues to evolve, these developments reflect both challenges and opportunities within the sector.
