Cryptocurrency Market Update: Layer 2 Networks See TVL Growth Amid Bitcoin and Ethereum Price Surge
The cryptocurrency market is witnessing notable shifts as recent data reveals a slight uptick in total value locked (TVL) across various Layer 2 (L2) networks. Currently, the total TVL on L2 Beat stands at $9.13 billion, up from $9.08 billion yesterday.
Among the top five L2 networks, Base leads with a TVL of $3.59 billion, reflecting a modest increase of 0.67% since yesterday. Following closely is Arbitrum, which has a TVL of $2.95 billion, marking a rise of 0.37%. Optimism shows a TVL of $737.51 million, up by 1.22%, while Mantle and Blast have TVLs of $459.45 million and $437.82 million, respectively, with the latter remaining stable.
In the broader market, Bitcoin (BTC) has seen its price climb to $93,853, up from $92,257 yesterday. Ethereum (ETH) also experienced growth, currently priced at $3,248, compared to $3,215 the day prior.
Today's fundraising activities have yielded a total of $25.50 million. The largest rounds include Token Metrics AI and Alpen Labs, both raising $8.50 million, followed by Rena Labs with $3.30 million. Cumulatively, this week has seen a total fundraising of $162.44 million.
In industry news, FLock has unveiled a new framework called FL Alliance, designed for training large language models on consumer hardware. This initiative leverages edge computing and federated learning technologies, promising to enhance accessibility in AI development.
Additionally, the Web3 creator platform Oh has successfully raised $4.5 million to develop AI-based digital influencers, with some agents already generating over $10,000 in monthly revenue, according to the platform's CEO.
In a significant development, Stacks has completed a major network overhaul, increasing its bandwidth by 500%. This enhancement boosts Bitcoin Layer 2 performance and speeds up transactions for decentralized applications.
Looking ahead, a recent report by Fidelity suggests that more countries are likely to establish Bitcoin reserves by 2025. This move is seen as a strategy to hedge against rising inflation, indicating a growing institutional interest in cryptocurrency.
As the market continues to evolve, developments in technology and funding are shaping the future landscape of cryptocurrency and blockchain applications.
