Cryptocurrency Market Update: Layer 2 Stability, Bitcoin Surges, and DeFi Developments
The cryptocurrency market is currently experiencing notable activity as various sectors show signs of growth and adaptation. The total value locked (TVL) in Layer 2 (L2) networks remains stable at $5.83 billion, unchanged from yesterday. This stability hints at a solid foundation within the L2 ecosystem.
Examining the top five L2 networks, we see:
- Base: Current TVL stands at $2.58 billion, with a minimal change of 0.08% from yesterday.
- Arbitrum: Holding a TVL of $2.47 billion, reflecting a 0.75% increase.
- Mantle: Currently at $258.16 million, up by 0.24%.
- Linea: With a TVL of $150.27 million, marking a rise of 0.44%.
- Blast: At $137.02 million, showing a growth of 0.76%.
The price of Bitcoin has surged to $83,176, an increase from $81,099 yesterday. Ethereum has also seen a positive shift, currently priced at $1,914, up from $1,863.
In fundraising news, today has seen a total of $31.80 million raised across various projects. The largest rounds include:
- Solv Protocol: $10.00 million
- PoPP: $6.00 million
- Aura: $5.50 million
This brings the cumulative fundraising for the week to an impressive $2.32 billion.
Recent legislative developments have brought relief to the decentralized finance (DeFi) sector. Congress has repealed the IRS broker rule, easing reporting obligations for DeFi protocols. This move, supported by the White House, allows for greater flexibility in how DeFi operates, though questions remain about potential regulation in the future.
Internationally, Russia is increasingly turning to cryptocurrencies to navigate Western sanctions, particularly in oil trade with China and India. This shift highlights the growing role of digital assets in global commerce.
In related news, a DeFi project backed by former President Donald Trump, World Liberty Financial, has successfully raised $590 million in token sales. This initiative focuses on promoting dollar-backed stablecoins and decentralized financial applications.
On the technological front, Ethereum developers have postponed the Pectra upgrade to conduct a third testnet, named Hoodi. This decision comes after previous testnets identified several bugs. The Hoodi testnet is set to launch on March 17, with the upgrade activation planned for March 26.
As the cryptocurrency landscape evolves, innovative solutions such as Web3 identity platforms are gaining traction. Projects like LUKSO’s Universal Profiles aim to enhance user control over digital identities, emphasizing security and privacy.
