Cryptocurrency Market Update: Layer 2 TVL Declines Amid Bitcoin and Ethereum Gains
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The current state of the cryptocurrency market shows a slight decline in the total value locked (TVL) across Layer 2 networks, with the overall TVL on L2 Beat standing at $8.15 billion, down from $8.28 billion yesterday. The top five Layer 2 networks reflect this trend, with Arbitrum at $2.30 billion after a 1.95% drop, and Base close behind at $2.27 billion, down 1.65%.
Scroll managed to maintain stability with a TVL of $803.60 million, showing a slight increase of 0.08%. However, Blast and Optimism both experienced declines, with Blast at $668.22 million (-1.61%) and Optimism at $628.46 million (-1.50%).
In the broader market, Bitcoin (BTC) has seen a minor increase, currently priced at $60,662, compared to $60,639 yesterday. Ethereum (ETH) also rose to $2,395, up from $2,366.
On the fundraising front, today’s total reached $28.50 million, with the largest rounds coming from delta at $11 million, Dragonz Land at $9 million, and OpenGradient at $8.50 million. Cumulatively, this week has seen $90 million raised across various projects.
In notable news, OKX has officially launched its services in the UAE, aiming to attract both traditional financial institutions and retail users, as stated by Middle East General Manager Rifad Mahasneh.
Aethir has unveiled a substantial $100 million Ecosystem Fund and Catalyst Program designed to support growth in gaming and AI projects. Similarly, Fetch.ai has partnered with Imperial College London’s I-X Hub to launch a $10 million fund aimed at AI startups and innovative tech development.
Investment management firm VanEck is also making waves with the launch of a new $30 million venture fund focused on cryptocurrency and artificial intelligence. Additionally, Ripple has expanded its ecosystem by launching a cryptocurrency storage and management service tailored for banks, enhancing its offerings with tokenization options via the XRP Ledger.
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