Cryptocurrency Market Update: Layer 2 TVL Dips, Bitcoin Rises, and $88M Fund Launches DeFi Innovation
The cryptocurrency market remains dynamic, with current Total Value Locked (TVL) on Layer 2 networks showing a slight decrease to $7.06 billion from $7.07 billion yesterday. Among the top five Layer 2 networks, Base leads with a TVL of $3.08 billion, marking a modest increase of 1.05%. Arbitrum follows closely with a TVL of $2.70 billion, experiencing a minor decline of 0.12%. Mantle sits at $374.25 million, down 0.50%, while Blast shows a slight growth to $255.44 million, increasing by 0.21%. Linea rounds out the top five with a TVL of $242.01 million, down 1.54%.
In the broader market, Bitcoin (BTC) has seen an uptick in price, currently at $98,905, up from $97,840 yesterday. Ethereum (ETH) has also climbed, now priced at $2,813, rising from $2,721.
Today, the fundraising landscape in crypto is vibrant, with a total of $61.80 million raised. The standout rounds include Taproot Wizards securing $30 million, Olas raising $13.80 million, and Beamable bringing in $13.50 million. Cumulatively, the week has seen $70.60 million in total fundraising.
In notable news, the 0G Foundation has launched an $88 million fund aimed at developing AI-powered DeFi agents. These emerging DeFAI agents promise to create fully autonomous, verifiable, and decentralized financial systems, with potential applications in various sectors, including insurance.
Additionally, Reservoir, an NFT infrastructure provider for Coinbase and MetaMask, has successfully raised $14 million. This comes at a time when NFT sales have notably slumped since their peak between 2020 and 2022.
Looking ahead, Bullish Global, a crypto exchange backed by Peter Thiel, is reportedly planning an IPO in 2025, capitalizing on the recent boom in Bitcoin and digital currencies.
In another development, Flare is hosting an AI Hackathon at UC Berkeley in partnership with Google Cloud, featuring a prize pool of $100,000. This initiative aims to explore the potential of verifiable off-chain computing to enhance Web3 applications.
Finally, Coinbase is urging US regulators to eliminate barriers for crypto banking. The goal is to allow state-chartered banks to provide and outsource crypto custody and execution services, enhancing the overall infrastructure for digital assets in the United States.
