Cryptocurrency Market Update: Layer 2 TVL Rises Amid Bitcoin Fluctuations and Major Fundraising Events
The cryptocurrency market is experiencing notable shifts as of late. The total value locked (TVL) across Layer 2 (L2) networks has increased to $8.52 billion, up from $8.43 billion yesterday. This uptick reflects a growing interest in L2 solutions, which aim to enhance scalability and reduce transaction costs on the Ethereum network.
Among the top five L2 networks, Base leads with a TVL of $2.67 billion, although it saw a slight decrease of 2.72% from the previous day. Arbitrum follows closely, with a TVL of $2.48 billion, also down by 2.63%. Optimism, with a TVL of $689.11 million, experienced a modest decline of 0.90%. In contrast, Blast and Mantle witnessed more significant drops, with Blast at $633.25 million (-0.67%) and Mantle at $524.69 million (-6.61%).
In the broader cryptocurrency market, Bitcoin (BTC) is currently priced at $72,079, down from $72,657 yesterday. Meanwhile, Ethereum (ETH) has seen a rise, priced at $2,686, up from $2,634. These fluctuations highlight the ongoing volatility within the market.
Funding activity remains robust, with a total of $14.30 million raised today alone. Notable rounds include PumpBTC, which secured $10 million, Native with $2.6 million, and KRNL raising $1.7 million. For the current week, cumulative fundraising has reached $76.60 million, indicating strong investor interest in various projects.
In recent news, Morph has activated its mainnet on Ethereum, enhancing consumer blockchain adoption. This launch provides developers with a scalable, secure, and user-friendly blockchain experience, paving the way for innovative consumer app development.
Furthermore, prominent investors like Larry Fink and Paul Tudor Jones are adopting a new strategy: long Bitcoin and short bonds. They view Bitcoin as a modern alternative to gold amid rising concerns regarding U.S. monetary policy and national debt.
In a significant move for crypto usability, Coinbase has partnered with Visa to allow real-time crypto deposits through eligible debit cards. This integration enables customers to deposit funds instantly, enhancing the overall user experience.
Additionally, Libeara and FundBridge have launched an on-chain U.S. Treasurys fund, named the Ultra Fund. This initiative aims to bring traditional U.S. Treasury investments into the blockchain space, further bridging the gap between traditional finance and crypto.
On the funding front, AI data collection startup Sapien has raised $10.5 million in seed funding, led by Variant. The startup aims to leverage crypto to incentivize individuals for labeling data for AI models, showcasing the intersection of blockchain and artificial intelligence.
