Layer 2 Networks Surge in TVL; Bitcoin and Ethereum Prices Climb, Iris Energy Shines

Crypto Market Update

The cryptocurrency market is experiencing notable shifts, with Layer 2 (L2) networks showing a rise in Total Value Locked (TVL). As of today, the total TVL on L2 Beat stands at $8.19 billion, up from $8.06 billion yesterday.

Among the top L2 networks, Arbitrum leads with a TVL of $2.75 billion, reflecting a 1.13% increase from yesterday. Base follows with $1.54 billion, up by 1.37%. Blast's TVL is currently $822.64 million, showing a 1.71% rise. Scroll has $704.25 million, marking a 2.36% increase, while Optimism's TVL is $603.13 million, up by 0.46%.

Bitcoin (BTC) is trading at $60,840, compared to $59,039 yesterday. Ethereum (ETH) has also seen a price increase, currently at $2,578, up from $2,524.

In the fundraising arena, today saw a total of $10.00 million raised, with Double jump.tokyo securing the entire amount. This brings the cumulative fundraising for the week to $112.27 million.

On the corporate front, Iris Energy Limited (NASDAQ:IREN) shares surged post-earnings. The company reported a record fiscal-year Bitcoin mining revenue of $184.1 million, up from $75.5 million last year. Iris Energy mined 4,191 Bitcoin, an increase from 3,259 Bitcoin in 2023, driven by a rise in its operating hash rate from 5.6 EH/s to 10 EH/s.

Crypto enthusiasts are eagerly awaiting Dell’s Q2 earnings report, amidst speculation of potential Bitcoin investments.

Blockchain developer Alchemy has acquired BWare, expanding its European presence and increasing its staff by 25%. This acquisition adds 42 developers and engineers to Alchemy's team, bringing the total headcount to 210.

Arcium has raised $5.5 million to launch the first parallelized confidential computing network, offering builders a trust-minimized and configurable framework for encrypted computations.

The Aptos network has integrated Nillion to support privacy-preserving applications, enabling confidential DeFi, private AI assistants, and more.