Layer 2 Networks Surge to $10.07B TVL: Crypto Market Insights and Trends
The cryptocurrency market is witnessing notable shifts as the total value locked (TVL) in Layer 2 (L2) networks has increased to $10.07 billion, up from $9.92 billion yesterday. This growth reflects a broader trend in the ecosystem, with several leading L2 networks showing positive momentum.
Top 5 L2 Networks' TVL
- Base: Current: $3.53B, Yesterday: +2.60%
- Arbitrum: Current: $3.13B, Yesterday: +2.58%
- Optimism: Current: $766.37M, Yesterday: +2.10%
- Blast: Current: $625.35M, Yesterday: +2.97%
- Mantle: Current: $510.16M, Yesterday: -13.40%
In the broader market, Bitcoin (BTC) is currently priced at $95,633, down from $96,019 yesterday. Ethereum (ETH) is trading at $3,571, a decline from $3,667. These fluctuations in price reflect ongoing volatility in the crypto space.
Fundraising Highlights
Today’s fundraising efforts have totaled $22.80 million, with the largest rounds being:
- Partior: $20.00M
- Rarimo: $2.50M
- Girin Labs: $300K
The cumulative fundraising for the week stands at $82.51 million, showcasing a robust appetite for investment in the sector.
Market Developments
Yat Siu, Co-founder and Executive Chairman of Animoca Brands, recently shared insights on how Web3 is transforming gaming, digital identity, and ownership. He emphasized the challenges of bridging Web2 and Web3 and the strategic investments being made in gaming and decentralized technologies.
In another significant move, Ozean has partnered with Mountain Protocol to integrate USDM into Oxygen, enabling swaps, lending, and collateralization. This collaboration is poised to enhance liquidity and usability within the ecosystem.
Bitwise has taken a major step by filing to convert its $1.4 billion crypto index fund into an ETF, aiming to comply with new digital asset regulations on NYSE Arca. This move could open doors for more institutional investment in cryptocurrencies.
Hong Kong is also making headlines by offering grants to stimulate tokenized bond issuance, with subsidies of up to HK$2.5 million available for qualified issuers. This initiative aligns with the city’s ambition to become a leading crypto hub.
Meanwhile, Tether has announced the discontinuation of its Euro-pegged stablecoin, EURT, citing regulatory concerns in Europe. The company plans to focus on infrastructure for MiCAR-compliant stablecoins through its Hadron platform.
