Layer 2 Networks Surge to $7.03B TVL as Bitcoin's Reserve Status Grows Amid Scams and Innovation
The cryptocurrency market shows a slight uptick in total value locked (TVL) across Layer 2 networks, currently sitting at $7.03 billion, up from $6.94 billion yesterday. The top five Layer 2 networks are leading this charge:
- Base: Current: $3.10B, Change: +0.83%
- Arbitrum: Current: $2.73B, Change: +1.76%
- Mantle: Current: $362.43M, Change: +1.10%
- Blast: Current: $243.36M, Change: +1.50%
- Linea: Current: $230.39M, Change: +0.84%
In the broader market, Bitcoin (BTC) is currently priced at $96,124, down from $96,637 yesterday. Ethereum (ETH) follows closely at $2,627, a slight drop from $2,637.
On the fundraising front, there are no major rounds reported today due to the weekend, but the cumulative fundraising for the week stands at $135.84 million.
Recent news highlights Bitcoin's growing stature as a reserve asset in the US, with several states introducing Bitcoin reserve bills. This trend hints at a potential global accumulation race, as both institutions and governments recognize BTC's value.
Meanwhile, scams continue to plague the cryptocurrency space, with reports from Hong Kong indicating losses of HK$200 million in just one week. Scammers employed AI voice-cloning technology to impersonate a financial manager, leading to a significant theft of HK$145 million.
In academic circles, the University of Austin is set to launch a $5 million Bitcoin fund with a five-year HODL strategy, showcasing confidence in Bitcoin’s long-term potential.
In a more speculative note, Tether's CEO stated that while quantum computing may not destroy Bitcoin, it could potentially unlock Satoshi's wallet, bringing long-lost coins back into circulation.
Finally, the intersection of AI and Web3 gaming is gaining traction. AI agents are expected to accelerate the adoption of Web3 gaming, providing personalized coaching and enhancing community engagement.
