Layer 2 Networks Surge to $7.07 Billion TVL Amid Market Volatility and Geopolitical Tensions
As of today, the total value locked (TVL) in the Layer 2 (L2) networks has seen a significant increase, now standing at $7.07 billion, up from $6.70 billion yesterday. This uptick reflects growing confidence in L2 solutions amidst fluctuating market conditions.
Breaking down the TVL among the top five L2 networks:
- Base: Current TVL is $3.05 billion, showing an increase of 8.26% from yesterday.
- Arbitrum: Now at $2.70 billion, with a rise of 4.72%.
- Mantle: Current TVL is $376.14 million, down by 1.64%.
- Blast: Holding at $254.91 million, a decrease of 1.06%.
- Linea: Currently at $245.79 million, marking an increase of 7.19%.
In the broader market, Bitcoin (BTC) is trading around $100,057, down from $101,652 yesterday. Ethereum (ETH) is currently priced at $2,823, down from $2,879. These fluctuations come in the wake of geopolitical tensions, particularly following China's announcement of retaliatory tariffs on U.S. imports, which has impacted investor sentiment.
China's new tariffs include a 15% tariff on coal and liquefied natural gas, and a 10% tariff on crude oil and agricultural machinery, among others. This move has raised concerns in the crypto community, as the volatility in Bitcoin's price reflects broader economic anxieties.
In funding news, the total fundraising today has reached $5.80 million, with the largest rounds including Mighty Bear Games at $4 million and Herd at $1.80 million. This brings the cumulative fundraising for the week to $5.80 million, indicating ongoing interest in crypto ventures despite market volatility.
Additionally, the CME Group reported record-high crypto trading volumes in January, surging 180%, showcasing a robust interest in crypto derivatives. This activity aligns with recent comments from U.S. Senator Cynthia Lummis, who suggested that Donald Trump’s executive order for a U.S. sovereign wealth fund could be a significant development for Bitcoin.
As the market continues to evolve, WazirX has urged creditors to approve its restructuring plan to avoid potential delays in repayments that could extend to 2030, highlighting the challenges some exchanges face in this turbulent environment.
