Layer 2 Networks Surge to $7.69 Billion: Crypto Market Highlights and Fundraising News

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— 1 min read
Layer 2 Networks Surge to $7.69 Billion: Crypto Market Highlights and Fundraising News

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The cryptocurrency market is currently experiencing notable activity, with the total value locked (TVL) in Layer 2 networks rising to $7.69 billion, up from $7.63 billion yesterday. The top five Layer 2 networks by TVL are:

  • Arbitrum: $2.53 billion (up 0.63%)
  • Base: $1.44 billion (up 1.04%)
  • Blast: $740.01 million (down 0.31%)
  • Scroll: $708.06 million (up 2.19%)
  • Optimism: $593.17 million (up 1.07%)

In the broader market, Bitcoin (BTC) is trading at $57,506, a slight increase from $57,414 yesterday. Ethereum (ETH) is currently priced at $2,322, down from $2,342 the previous day.

Today, the cryptocurrency fundraising landscape has garnered attention, with a total of $54.45 million raised. The biggest funding rounds include:

  • Huma Finance: $38 million
  • Castile: $8 million
  • Syrupal Protocol: $3.75 million

For the current week, cumulative fundraising has reached $95.80 million.

In significant news, Tune.FM, a music streaming project on the Hedera blockchain, has secured a $50 million capital commitment. This follows an earlier funding round where Tune.FM raised $20 million just eight months ago.

Meanwhile, trading app eToro is halting most crypto trading in the U.S. as part of a settlement with the SEC, reflecting ongoing regulatory pressures in the space.

On the innovation front, Solv Protocol has introduced Bitcoin staking on Base, offering new liquid staking options that expand Bitcoin's role in the on-chain economy. This development signifies a growing integration of Bitcoin into decentralized finance.

Additionally, AirMoney has announced the release of its Degn Device, its first hardware solution for decentralized physical infrastructure networks (DePIN). This device will enable users to engage with Web3 protocols securely.

Lastly, Anchorage Digital Bank is challenging Coinbase's dominance in the ETF custody market by securing a role as custodian for the ARK 21Shares Bitcoin ETF. This marks a significant shift as Anchorage and BitGo become additional custodians, diversifying custody options for U.S. Bitcoin ETFs.

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