Layer 2 Networks Surge to $9.41 Billion TVL Amid Crypto Market Fluctuations and Investor Interest
The cryptocurrency market is currently experiencing notable fluctuations as the total value locked (TVL) on Layer 2 networks shows a significant increase. As of today, the total TVL on L2 Beat stands at $9.41 billion, up from $8.92 billion yesterday. This surge reflects a growing interest in Layer 2 solutions, which are designed to enhance scalability and efficiency.
Among the top five Layer 2 networks, Base leads with a TVL of $3.63 billion, marking a growth of 6.66% from the previous day. Arbitrum follows with a TVL of $3.06 billion, up by 5.77%. Optimism holds $743.22 million, increasing by 5.59%, while Blast and Mantle have TVLs of $486.92 million and $462.86 million, growing by 3.85% and 3.14%, respectively.
In the broader market, Bitcoin's price is currently at $97,109, down from $97,510 yesterday. Ethereum is trading at $3,379, a decrease from $3,465. Despite Bitcoin's recent drop of around 10%, it has surged back to the $100,000 mark, fueled by a bold $20 trillion price prediction, although Ethereum and other top cryptocurrencies have seen declines ranging from 15% to 25%.
In fundraising news, the cryptocurrency sector has seen a total of $5.75 million raised today. The largest round comes from DuckChain, securing $5 million, followed by Derive (Lyra Finance) with $500,000, and Beam raising $250,000. Cumulatively, the week has seen a whopping $1.50 billion in fundraising, indicating robust investor interest.
In corporate developments, Tether has made headlines by investing $775 million in Rumble, which is expected to enhance Rumble’s competitive position while aligning with Tether’s strategy to focus on emerging technologies and freedom-oriented platforms. Meanwhile, the NFT space faces challenges, as a $22 million fraud and harassment case has landed two Californians in court, accused of abandoning projects and faking roadmaps.
On the tech front, Spacecoin XYZ has successfully launched the first satellite in its outer space blockchain network, marking a significant step toward decentralized physical infrastructure. Additionally, Google has announced that advertisers targeting the UK for crypto ads must now register with the FCA, reflecting increasing regulatory scrutiny in the crypto advertising space.
