Layer 2 Networks Surge to $9.66B TVL as Bitcoin and Ethereum Prices Fluctuate in Crypto Market
The cryptocurrency market is experiencing notable shifts as of late. The total value locked (TVL) across Layer 2 networks has seen a rise, currently sitting at $9.66 billion, up from $9.52 billion yesterday. This uptick reflects a growing interest in Layer 2 solutions, which are designed to enhance transaction speeds and reduce costs on the Ethereum blockchain.
Among the top five Layer 2 networks, Base leads with a TVL of $3.13 billion, marking a slight increase of 1.53%. Following closely is Arbitrum with $2.88 billion, which has experienced a more substantial gain of 2.25%. Optimism holds $751.60 million in TVL, up by 1.30%. Meanwhile, Blast has dipped to $642.64 million, down 0.93%, and Mantle has increased to $623.86 million, rising by 2.79%.
Bitcoin has made headlines, with its price currently at $89,179, down from $90,463 yesterday. Despite this drop, Bitcoin's recent surge to over $93,000 demonstrates strong U.S. demand, helping it break through resistance levels and outperforming the CoinDesk 20 Index with a 6% increase over the past 24 hours.
Ethereum's price has also seen a decline, currently trading at $3,124, down from $3,192 yesterday. This fluctuation comes amid significant developments in the crypto space.
In a notable move, Franklin Templeton has expanded its $410 million OnChain U.S. Government Money Market Fund to the Ethereum blockchain, indicating a growing integration of traditional finance with crypto.
On another front, Coinbase has acquired the team from Utopia Labs to enhance on-chain payment solutions for its wallet, signaling a push towards more efficient crypto transactions.
Meanwhile, in a surprising twist, Dogecoin has surged following the announcement that former President Trump has named Elon Musk to head a new DOGE efficiency department. Musk's longstanding support for Dogecoin has invigorated its community.
Additionally, BlackRock is expanding its tokenized fund, BUIDL, beyond Ethereum to include five new blockchains: Aptos, Arbitrum, Avalanche, Optimism's OP Mainnet, and Polygon. This move reflects the growing interest from institutional investors in diverse blockchain ecosystems.
As for fundraising, no significant rounds have been reported today due to the weekend, but the cumulative fundraising for the current week stands at $92.45 million.
