Today's news tips:
New York sues crypto mining company AWS Mining and exchange NovaTech for over $1 billion
Semler Scientific spends $17 million to increase Bitcoin holdings and plans to raise $150 million for its Bitcoin purchase plan
Bloomberg: Kraken is in pre-IPO financing talks and plans to raise more than $100 million
Binance once again allows users to buy cryptocurrencies via Mastercard
Shima Capital founder suspected of embezzlement, and several executives have resigned
Robinhood is acquiring cryptocurrency exchange Bitstamp for $200 million
Stablecoin Issuer Mountain Protocol Completes $8 Million Series A Funding, Led by Multicoin Capital
Bitdeer announces plans to acquire ASIC chip design company Desiweminer in $140 million all-stock deal
Regulatory News
New York sues crypto mining company AWS Mining and exchange NovaTech for over $1 billion
According to Decrypt, New York Attorney General Letitia James has filed a lawsuit against two crypto companies suspected of fraud in the state, accusing them of defrauding hundreds of thousands of investors, involving more than $1 billion. The indictments include crypto exchange NovaTech and mining company AWS Mining, which are accused of "participating in illegal pyramid schemes" and stealing more than $1 billion in cryptocurrencies from investors, including 11,000 New Yorkers. Letitia James said that the two companies would be banned from doing business in New York and vowed to crack down on cryptocurrency scammers. AWS Mining and its promoters (including Panamanian residents Cynthia and Eddy Petion) promised to provide investors with high returns through cryptocurrency mining operations, but in fact the company could not maintain the promised returns for a long time and eventually collapsed in 2019. After that, the Petions launched NovaTech and continued to use similar strategies to recruit customers, but investor profits were actually generated by new investor funds. Prosecutors revealed that the platform actually processed only $26 million in cryptocurrency transactions between 2019 and 2023.
The European Central Bank started a rate cut cycle, cutting interest rates by 25 basis points as planned
The European Central Bank cut interest rates by 25 basis points as expected, reducing the three major interest rates to 4.25%, 3.75% and 4.50% respectively. This is the first rate cut since 2019 and the second central bank among G7 member countries to cut interest rates. According to Jinshi Data, traders maintain their expectations of a rate cut by the European Central Bank, and expect another 40 basis point cut this year.
Project News
Semler Scientific spends $17 million to increase Bitcoin holdings and plans to raise $150 million for its Bitcoin purchase plan
According to CoinDesk, Semler Scientifi (SMLR), a US-listed healthcare company, continued to add bitcoin to its treasury reserves, spending another $17 million to buy bitcoin and announcing that it would raise $150 million to buy more bitcoin. The company now holds 828 bitcoins (bought for a total of $57 million), currently worth $59 million. However, SMLR shares closed down 2.5% during the US trading session that day.
Arthur Hayes: The crypto bull market is recovering, macroeconomic trends are clear, and the G7 meeting in a week is worth paying attention to
In his latest blog post, Arthur Hayes, co-founder of BitMEX, discussed the current status and prospects of the USD/JPY exchange rate as an important macroeconomic indicator, and the impact of monetary policy trends of major central banks around the world (especially the Federal Reserve, Bank of Japan, European Central Bank, Bank of Canada, and Bank of England) on the exchange rate. In his previous article, the author proposed a solution, that is, the Federal Reserve and the Bank of Japan will exchange newly printed dollars for yen without a limit to strengthen the yen. However, in the latest article, he wrote that he observed that the G7 central banks seemed to have chosen another strategy, that is, to reduce the central bank interest rate of the "high" policy rate to narrow the interest rate difference between the yen and other major currencies, thereby indirectly strengthening the yen.
The article also analyzes the current inflation situation and central bank inflation targets, pointing out that despite inflation rates generally being above target, the Bank of Canada and the European Central Bank still chose to cut interest rates, which may be related to the weakness of the yen. Hayes predicts that the G7 central banks may announce some form of coordinated currency or bond market manipulation to strengthen the yen, or at least agree that other central banks, except the Bank of Japan, will begin to cut interest rates. Hayes wrote: "The G7 will meet in a week, and the communique released after the meeting will greatly attract market attention. Will they announce some kind of coordinated currency or bond market manipulation to strengthen the yen? Or will they remain silent but agree that the remaining countries, except the Bank of Japan, should begin to cut interest rates? Stay tuned." In addition, the article also discusses whether the Federal Reserve will start cutting interest rates so close to the US presidential election, and believes that this will be political suicide, so the Federal Reserve is expected to maintain the status quo. At the same time, the Bank of England may decide to cut interest rates due to the prospects of the Conservative Party in the next election. Hayes also noted: "This week's rate cuts by the Bank of Canada and the European Central Bank have set off a 'big move' (or 'show', using 'fireworks' as a metaphor) in central bank policy in June, which is expected to shake the cryptocurrency market out of the dullness of the northern hemisphere summer. This is not what I expected. I thought such 'big moves' would start in August when the Fed holds the Jackson Hole Symposium."
Regarding the impact on the crypto market, Hayes said: "The trend has become very clear, and some marginal central banks have begun to implement loose policies, which is a signal of a new round of monetary cycle. Since Satoshi Nakamoto provided us with Bitcoin as a tool to fight against the traditional financial system in 2009, we have been participating in this game, and the strategy is to hold Bitcoin and various altcoins for a long time. Now, the macro environment has changed, and my investment strategy will also be adjusted accordingly. For those who ask whether the "Maelstrom" portfolio project should launch tokens now or in the future, I suggest that they act now. At the same time, my excess cryptocurrency synthetic USDe is earning a high annualized rate of return, but now is the time to redeploy these funds to altcoins. The bull market in the cryptocurrency market is recovering, which may put pressure or trouble on central bank governors who are overly loose in monetary policy."
Keith Gill reveals his GEM stock and options position of $586 million, driving Solana Meme coin GME skyrocketing
According to screenshots posted on Reddit, well-known investor Keith Gill (known as "Roaring Kitty") disclosed that his GEM stock and options positions are now worth a total of approximately $586 million, and announced that he would broadcast live on YouTube on Friday, CoinDesk reported. GameStop shares closed up 47% on Thursday. This move also affected the digital asset market. CoinGecko data shows that Solana-based Meme coin GME is currently trading at $0.0227, up 120.6% in 24 hours.
FTX creditors oppose bankruptcy reorganization plan, saying cash repayment will result in additional taxes
According to CryptoSlate, the FTX creditor group led by Sunil Kavuri opposed the reorganization plan proposed by the FTX bankruptcy administrator. According to documents filed with the court on June 5, creditors pointed out that the plan did not pass the best interest test, contained terms that were not in the interests of creditors, and ignored property rights issues. Creditors said that cash repayment would result in customers being required to pay taxes on the cash received. They suggested using in-kind repayment to avoid tax issues. Creditors further stated that FTX must update the disclosure statement of the settlement with the US Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive $200 million in priority claims within 60 days of approval. Another $685 million in secondary priority claims will be paid after customers are fully repaid. On May 7, the FTX bankruptcy administrator announced a reorganization plan in which creditors will receive full cash repayment. Under the plan, creditors with claims of less than $50,000 will be eligible for 118% compensation within 60 days of court approval. Other non-government creditors will also receive full compensation and receive interest compensation of up to 9%.
ProShares has submitted an Ethereum spot ETF application to the US SEC
ProShares has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade an Ethereum spot ETF on the New York Stock Exchange (NYSE).
LayerZero CEO: Sybil review has not been completed yet, airdrop will be carried out this month
LayerZero CEO Bryan Pellegrino tweeted that the Sybil review has not been completed and the airdrop will take place this month.
Bloomberg: Kraken is in pre-IPO financing talks and plans to raise more than $100 million
Crypto exchange Kraken is in pre-IPO financing talks, Bloomberg reported, citing people familiar with the matter. Kraken is seeking to raise more than $100 million, which is expected to be completed by the end of this year. It is reported that Kraken has been negotiating an IPO since at least 2021. People familiar with the matter said Kraken is looking for a "well-known" company to join its board of directors and help it successfully conduct an IPO as early as next year. So far, the negotiations have only involved verbal agreements on terms and valuations, and there are no formal documents. People familiar with the matter said that as cryptocurrency prices rise, Kraken's revenue this year is expected to reach $1 billion to $2 billion.
Telegram launches 'Telegram Stars' feature to allow users to buy and sell digital goods on the platform
Telegram CEO Du Rove posted on his personal channel that Telegram has launched the "Telegram Stars" feature, which supports users to buy and sell digital goods on the platform. Users can use Stars to pay for digital services through mini-programs on Android and iOS devices without installing mini-programs such as Notcoin. Developers can withdraw Stars on the Fragment platform through TON and use Stars to promote applications on Telegram at preferential terms. Users will be charged a 30% handling fee when purchasing Stars on Apple and Google platforms, but Telegram will subsidize the cost of these Stars for purchasing advertisements to reduce advertising costs.
Web3 infrastructure company Alchemy launches Rollup tool to help developers create custom Layer 2 chains
According to The Block, Web3 infrastructure company Alchemy has launched a new Rollup tool designed to help developers create their own blockchains. The tool enables developers to easily build and deploy custom Layer 2 chains, thereby improving development efficiency and simplifying the application of blockchain technology. Alchemy said that the release of this tool will promote the widespread application of blockchain technology, especially in decentralized finance (DeFi) and other Web3 fields.
Wormhole launches staking governance function, with a daily transfer limit of 100 million W tokens from Solana to the EVM chain
According to Wormhole's official Twitter, the Stake for Governance feature is now live. W token holders need to cross-chain their tokens to the EVM chain and stake them to participate in governance decisions. The daily transfer limit for W tokens from Solana to the EVM chain is 100 million. Through the Tally governance portal, users can stake W tokens and delegate voting rights to participate in the multi-chain governance of Wormhole DAO. The MultiGov system launched this time supports proposals and voting on Solana, Ethereum, and the EVM chain, marking an important step for Wormhole towards decentralization.
Franklin Templeton is exploring launching a new crypto fund that will invest in tokens other than Bitcoin and Ethereum
According to The Information, Franklin Templeton, a world-renowned asset management company, is exploring the launch of a new cryptocurrency fund to invest in a range of tokens other than Bitcoin and Ethereum. People familiar with the matter said the new fund will be structured as a private equity fund for institutional investors.
Binance once again allows users to buy cryptocurrencies via Mastercard
According to CoinDesk, Binance, the world's largest cryptocurrency exchange, has resumed its cooperation with Mastercard, allowing users to purchase cryptocurrencies through Mastercard payments again. Mastercard withdrawal services have not yet been restored, but are expected to be restored later. In addition to Mastercard payments, the Binance-branded Visa card, which was also closed last year, has also been reactivated on the exchange.
Cyber: CYBER tokens will adopt the LayerZero OFT standard on June 10, which will not affect the supply
Decentralized social L2 Cyber (formerly CyberConnect) announced that CYBER tokens will adopt the LayerZero OFT (Omnichain Fungible Token) standard on June 10, 2024, ahead of the mainnet staking that will begin on June 14, 2024. The OFT standard is a universal token standard for sending and receiving tokens between multiple blockchains. It is a set of smart contracts that enable tokens to be created, used, and tracked on all blockchains on which they are deployed. Currently, CYBER tokens are available on the OP mainnet, BNB chain, and Ethereum. The maximum total supply of CYBER tokens was set at 100 million in the TGE. However, each network currently has its own total supply, which together make up the maximum total supply of CYBER tokens. On June 10, Ethereum will mint 12.3 million CYBER (total supply of OP+BSC). There is no change in the CYBER supply, only a different way of tracking. The new tokens will be locked in the OFT adapter contract for bridging purposes only.
10x Research: Head and Shoulders Pattern Indicates Bitcoin Will Soon Rise Towards $83,000
According to the latest report from 10x Research, it is only a matter of time before Bitcoin hits a new high. The report points out that the current head and shoulders top pattern indicates that Bitcoin will soon rise to $83,000, and the resistance line may be broken in the next few days. The ideal breakout time window is today (Friday, June 7) or next week on Wednesday, June 12. In addition, the report emphasizes that Bitcoin is about to break through the trend line and the head and shoulders top pattern, showing strong upward momentum. The report further points out that the global central bank easing cycle has begun, and the interest rate cuts in Canada, Denmark and Europe this week have confirmed this trend. With the weakness of US economic growth, employment and consumer spending, it is only a matter of time before inflation slows down, which provides a good environment for risk assets such as Bitcoin to rise. Although the Federal Reserve has only cut interest rates once in the past 30 years, from May to November before the US presidential election, the report believes that the performance of risk assets depends mainly on the market's judgment of the probability of rate cuts, rather than the actual rate cuts. Therefore, 10x Research is generally optimistic about risk assets and expects Bitcoin to hit a new high. However, the report also reminds investors that if Bitcoin fails to continue to set new highs, the reason may be the sharp drop in the price of Ethereum. Currently, the market is closely watching the support level of Ethereum at $3,725.
Dora Factory has airdropped its DORA tokens to over 1 million Cosmos stakers
According to Cryptoslate, blockchain infrastructure provider Dora Factory announced yesterday that it has airdropped its native DORA tokens to more than 1 million Cosmos Hub stakers to promote ecosystem governance and participation in decentralized financing activities. After the airdrop, the project said that the Cosmos community can participate in the ATOM Economic Zone (AEZ) secondary financing plan, an initiative led by DoraHacks and Atom Accelerator DAO. The event aims to mobilize the decentralized community to support public product projects through fundraising. The team emphasized that this event is not just about allocating reward pools to AEZ's early projects and important public products. They said it is also a democratic governance experiment that aims to use community power to support public products and promising developers. In addition, Dora Factory launched an innovative on-chain voting system with enhanced privacy features called Minimal Anti-Collusion Infrastructure (MACI). The system allows community members to vote and review projects anonymously while protecting their addresses. The team said that it has whitelisted 1 million addresses to participate in the test MACI privacy voting, and will distribute 20,000 USDC to the selected teams. Dora Factory will bear all costs of this round of voting through Dora Vota's native Gas Station function. Earlier on May 23, Dora Factory announced the completion of a $10 million strategic financing.
After American wrestler Hulk Hogan deleted the promotional post, the market value of the meme coin HULK plummeted from $18.8 million to $4,100
Retired American wrestler Hulk Hogan (real name Terry Gene Bollea) denied any involvement in multiple deleted X-platform posts that promoted the Solana on-chain meme coin HULKAMANIA (HULK). HULK has experienced a sharp rise and fall in a short period of time. Hogan clarified in a post on Instagram on June 5: "Please do not pay attention to any posts posted today. They are not from me and will be deleted soon." Although Hogan's posts on the X-platform have been deleted, Google search cache shows that his account has been associated with the promotion of the token. The Hogan video shared by Mashable reporters was mistakenly reported to be related to the token launch, but it was actually an old video promoting karaoke night last year. According to DEX Screener data, HULK reached a peak market value of $18.8 million an hour and a half after its release on June 7, and then quickly fell to $2 million and remained there to this day (the latest data is $4,100). Crypto analysis company Bubblemaps said that five wallets bought 15% of the HULK supply before Hogan shared it and subsequently sold $200,000 worth of tokens. It is unclear whether Hogan’s account was hacked, and his team did not respond to a request for comment. The incident comes as a series of celebrities are launching crypto tokens.
Shima Capital founder suspected of embezzlement, and several executives have resigned
According to Fortune magazine, an investigation found that Shima Capital founder Yida Gao created a secret offshore entity and transferred assets belonging to his venture capital company to a company registered in his own name without the knowledge of other investors in the company. Attorney Eric Hess said this was a complete violation of the behavior allowed by the Investment Advisers Act. Yida Gao has not been charged with any crime, and a representative of Shima Capital said the company would not comment on "such regulatory matters." But according to an anonymous source, Yida Gao's poor performance and behavior clearly violated the investor protection rules of the U.S. Securities and Exchange Commission (SEC), putting it in trouble when raising further funds. Despite the booming crypto market, a representative of Shima Capital revealed that the company is not currently raising funds. Shima Capital has also experienced a wave of departures of senior employees in recent months, including Chief Technology Officer Carl Hua, Head of Research Alexander Lin, who left earlier this year to start his own venture capital firm, and Chief Operating Officer and Platform Director Hazel Chen. The executives who left did not respond to requests for comment. Meanwhile, despite the current bull market in the cryptocurrency market, Shima Capital still seems to be struggling. Its latest SEC filing shows it has about $158 million in assets under management — a figure down from the $200 million it raised in 2022.
UniSat: Pizza inscriptions are being distributed in order of claim
UniSat posted on X that pizza inscriptions have been distributed in the order of claiming. Users can check the status of pizza distribution by entering their wallet address on the website. If you have not received it yet, please be patient because the distribution is in progress.
Hamster Kombat: Airdrops will depend on hourly profits and other activity parameters, not token balances
TON ecosystem game Hamster Kombat said on the X platform that the user airdrop distribution will depend on the hourly profit and some other activity parameters released by the team in the future, rather than the number of token balances. In addition, due to the large number of users, the team is working on repairing the server to provide a better experience. According to news yesterday, TON ecosystem game Hamster Kombat said that its user base has exceeded 100 million.
Investment and Financing
Robinhood is acquiring cryptocurrency exchange Bitstamp for $200 million
According to the Wall Street Journal, Robinhood is acquiring global cryptocurrency exchange Bitstamp for $200 million. The transaction is expected to be completed in the first half of 2025, subject to customary closing conditions and regulatory approvals. The acquisition will enable Robinhood to enter more international markets, especially in Europe and Asia, thereby enhancing its competitiveness in the global cryptocurrency market. Robinhood expects the final transaction consideration to be approximately $200 million in cash, subject to customary adjustments to the purchase price.
The Sandbox Raises $20 Million in Convertible Debt Funding Led by Kingsway Capital and Animoca Brands
According to VentureBeat, the virtual world platform The Sandbox has raised $20 million in convertible debt financing, bringing its company valuation to $1 billion. The financing was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The financing took the form of convertible debt, allowing note holders to convert their debt into equity in Bacasable Global Limited (The Sandbox's parent company) under certain conditions. It is reported that The Sandbox is developing a decentralized metaverse version for mobile devices, which is expected to be launched in 2025.
Stablecoin Issuer Mountain Protocol Completes $8 Million Series A Funding, Led by Multicoin Capital
According to The Block, Mountain Protocol, the issuer of the yield-based stablecoin USDM, has raised $8 million in Series A funding. Multicoin Capital led the round, with participation from Castle Island Ventures, Coinbase Ventures and other investors. The stablecoin is designed to generate returns for holders through low-risk financial instruments. Mountain plans to increase the issuance of USDM by expanding support for new blockchains such as Solana, Aptos, Sei and Monad and integrating it into more DeFi protocols. It also plans to work with fintech companies, cryptocurrency exchanges and market makers to increase the supply of stablecoins. USDM currently offers a yield of about 5%. It is worth noting that Coinbase CEO once mentioned Mountain Protocol in the top 10 innovation tracks he is optimistic about.
Mining News
Tether currently holds 25% of BitDeer’s shares and is the second largest shareholder of the Bitcoin mining company.
According to Decrypt, Tether Holdings Limited recently disclosed through an SEC document that it has become the second largest shareholder of Bitcoin mining company Bitdeer, controlling 25% of the company's shares. This change occurred after Bitdeer successfully raised $100 million in funds through a private placement. The financing is mainly used for data center expansion, ASIC-based mining equipment development and other company development goals. In addition, Tether has also obtained warrants to purchase up to 5 million shares at a price of $10 per share within the next year. Since May this year, the share price of Nasdaq-listed Bitdeer (stock code BTDR) has risen 26%.
Bitdeer announces plans to acquire ASIC chip design company Desiweminer in $140 million all-stock deal
According to CoinDesk, Bitcoin mining giant Bitdeer announced plans to acquire ASIC chip design company Desiweminer in an all-stock transaction worth $140 million. Through this acquisition, Bitdeer will directly control the chip design and manufacturing process, thereby enhancing its hardware development capabilities.
Core Scientific rejects $1 billion takeover offer from CoreWeave
Core Scientific, one of the largest bitcoin mining companies in the United States, has rejected a $1 billion acquisition offer from cloud computing company CoreWeave, according to CoinDesk. The board of directors of Core Scientific rejected CoreWeave’s proposal to acquire the mining company for $5.75 per share.
Important data
Huaxia Bitcoin ETF's trading volume exceeded HK$50 million yesterday, setting a new record high
According to official disclosure by China Asset Management (Hong Kong), the trading volume of China Asset Management Bitcoin ETF (3042.HK/9042.HK/83042.HK) exceeded HK$50 million (including three counters of HK$, USD and RMB) yesterday, setting a new record since its listing, accounting for 87.38% of the total trading volume of similar spot ETFs and 61.18% of the total trading volume of similar spot and futures ETFs. In addition, another core indicator of ETF products - bid-ask spread - also leads similar spot and futures Bitcoin ETFs.
Data: Publicly listed companies hold a total of 308,689 BTC on their balance sheets, worth approximately $21.88 billion
According to data from bitcointreasuries.net, listed companies hold a total of 308,689 BTC on their balance sheets, worth approximately $21.8789 billion. Among them, Microstrategy ranks first with 214,400 bitcoins, followed by Marathon Digital Holdings (17,631), Tesla (9720), Coinbase Global, Inc. (9480), Hut 8 Mining Corp (9110), Riot Platforms, Inc. (9084), Block, Inc. (8038), CleanSpark, Inc. (6154), Galaxy Digital Holdings Ltd (4000), and Bitcoin Group SE (3589).
The U.S. Bitcoin spot ETF had a total net inflow of US$218 million yesterday, continuing its net inflow for 18 consecutive days
According to SoSoValue data, yesterday (June 6, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$218 million. Yesterday, Grayscale ETF GBTC had a net outflow of US$37.574 million, and the current historical net outflow of GBTC is US$17.897 billion. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was BlackRock ETF IBIT, with a net inflow of US$350 million in a single day, and the current total net inflow of IBIT is US$17.431 billion. The second is Fidelity ETF FBTC, with a net inflow of US$3.0902 million in a single day, and the current total net inflow of FBTC is US$9.570 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$62.335 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 4.47%, and the historical cumulative net inflow has reached US$15.555 billion.
Data: Today’s trading volume of 6 Hong Kong virtual asset ETFs is approximately HK$42.5765 million
Hong Kong stock market data shows that as of the close, the transaction volume of 6 Hong Kong virtual asset ETFs today was about HK$42.5765 million. Among them, the transaction volume of Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) was HK$19.241 million, the transaction volume of Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) was HK$4.0258 million, the transaction volume of Harvest Bitcoin ETF (03439.HK/09439.HK) was HK$10.1477 million, the transaction volume of Harvest Ethereum ETF (03179.HK/09179.HK) was HK$6.6828 million, the transaction volume of Boshi Bitcoin ETF (03008.HK/09008.HK) was HK$1.2841 million, and the transaction volume of Boshi Ethereum ETF (03009.HK/09009.HK) was HK$1.196 million. Note: The above six ETFs all have Hong Kong dollar counters and US dollar counters, and only two ETFs of Hua Xia also have RMB counters.
Justin Sun spent 11,000 ETH last night to continue buying PT tokens of three LRTs that expired on June 27.
According to on-chain analyst Ember, Justin Sun spent another 11,000 ETH (about 41.94 million USD) last night (9 hours ago) to continue buying PT tokens of three LRTs that expire on June 27:
5,000 ETH buys 5,039.7 PT-weETH;
5,000 ETH buys 5,025 PT-pufETH;
1,000 ETH buys 1,005.3 PT-rsETH.
At present, Justin Sun has spent a total of 44,000 ETH in the past four days to buy PT tokens of three LRTs that expire on June 27 on Pendle. After the expiration, he can obtain a currency-based income of about 419 ETH (US$1.6 million).
MicroStrategy stock faces $6.9 billion in net short positions, or 23.14% of its market value
According to Cryptoslate, citing Fintel data, MicroStrategy (NASDAQ: MSTR) has a net short position of $6.9 billion, accounting for 23.14% of its market value. The media said: "This high ratio indicates strong bearish sentiment or a large amount of hedging."
Base TVL now exceeds $7.8 billion, setting a new record, surpassing Optimism to become the second largest L2 network
L2BEAT data shows that the total locked value (TVL) of the Layer2 network Base is currently US$7.81 billion, setting a new record high, with a 7-day increase of 9.91%. Base TVL has now surpassed Optimism and become the second largest Layer2 network after Arbitrum.
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