The Total Value Locked in Coinbase’s Layer 2 network Frightful surged to $60.58 million on Sunday, representing an enlarge of more than 6000% over 24 hours. Files from Dune presentations that 34,094 ETH became bridged to the network in spite of the reality that an effortless UI performance to withdraw funds is yet to be applied.

Per L2 Beat, transactions on Frightful catch surpassed 2.21 million. Valuable of this activity became attributed to the rise of a brand new meme coin known as BALD, which saw its cost enlarge 100-fold inner a couple of hours of its deployment on Frightful.

Somebody turned $500 into $1 Million on Frightful…

How? By playing on a Memecoin that mocks the bald head of Coinbase CEO Brian Armstrong.

Is Frightful about to flip into the next Blockchain for crypto degenerates?https://t.co/1u3if1Gq2V

— Crypto in Dark (@thehiddenmaze) July 30, 2023

Learn more: Coinbase Layer 2 Frightful Delivery Sources Codebase

Some market members speculated that BALD may per chance per chance per chance were presented by a Coinbase insider, with on-chain relationship pointing to the contract’s deployer conserving 49% of cbETH, Coinbase’s variant of staked ETH.

can examine herehttps://t.co/1XIsWdP5vY

— Kuro (@KuroXLB) July 30, 2023

These 4 addresses withdrew 0.5 $ETH from #Bybit on the equivalent time, harmful-chained to the Frightful network, and sold $BALD inner 4 minutes of $BALD starting up buying and selling.

Potentially the equivalent person and per chance an insider. pic.twitter.com/8dP25xuG7z

— Lookonchain (@lookonchain) July 30, 2023

“Including additional intrigue to the combo is the excellent liquidity infused into the coin, within the intervening time amounting to a resounding $30M. Such an infusion has drawn substantial consideration because it signifies a smartly-coordinated effort and hints at skill institutional backing,” eminent crypto investor “Axel Bitblaze.”

Learn more: Coinbase Lists Native Token of Frightful-Essentially primarily based mostly DeFi Protocol Seamless

The principle buying and selling venue on Frightful is the decentralized trade (DEX) LeetSwap, which recorded $242 million price of volume within the final day by 540,000 transactions, in accordance to info from Dex Screener.

Despite the reality that more than half the DEX’s buying and selling volume consisted of BALD transactions, traders also moved substantial quantities of TOSHI, BASED, BRIAN and COIN tokens.