PANews reported on November 21 that according to Cointelegraph, Galaxy Research analyzed the growth of the Bitcoin L2 ecosystem in 2024 in its latest report, pointing out that the number of projects has increased sevenfold, and venture capital has reached about $447 million so far. Galaxy estimates that by 2030, about $47 billion of Bitcoin liquidity may be connected to the Bitcoin L2 network.
The researchers highlighted that venture capital investment in the Bitcoin L2 space has reached $447 million, with 39% of that investment occurring in the first three quarters of 2024. Bitcoin L2 projects received $174 million in funding between January and September 2024. Of this, $105 million went to sidechain projects, while $63 million went to rollups projects.
The researchers also noted that there was a significant change in the second quarter of 2024, with Bitcoin L2 projects accounting for 44% of venture capital investment in L2 networks across the entire cryptocurrency industry. Investments in the second quarter increased by 159% compared to the first quarter. Galaxy explained that the growth in venture capital indicates that traditional crypto venture capital firms (excluding Bitcoin-focused funds) were less involved in the Bitcoin ecosystem before 2024. Galaxy believes that crypto venture capital firms will continue to deploy funds to Bitcoin L2 projects as the ecosystem matures.
