Yes, this was my second chest. The chest changed to level 2 after I claimed it, which would be accurate for the current last five Titans, but will no longer be accurate once I am able to open the chest.
I suspect higher chests will just be more rolls on the loot table. Level 1 chest gets 3 rolls on the scale table, for example, and level 2 chest maybe gets 4 rolls. The odds of getting a two-star or three-star scale on each roll remain the same, your just getting additional roll.
Right now, it looks like the chest level is determined when the chest “spawns” instead of when it is claimed. It is important to know which is the correct way, because I honestly would have waited a day to claim it so that I could have a level 3 chest instead of level 2 chest on the new one.