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Reading: Ethereum Layer 2 Total Value Locked Reaches Record High of $47 Billion
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Gulf Press > Business > Crypto > Ethereum Layer 2 Total Value Locked Reaches Record High of $47 Billion
Crypto

Ethereum Layer 2 Total Value Locked Reaches Record High of $47 Billion

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Last updated: 2024/05/27 at 7:42 AM
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The total value locked (TVL) of Ethereum Layer 2s has reached a historical record of $47 billion, according to data posted by L2BEAT. This includes all canonically bridged, externally bridged, and natively minted tokens on Ethereum Layer 2 networks. Among the networks, Arbitrum One leads the ranking with a TVL of $19.3 billion, followed by OP Mainnet with $7.88 billion and Base with $6.94 billion. Other blockchains with a TVL exceeding $1 billion include Blast, Mantle, Linea, and Starknet. The total value locked of all L2s has increased by 17.39% in the past seven days, showcasing a bullish trend in the market.

The recent boost in TVL can be attributed to the U.S. Securities and Exchange Commission’s approval of spot Ethereum exchange-traded funds (ETFs). On May 23, the SEC approved Ethereum ETF applications from eight issuers, including BlackRock, Fidelity, Grayscale, and others. This marks the second spot digital asset ETF in the country, following the approval of spot Bitcoin ETFs in January. Analysts expect the launch of these Ethereum ETFs within weeks, further driving growth in the market and attracting more investors to Ethereum Layer 2 networks.

In addition to the ETF approval, the Ethereum core developers have scheduled the next major upgrade, Pectra, for the first quarter of 2025. This decision was made to avoid debugging during Devcon and the holiday season, allowing for extensive testing and a smooth transition. The upgrade will include improvements such as PeerDAS for the consensus client “CL” and EOF, EIP7702, and EIP2935 for the execution client “EL.” This upgrade is expected to further enhance the capabilities and functionality of the Ethereum network, attracting more users and increasing the overall value locked in Layer 2 networks.

The growth in TVL and the upcoming Pectra upgrade signal a positive outlook for Ethereum Layer 2 networks, attracting more users and investors to the ecosystem. With the approval of Ethereum ETFs and the continued development and upgrades to the network, Ethereum is cementing its position as a leading blockchain platform for decentralized applications and financial services. Investors and developers are increasingly looking towards Ethereum Layer 2 networks for their scalability, security, and cost-effectiveness, driving further growth and adoption in the ecosystem.

As the TVL of Ethereum Layer 2s continues to reach new heights, the ecosystem is poised for further expansion and innovation. With the upcoming Pectra upgrade and the approval of Ethereum ETFs, Ethereum is solidifying its position as a frontrunner in the blockchain space. Investors and developers are increasingly drawn to Ethereum Layer 2 networks for their scalability, security, and efficiency, driving a positive trend in the market and attracting more users to the platform. Overall, the future looks bright for Ethereum and its Layer 2 solutions as they continue to evolve and grow in popularity.

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News Room May 27, 2024
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