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Ethereum Layer 2 TVL sets new all-time record at $47 billion

Ethereum’s Layer 2 ecosystem continues its impressive growth, attracting more and more capital thanks to lower transaction costs and higher scalability.

Date: 2024-05-27 Author: Łukasz Michałek
Ethereum Layer 2 TVL sets new all-time record at $47 billion

Thetotal blocked value (TVL) of Ethereum Layer 2 layers has reached a historic high of $47 billion. According to data published by L2BEAT, the current TVL value of all tokens in Ethereum Layer 2 networks is $47.45 billion, setting a new all-time record.

By network, Arbitrum One leads the ranking and has a TVL of $19.3 billion. In second place is OP Mainnet with $7.88 billion. Base ranks third with a TVL of $6.94 billion.

Other blockchains with a TVL exceeding $1 billion are Blast, Mantle, Linea and Starknet . L2BEAT indicated that the total blockchain value of all L2s increased by 17.39% over the past seven days.

ETFs drive growth

The bullish trend was mainly motivated by the recent approval of Ethereum ET Fs by the US Securities and Exchange Commission (SEC) . on May 23, the SEC approved Ethereum ETF applications from a total of eight issuers, making it the country’s second ETF for the digital asset, following the Bitcoin ETFs approved in January.

The issuers included BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. However, they are still in the process of filing S-1 forms, as the timeline remains uncertain, and analysts expect a launch within a few weeks.

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Pectra’s next update scheduled for the first quarter of 2025

In addition, the developers of the Ethereum core have decided that Pectra, the next major update to the Ethereum network, will be launched in the first quarter of 2025.

The community chose the first quarter of 2025 so that developers could avoid debugging during Devcon and the holiday season. The schedule would also allow contributors to comprehensively test the update and handle the transition.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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