ETH Layer 2 Sets New TVL All-Time High

ETH Layer 2 Sets New TVL All-Time High


Good day everybody,

Welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent record breaking amount of Total Value Locked on Ethereum Layer 2.

 

 

ETH Layer 2 TVL

A new record of $47.31 billion has been recorded for the total value locked (TVL) of Ethereum Layer 2s. The historical milestone was reached according to the data posted by L2BEAT, the current TVL of all canonically bridged, externally bridged, and natively minted tokens on Ethereum Layer 2 networks. The new all time high amount is made up of networks such as Arbitrum, OP, and BASE, along with others including Blast, Mantle, Linea, and Starknet.

 

TVL Breakdown:

Arbitrum One - $19.3 billion

OP Mainnet - $7.88 billion

Base - $6.94 billion

Others over the level of $1 billion include Blast, Mantle, Linea, and Starknet.

 

The rise shows that the total value locked of all L2s has increased by 16.41% over the course of the past seven days.

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This bullish trend coincided with the U.S. Securities and Exchange Commission's (SEC) recent approval of the spot Ethereum exchange-traded funds (ETFs). On the 23rd of May 2024 the SEC approved the Ethereum ETF applications filed by a total of eight issuers to make it the second spot digital asset ETF in the country, following the spot Bitcoin ETFs approval back in January.

Among the issuers were BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. While they are still in the process of submitting S-1 forms, the launch date is still uncertain but expected to launch within weeks. The Ethereum core developers have also decided that the next major upgrade of the Ethereum network, Pectra, will happen in the first quarter of 2025. 

The community decided that Q1 of 2025 was the most appropriate date, and therefore developers could avoid debugging during Devcon and also the holiday season. The schedule will also allow for the contributors to extensively test the upgrade and handle the transition.

For the consensus client “CL,” the upgrade will include PeerDAS to increase the network’s data availability. For the execution client “EL,” Pectra is planned to include EOF, replace EIP3074 with EIP7702, and patch EIP2935.

 

 

 

 

Have a great day.

Peace. CryptoGod-1.

 

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cryptogod-1
cryptogod-1

Writer, designer, creator, and life enthusiast. I love to read and write and enjoy sharing my passion for crypto, sports, literature and everything and anything I can enjoy in life.


CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

Enthusiast here looking to share my ideas, thoughts, analysis, and experience when it comes to all things crypto

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