Ethereum Layer 2 Total Value Locked (TVL) Surpasses $47 Billion, Establishing a Record High

Ethereum Layer 2 Networks Achieve Record-breaking TVL of $47 Billion


By Hongji Feng
Updated:
May 27, 2024 03:26 EDT
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Reading Time: 1 minute


The total value locked (TVL) in Ethereum Layer 2 networks has reached an unprecedented milestone of $47 billion.
According to data released by L2BEAT, the current TVL of tokens bridged canonically, externally bridged, and natively minted on Ethereum Layer 2 networks stands at $47.45 billion, marking a new all-time high.
Breaking it down by networks, Arbitrum One takes the lead with a TVL of $19.3 billion. OP Mainnet follows closely with $7.88 billion, and Base ranks third with a TVL of $6.94 billion.
Other blockchains with TVL exceeding $1 billion include Blast, Mantle, Linea, and Starknet. L2BEAT reported a 17.39% increase in the TVL of all Layer 2 networks in the past seven days.
Growth Driven by Spot Ethereum ETFs
The bullish trend was primarily fueled by the recent approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
On May 23, the SEC granted approval to Ethereum ETF applications filed by eight issuers, making it the second spot digital asset ETF in the country following the approval of spot Bitcoin ETFs in January.
The issuers include BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. While they are currently in the process of submitting S-1 forms, the exact launch timeline remains uncertain, although analysts anticipate it could happen within the next few weeks.
Next Upgrade, Pectra, Scheduled for Q1 2025
Furthermore, Ethereum’s core developers have reached a decision to launch Pectra, the next major upgrade of the Ethereum network, in the first quarter of 2025.
The community selected Q1 2025 to avoid debugging during Devcon and the holiday season. This timeline will also allow for extensive testing of the upgrade and a smooth transition.
For the consensus client “CL,” the upgrade will introduce PeerDAS to enhance the network’s data availability. As for the execution client “EL,” Pectra is set to include EOF, replace EIP3074 with EIP7702, and patch EIP2935.
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