Ethereum Layer 2 TVL Surges to a Record $47 Billion
By Hongji Feng
Updated: May 27, 2024 03:26 EDT | 1 minute read
The total value locked (TVL) in Ethereum Layer 2s has reached an unprecedented milestone of $47 billion.
According to data published by L2BEAT, the current TVL of all tokens bridged, natively minted, and externally bridged on Ethereum Layer 2 networks stands at $47.45 billion, setting a new all-time high.
Breaking it down by networks, Arbitrum One takes the lead with a TVL of $19.3 billion, followed by OP Mainnet at $7.88 billion. Base secures the third spot with a TVL of $6.94 billion.
Other blockchains with a TVL surpassing $1 billion include Blast, Mantle, Linea, and Starknet. L2BEAT noted that the TVL of all Layer 2s has increased by 17.39% in the past week.
Growth Driven by Spot Ethereum ETFs
The bullish trend is 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 gave the green light to Ethereum ETF applications filed by eight issuers, marking the second digital asset ETF in the country after the approval of Bitcoin ETFs in January.
The issuers, which include BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton, are currently in the process of submitting S-1 forms, with launch expected within weeks.
Next Upgrade “Pectra” Scheduled for Q1 2025
Furthermore, Ethereum core developers have decided that the next major upgrade of the Ethereum network, called “Pectra,” will be launched in the first quarter of 2025.
The community chose Q1 2025 to avoid debugging during Devcon and the holiday season. This schedule will also allow contributors to thoroughly test the upgrade and manage the transition.
For the consensus client “CL,” the upgrade will include PeerDAS to enhance the network’s data availability. For the execution client “EL,” Pectra is planned to include EOF, replace EIP3074 with EIP7702, and patch EIP2935.
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