Ethereum Layer 2 TVL Reaches Record High
The total value locked (TVL) of Ethereum Layer 2s has hit a historic milestone, reaching a staggering $47 billion. According to L2BEAT data, the collective TVL of all tokens on Ethereum Layer 2 networks, whether canonically bridged, externally bridged, or natively minted, stands at $47.45 billion, establishing a new all-time high.
Significant Developments Driving Growth
One of the key drivers of this growth has been the recent approval by the U.S. Securities and Exchange Commission (SEC) of spot Ethereum exchange-traded funds (ETFs). On May 23, the SEC greenlit Ethereum ETF applications from eight major issuers, ushering in the era of Ethereum ETFs alongside the previously approved Bitcoin ETFs. Notable entities like BlackRock, Fidelity, Grayscale, and others are navigating the submission of S-1 forms, with a potential launch expected in the coming weeks.
Moreover, Ethereum’s core developers have set the stage for the next major network upgrade, named Pectra, scheduled to go live in the first quarter of 2025. The community decided on this timeline to optimize testing and transition processes, steering clear of debugging hurdles during important events like Devcon and the holiday season. Pectra will introduce various enhancements, including PeerDAS for data availability boost and crucial tweaks replacing existing protocols.
Among the Layer 2 networks, Arbitrum One leads the pack with a TVL of $19.3 billion, showcasing the vast potential and utility of Ethereum’s scalability solutions. Other networks like OP Mainnet, Base, Blast, Mantle, Linea, and Starknet also contribute significantly to the overall TVL growth, indicating a broader adoption of Layer 2 solutions in the Ethereum ecosystem. L2BEAT’s data reveals a notable 17.39% surge in TVL across Layer 2s in the past week, underscoring the accelerating pace of adoption and value accumulation.
