Ethereum
Ethereum Layer 2 TVL sets new all-time high at $47 billion
Last updated: May 27, 2024 03:26 EDT | 1 minute reading
The total value locked (TVL) of Ethereum Layer 2 has reached an all-time high of $47 billion.
According to data published by L2BEATThe current TVL of all canonically bridged, externally bridged, and natively issued tokens on Ethereum Layer 2 networks stands at $47.45 billion, setting a new all-time high.
In terms of networks, Arbitrum One leads the rankings and has a TVL of $19.3 billion. OP Mainnet comes in second place with $7.88 billion. Base is ranked third with $6.94 billion TVL.
Other blockchains with TVLs exceeding $1 billion include Blast, Mantle, Linea, and Starknet. L2BEAT reported that the total value locked of all L2s increased by 17.39% over the last seven days.
Spot Ethereum ETFs Drive Growth
The uptrend was mainly driven by the United States Security and Exchange Commission(SEC) recently approved Ethereum spot exchange-traded funds (ETFs).
On May 23, the SEC approved Ethereum ETF applications filed by a total of eight issuers, marking the second spot digital asset ETF in the country, following the Bitcoin spot ETFs approved in January.
Transmitters included black rock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. They are still in the process of submitting S-1 forms, as the timeline remains uncertain while analysts expect a launch within a few weeks.
Next Pectra upgrade planned for Q1 2025
Additionally, Ethereum’s core developers have decided that Pectra, the next major upgrade to the Ethereum network, will launch in the first quarter of 2025.
After that, we spent most of the remaining time on the call discussing how we should approach scoping Pectra. @gakonst had shared a document detailing Reth’s views in advance: https://t.co/CXBgGcaY54
– timbeiko.eth (@TimBeiko) May 23, 2024
The community chose Q1 2025 so developers could avoid debugging for Devcon and the holiday season. This timeline would also allow contributors to thoroughly test the upgrade and manage the transition.
For the “CL” consensus client, the upgrade will include PeerDAS to increase network data availability. For the “EL” runtime client, Pectra should include EOF, replace EIP3074 with EIP7702, and update patch EIP2935.