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The Value of Ethereum's Second Layer TVL Reaches Record High of $47 Billion
There is a new record-breaking total value locked (TVL) of $47 billion in Ethereum Layer 2s.
Based on the statistics provided by L2BEAT, the total value of all tokens on Ethereum Layer 2 networks—those that have been canonically spanned, externally bridged, or natively minted—has reached a new record high of $47.45 billion.
Among the networks, Arbitrum One stands head and shoulders above the competition with a TVL of $19.3 billion. Second place goes to OP Mainnet with $7.88 billion. With 6.94 billion TVL, Base is placed third.
Blast, Mantle, Linea, and Starknet are among the other blockchains whose TVL is more over $1 billion. According to L2BEAT, the sum of all L2s' locked values has climbed by 17.39% during the last week.
Prompting Growth: Spot Ethereum ETFs
The recent approval of the spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) was the primary factor driving the positive trend.
The Securities and Exchange Commission (SEC) greenlit Ethereum exchange-traded funds (ETFs) on May 23, making them the country's second spot digital asset ETF. The first spot Bitcoin ETFs were authorized in January.
Bitwise, BlackRock, Invesco Galaxy, VanEck, Grayscale, Bitwise, and Fidelity were among the issuers. Although analysts anticipated debut within weeks, the timeframe remained unknown, thus they are still in the process of completing S-1 forms.
Scheduled for Q1 2025: The Next Pectra Upgrade
Also, the Ethereum core team has settled on Q1 2025 as the release window for Pectra, the next big update to the Ethereum network.
In order to save the developers the trouble of debugging during Devcon and the holidays, the community opted for Q1 2025. The contributors would also have plenty of time to test the update and manage the transfer according to this timeline.
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