Layer-1 Blockchains Are 10x Larger than Layer-2s

Ethereum (ETH) is the top Layer-1 (L1) blockchain, with $23.0 billion in total value locked (TVL) as of October 2023. It reached its yearly peak TVL of $31.5 billion in April 2023, shortly after the Ethereum Merge (Shapella/Shanghai Upgrade) on April 12, 2023.

The top 10 L1 blockchains have 9.6 times more TVL than the top 10 L2 blockchains. Despite the fact that L1s have seen smaller growth in terms of TVL compared to L2s, the total value locked (TVL) in the top L1s significantly surpasses the TVL of the top L2s. This underscores that TVL remains predominantly concentrated on L1s and suggests that L2s still have substantial ground to cover in this respect.
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