According to PANews, data from L2BEAT indicates that the total value locked (TVL) in Ethereum Layer 2 solutions has fallen below $40 billion, currently standing at $39.54 billion. This represents a 9.02% decrease over the past seven days, primarily due to a decline in the price of ETH.

Arbitrum One, one of the leading Layer 2 solutions, has a TVL of $15.88 billion, experiencing a 7.81% decrease over the past week. Base, another prominent Layer 2 solution, has a TVL of $6.68 billion, showing a 7.71% decline in the same period.

The Optimism (OP) Mainnet has seen its TVL drop to $5.94 billion, marking a 9.04% decrease over the past seven days. Blast, another Layer 2 solution, has a TVL of $2.05 billion, with an 11.96% decline. Lastly, Mantle's TVL stands at $1.26 billion, experiencing a 4.92% decrease over the past week.