The total value locked in DeFis, a crucial metric for programmable blockchains, is recovering in the segment of Ethereum-based second-layer solutions. Despite general market apathy, the net TVL of 30 leading platforms increased by 32% in the last four months.
Ethereum L2 sets new all-time high in TVL
Yesterday, October 27, 2023, the aggregate value of cryptocurrencies locked across all Layer 2 platforms on Ethereum (ETH) reached a new all-time high. It briefly touched $12 billion, but then stabilized near $11.87 billion. The previous all-time high was recorded on April 17, at $11.85 billion.
In the last hours it fell slightly to 11.81 billion dollars. As such, in dollar-denominated value, it added more than 114% in the last 12 months despite the pale performance of the cryptocurrency market.
In terms of value denominated in Ether, the record was recorded on October 11, 2023. The ecosystem reached 6.72 million Ether (ETH) locked, while a year ago it barely exceeded 3.5 million Ether (ETH). ).
In the last seven days, the L2 ecosystem added 10.36% of the dollar-denominated TVL. A number of the largest L2s (Arbitrum, OP Mainnet (formerly Optimism), Starknet, ImmutableX, and Loopring) posted even more impressive gains.
Ethereum (ETH), the most important asset for L2s, rose by 10.14% in the corresponding period. It hit a multi-month low again of over $1,836 two days ago.
Arbitrum and OP Mainnet remain undisputed, rivalry increases for 3rd place
Meanwhile, the L2 sphere on Ethereum (ETH) remains highly “whale dominated.” The two largest networks, Arbitrum and OP Mainnet, are responsible for more than 90% of the TVL in the ecosystem.
Base, the L2 that is growing the most, protects the third position with 4.83%. They are followed by zkSync Era and dYdX with 3.8% and 3%, respectively.
As U.Today previously reported, dYdX made the most anticipated announcement this week: it is migrating from the L2 model to a standalone Layer 1 based on Tendermint.
