The Value of Ethereum Second-Layer Networks Surpasses $20 Billion
The total value of locked assets (TVL) in Ethereum (ETH) second-layer networks has surpassed $20 billion, reaching a new milestone for Ethereum-based layer-2s.
Continued Growth in Tier 2 TVL
Tier 2 TVL has increased by 33% in the past month and currently stands at $20.4 billion, close to its peak. Over the past year, L2 TVL has grown by an impressive 333%, starting from around $4.8 billion in January 2023.
DeFi Market Comparison
In comparison, DeFi markets have only grown by 38% in terms of TVL over the same period, according to DeFiLlama.
Market Leaders in Second-Layer Networks
Arbitrum One remains the market leader with approximately $10 billion in TVL, accounting for nearly 50% of the market share. Optimism (OP Mainnet) ranks second with $5.8 billion TVL and a 28.7% market share.
Smaller Tier 2 Platforms
The remaining Tier 2 platforms have relatively smaller TVLs. Metis Andromeda and Base hold third and fourth place respectively, with each having a TVL worth around $750 million.
Record-Breaking TVL for Arbitrum One
Earlier this week, Arbitrum One’s TVL exceeded $10 billion, setting a new record. However, it currently stands at around $10.05 billion.
Growing Interest in DeFi
The global decentralized finance (defi) TVL reached $55.34 billion at the beginning of 2024, indicating a growing interest in the sector.
Hot Take: Ethereum Layer-2 Networks Experience Surge in TVL
The total value of locked assets in Ethereum second-layer networks has surpassed $20 billion, marking a significant milestone for the ecosystem. With Tier 2 TVL increasing by 33% in the past month and L2 TVL growing by an impressive 333% over the past year, it is clear that these layer-2 solutions are gaining traction. Market leaders such as Arbitrum One and Optimism continue to dominate, while smaller platforms also make their mark. The record-breaking TVL for Arbitrum One highlights the increasing popularity of layer-2 networks. As interest in decentralized finance continues to grow, we can expect further developments and innovations in this space.
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