- At $47 billion Ethereum L2 TVL hit an all-time high on Monday.
- The SEC’s approval of spot ETH ETFs has boosted the Ethereum ecosystem.
The Ethereum ecosystem has witnessed multiple advancements exclusively in the last week. The SEC’s approval of the spot ETH ETF received great interest from the crypto sector worldwide. Ethereum also witnessed a bullish rally which was fueled by the anticipation surrounding ETF approval.
Presently, the total value locked on the L2 chains of Ethereum reached a new all-time high of $47 million on Monday. The TVL has surged by 15.68% in the past seven days according to data from L2 Beat.
Notably, in May 2023, Ethereum L2 TVL stood close to $11 billion. In the coming months of 2023, it experienced a modest increment, hiking to $22.55 billion on December 31st. At the beginning of 2024, the TVL experienced a bullish rally hitting a new high of $45.52 billion in early April. However, succeeding this, a brief bearish domination slid the value to $37.51 billion, until the recent recovery.
Moreover, looking at L2 chains separately, Arbitrum One spearheaded the upsurge with a TVL of $19.27 billion. OP Mainnet and Base followed behind Arbitrum One with total values locked at $7.83 billion and $6.94 billion respectively.
Other notable contributors include Blast, Mantle, Linea, and StarkNet. Blast has a TVL of 3.36 billion while the other L2 chains held TVL over 1 billion. Polygon zkEVM is the 15th largest contributor with a TVL of $167.36 million.
Is Ethereum Witnessing a Network Boom?
Recently, Vitalik Buterin has announced working on Ethereum’s MEV issue and outlined plans to decentralize Ethereum further. The Ethereum core developers announced Q1 2025 as the target for the Pectra upgrade on Saturday. Amidst such developments, the Ethereum community also witnessed the launch of the L2 Scaling solution, Taiko last week.
The cornerstone for the recent boost in the Ethereum network was the SEC’s approval of spot ETH ETFs on May 23. Additionally, the Ethereum price has surged by 2.69% in the past 24 hours and is trading at $3910 at the time of writing according to CMC data.
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