Jannat Ara

Ethereum Layer-2 TVL Reaches Record $21 Billion, a Historic High

L2beat’s recent data highlights a significant milestone in Ethereum’s layer-2 solutions as the Total Value Locked (TVL) surged to briefly surpass $21 billion on Jan. 5, later settling at $20.41 billion. This achievement marks an all-time high for Ethereum-based layer-2 networks.

Over the last month, Tier 2 TVL soared by 33%, presently standing at $20.4 billion, hovering close to its peak. In a remarkable year-long surge, L2 TVL surged by an astonishing 333%, starting from approximately $4.8 billion at the start of January 2023.

Comparatively, DeFi markets experienced a 38% TVL growth over the same period, as reported by DeFiLlama.

Arbitrum One continues to lead the market, boasting a TVL of about $10 billion, capturing nearly half of the market share. Following closely, Optimism’s OP Mainnet secures the second position with a TVL of $5.8 billion and a 28.7% market share.

Other Tier 2 platforms, such as Metis Andromeda and Base, hold relatively smaller TVLs, each around $750 million.

Notably, Arbitrum One recently surpassed the $10 billion TVL mark, setting a new milestone. Though reaching $10.2 billion initially, it currently stands at $10.05 billion. Interest in layer-2 solutions has steadily surged, with the global decentralized finance (DeFi) TVL climbing to $55.34 billion at the onset of 2024.

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