Ethereum’s Layer 2 (L2) total value locked (TVL) reached an unprecedented $47 billion on Monday, marking a significant milestone for the cryptocurrency ecosystem. The recent approval of spot ETH exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has played a major role in boosting Ethereum’s growth.
Over the past week, Ethereum has witnessed several noteworthy developments. The SEC’s approval of spot ETH ETFs garnered immense attention from the global crypto sector, generating anticipation and excitement around the potential impact on the Ethereum market. This anticipation also fueled a bullish rally in Ethereum’s price.
According to data from L2 Beat, the TVL on Ethereum’s L2 chains has surged by 15.68% in the last seven days, reaching a new all-time high of $47 billion. This represents a significant increase from the TVL of around $11 billion in May 2023. Throughout 2023, the TVL gradually rose to $22.55 billion by December 31st. In early April 2024, it experienced a bullish surge, peaking at $45.52 billion. However, a brief bearish period followed, causing the value to slide to $37.51 billion before the recent recovery.
Among the various L2 chains, Arbitrum One led the surge with a TVL of $19.27 billion. OP Mainnet and Base followed closely behind, with total values locked at $7.83 billion and $6.94 billion, respectively. Other notable contributors to the TVL include Blast, Mantle, Linea, and StarkNet, with Blast holding a TVL of $3.36 billion and the remaining chains each surpassing $1 billion. Polygon zkEVM is also a significant contributor, ranking 15th with a TVL of $167.36 million.
The recent developments in the Ethereum network suggest a major boom in activity. Vitalik Buterin, the co-founder of Ethereum, has announced plans to address the Miner Extractable Value (MEV) issue and further decentralize the platform. Ethereum’s core developers have set Q1 2025 as the target for the Pectra upgrade, emphasizing their commitment to ongoing improvements. Additionally, the launch of Taiko, an L2 scaling solution, has provided a significant boost to the Ethereum community.
The SEC’s approval of spot ETH ETFs on May 23rd served as a cornerstone for the recent surge in the Ethereum network. In line with this growth, Ethereum’s price has also seen a 2.69% increase in the past 24 hours, currently trading at $3910 according to data from CoinMarketCap.
In other crypto news today, there is speculation about Bitcoin potentially reaching $70,000, with investors eagerly awaiting confirmation from the bulls.