Ethereum Layer 2 TVL Plummets to $34.29 Billion Amidst Significant Shifts in Top Protocols

According to the latest data from L2BEAT, Ethereum’s Layer 2 ecosystem has experienced a significant contraction, with the total value locked (TVL) now standing at $34.29 billion. This marks a steep 10.7% decrease over the past week, highlighting the prevailing volatility in the crypto market. The leading Layer 2 solutions showcase a mixed performance: Arbitrum One continues to lead with a TVL of $13.07 billion despite a weekly decline of 9.09%. In contrast, Base has shown resilience with a 9.69% increase, bringing its TVL to $11.85 billion. Other notable players like OP Mainnet and ZKsync Era have not fared as well, with declines of 12.9% and modest increases of 10.10% respectively. Meanwhile, Starknet is seeing promising growth, up 11.7%, reflecting a diversified outlook among investors in the Layer 2 landscape.