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- The total value locked (TVL) of Ethereum Layer 2s has reached a historical record of $47 billion.
- According to data from L2BEAT, the current TVL of all canonically bridged, externally bridged, and natively minted tokens on Ethereum Layer 2 networks is $47.45 billion.
- Arbitrum One leads the ranking with a TVL of $19.3 billion, followed by OP Mainnet with $7.88 billion, and Base with $6.94 billion.
Ethereum Layer 2 networks hit a new milestone with a TVL of $47 billion, driven by SEC’s approval of spot Ethereum ETFs and upcoming Pectra upgrade.
Spot Ethereum ETFs Drive Growth
The bullish trend was primarily motivated by the U.S. Securities and Exchange Commission’s (SEC) recent approval of the spot Ethereum exchange-traded funds (ETFs). On May 23, the SEC approved the Ethereum ETF applications filed by a total of eight issuers, marking the second spot digital asset ETF in the country, following the spot Bitcoin ETFs approved in January. The issuers included BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. They are yet in the process of submitting S-1 forms, as the timeline remained uncertain while analysts expected launch within weeks.
Next Upgrade Pectra Scheduled for Q1 2025
In addition, the Ethereum core developers have decided that Pectra, the next major upgrade of the Ethereum network, will be launched in the first quarter of 2025. The community chose Q1 2025 so the developers could avoid debugging during Devcon and the holiday season. This schedule would also allow the contributors to extensively test the upgrade and handle the transition. For the consensus client “CL,” the upgrade will include PeerDAS to increase the network’s data availability. For the execution client “EL,” Pectra is planned to include EOF, replace EIP3074 with EIP7702, and patch EIP2935.
Conclusion
The Ethereum Layer 2 ecosystem is experiencing unprecedented growth, with a TVL reaching $47 billion. This surge is significantly driven by the SEC’s approval of spot Ethereum ETFs and the anticipation of the Pectra upgrade scheduled for Q1 2025. As the Ethereum network continues to evolve, these developments are likely to bolster its position in the crypto market, offering new opportunities and challenges for stakeholders.
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