Ethereum’s Layer 2 TVL Approaches $30 Billion As ETH-Linked Tokens Increase

Ethereum's Layer 2 TVL has seen significant growth over the past week as TVL approaches $30 billion at a sustained pace.

As seen by L2Beat, the currency, which is second only to Bitcoin in market capitalization, has shown an upward trend. It is worth highlighting that assets and tokens related to the ecosystem have also shown positive activity.

Random leads Ethereum L2 TVL Rise

Ethereum is up more than 10% over the past week to trade at $3,254, a new multi-month high. Ethereum L2 TVL has shown growth, reaching a new peak of $29.60 billion, a growth of 12.08% in the last seven days.

Arbitrum leads with 45.18% of total TVL representing $13.37 billion, followed by OP Mainnet at 25.55% or $7.56 billion. Other notables were Manta Pacific at $1.89 billion, Starknet at $1.38 billion, and Base at $929 million.

The continuous increase in the price of ETH and in the Ethereum L2 TVL could have led to the adoption and use of Layer 2 solutions.

One of the most notable gains was Mantle, the Ethereum Layer 2 blockchain, which surged more than 20 percent to an all-time high of $0.9494. The price has since strengthened to 0.92 dollars, the trading volume is 254 million dollars, which has increased by 50% in the previous day.

According to CoinGecko data, other L2 solutions such as Cybria, Polygon Ecosystem Token and Polygon had the largest increases of 14.7%, 4.6% and 4.75.

Ethereum takes center stage

In the year By 2023, Bitcoin had surpassed Ethereum in terms of price gains of more than 150%, while the latter had about 90% growth. BTC's surge at the time came amid expectations that Bitcoin ETF approvals could increase capital inflows.

However, following the approval of the ETF, as time goes on, the attention is waning, and the focus seems to be shifting to Ethereum. Following the ETH community's approval of the Bitcoin ETF, the ETH community is looking forward to launching spot Ethereum ETFs after several companies have applied to offer them.

Analysts see ETH ETFs going live in May 2024 as the approval of Bitcoin ETFs has laid the groundwork. Meanwhile, the upcoming revision of Denkun is approaching, bringing a more positive feeling.

Currently, Ethereum is trading above $3,254 and above the 100-hourly simple moving average. The main resistance is around the $3,275 mark, with a known resistance around $3,320.