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Value locked in Ethereum layers 2 records growth of 205% in 2024
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THE Ethereum ecosystem has reached a prominent milestone in 2024, with the total value locked (TVL) in Layer 2 solutions growing by 205%.
This growth raised the TVL to a record $51 billion, consolidating Ethereum’s position as leader in innovation and scalability, according to data from L2Beats. At the end of 2023, TVL was just US$16.6 billion, highlighting the rapid advancement of Tier 2 platforms.
Arbitrum leads the market with US$18.3 billion in TVL, representing 35% of the accumulated total. Coinbase’s Base occupies second place, with US$11.4 billion, or 22% of the total.
Both platforms play essential roles in the growth of the decentralized finance (DeFi) ecosystem. Last week, Base reached a peak of 106 transactions per second (TPS) and surpassed the 1 billion transaction mark, driven by renewed interest in memecoins.
THE Dencun updateimplemented in March 2024, played a crucial role in the success of Layer 2 solutions. This improvement stabilized transaction fees, reducing costs by 99% on Layer 2 networks.
Networks such as Starknet, Optimism, Base and Zora OP Mainnet are already demonstrating the benefits of the update. Nick Dodson, CEO of Fuel Labs, highlighted that the impact goes beyond cost reduction, promoting greater capacity and scalability.
Layer 2 solutions like Arbitrum and Base help ease the load on the Ethereum mainnet, making transactions faster and more accessible. However, critics argue that this approach could limit mainnet revenue and impact Ether price growth.
Despite concerns, the Ethereum (ETH) price has recovered from recent lowsrising 15% in the last week and reaching US$3,555. Ethereum futures on the CME have reached record open interest, reflecting optimism among investors.
The next objective is surpass the $4,000 markwhich could pave the way for new all-time highs.
Value locked in Ethereum layers 2 records growth of 205% in 2024
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Value locked in Ethereum layers 2 records growth of 205% in 2024
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Value locked in Ethereum layers 2 records growth of 205% in 2024
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Value locked in Ethereum layers 2 records growth of 205% in 2024
