Ethereum ($ETH) Sees 1.97% Slump in L2 TVL
CoinRank recently disclosed the TVL of the top five Ethereum L2 solutions in an X post. The blockchain analytics platform noted that Ethereum’s L2 TVL has decreased by 1.97% over the past week, currently standing at $43.29 billion. This decline highlights growing market volatility and suggests a cautious sentiment among users and investors in the DeFi space.
Arbitrum One and OP Mainnet Record Significant Declines
Apart from Ethereum, the TVL for other L2 solutions such as Arbitrum One and OP Mainnet have also faced declines. As of the latest data:
- Arbitrum One: The TVL stands at approximately $16.29 billion, reflecting a -2.63% decline.
- OP Mainnet: The TVL has dropped by -5.69%, bringing its current value to $6.41 billion.
However, not all L2 networks are seeing negative performance. The following networks have experienced slight increases in TVL:
- Base: TVL is up to $1.396 billion, showing a +0.009% growth.
- ZKzync Era: TVL has risen by +3.82%, now at $1.16 billion.
- Starknet: TVL has increased by +3.28%, reaching nearly $878 million.
L2 TVL Decline Mirrors Ethereum’s Price Movement
At present, Ethereum ($ETH) is trading at $3,267.73, reflecting a 0.92% increase over the past 24 hours. However, over the past week, Ethereum has seen a 0.67% dip and a 4.85% decline in the past month. This decline in L2 TVL parallels Ethereum’s price drop, suggesting a broader reluctance among investors in the current market environment.
Despite the short-term slump, the drop in L2 TVL could be indicative of a temporary dip in market activity. Positive developments in the market or favorable macroeconomic conditions could shift the momentum and help these Layer 2 solutions recover in the near future.
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