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In a Nov. 20 post on of Layer 1.
At the same time, L1s are said to be experiencing only modest growth in TVL compared to L2s.
An annual peak
Data in The report It highlights that, as of October, ethereum leads as the largest L1 blockchain, with a TVL, a measure that analyzes the total value of digital assets locked or staked on a particular defi platform, of $23 billion.
Notably, ethereum reached its peak TVL of $31.5 billion in April 2023, shortly after the ethereum merger on April 12.
In October 2023, Tron (TRX) hit its yearly high of $7.9 billion in TVL, making it the second-largest L1 blockchain, while Binance Smart Chain (BSC) secured the third position with a TVL. of 2.8 billion dollars. Notably, BSC reached its highest TVL of $5.7 billion in February this year.
Among the top 10 L1 blockchains, six now operate with the Proof-of-Stake (PoS) consensus mechanism, with bitcoin (btc) being the only blockchain to use the Proof-of-Work (PoW) consensus mechanism.
The report goes on to highlight that even though bitcoin is the first blockchain, it only ranks #8 among the top 10 L1 blockchains by the same TVL measurement.
An L2 leader
Relatively, a publication Since earlier this month, X identified Arbitrum as the leading Layer 2 solution.
At the time, Arbitrum was said to have achieved a TVL of $1.79 billion in October, representing 41.2% of the market share among leading Layer 2 solutions.
