The total value of assets locked (TVL) on ethereum (eth) second layer networks has exceeded $20 billion.
According to the L2beat platform, on January 5 the TVL briefly surpassed $21 billion, eventually falling to $20.41 billion at the time of writing, a new milestone for ethereum-based Layer 2s.
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Additionally, Tier 2 TVL has risen 33% over the past month to its current level of $20.4 billion, not far from its peak. However, L2 TVL has grown up to 333% over the past year from approximately $4.8 billion as of early January 2023.
According to DeFiLlama, DeFi markets grew only 38% in terms of TVL during the same period.
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Arbitrum One remained the market leader with around $10 billion in TVL, gaining almost 50% share. Optimism (OP Mainnet) is in second place with $5.8 billion TVL and a 28.7% market share.
The remaining Tier 2 platforms are relatively small in terms of TVL, with Metis Andromeda and Base in third and fourth place with TVLs worth around $750 million each.
<img loading="lazy" decoding="async" width="1024" height="294" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-05-at-11.04.00-1024×294.png” alt=”ethereum Layer-2 TVL Reaches $21 Billion, Hitting All-Time High – 3″/>
Earlier this week, Arbitrum One's TVL surpassed $10 billion, setting a new record. This figure exceeded $10.2 billion, falling to $10.05 billion at the time of writing. Interest has been growing over the past year, and by early 2024, global decentralized finance (defi) TVL has risen to $55.34 billion.
