Date: Sun, August 04, 2024, 06:04 AM GMT
The cryptocurrency market has experienced a sharp bearish trend over the past week, causing Bitcoin (BTC) to plummet from $70,000 to its current price of $60,700. This downturn has significantly impacted the total value locked (TVL) in Ethereum’s Layer 2 projects.
According to ODAILY and data from L2BEAT, the total locked value of the Ethereum Layer 2 network currently stands at $38.73 billion, marking a 10.11% decline over the past seven days. Here’s a breakdown of the top five Layer 2 projects and their performance:
- Arbitrum One: $15.67 billion, down 8.5%
- Base: $6.47 billion, down 9.31%
- OP Mainnet: $580 million, down 10.39%
- Blast: $2.02 billion, down 12.15%
- Mantle: $1.24 billion, down 5.94%
The overall drop in TVL reflects the broader market’s bearish sentiment, highlighting the volatility and interconnectedness of the cryptocurrency ecosystem.