Ether Layer 2 Total Lockup Value Approaches $30 Billion, Price Up More Than 10%

Over the past week, Ether Layer 2 Total Value Locked (TVL) has approached $30 billion and continues to gain momentum, according to L2Beat, which shows that Ether, the cryptocurrency with the second largest market capitalization after Bitcoin, is trending upwards. Notably, assets and tokens related to its ecosystem are also showing positive movement. arbitrum is leading the way for ethereum's L2 TVL, with the price of ethereum rising more than 10 percent in the past week to a new multi-month high of $3,254. Ether L2 TVL also grew to a new high of $29.6 billion, up 12.08% over the past seven days. Arbitrum accounted for 45.18% of the total TVL at $13.37 billion, followed by OP Mainnet with 25.55% at $7.56 billion. Other notables include Manta Pacific ($1.89 billion), Starknet ($1.38 billion), and Base ($929 million). The continued rise in ETH prices and Ether L2 TVL may be due to the continued adoption and use of Layer 2 solutions. Mantle (an Ether Layer 2 blockchain) saw the most significant gains, rising more than 20% to a record $0.9494. Although the price has fallen back to $0.92, trading volume reached $254 million, up 50 percent from the previous day. According to CoinGecko data, other L2 solutions such as Cybria, Polygon ecosystem tokens and Polygon were up 14.7%, 4.6% and 4.75% respectively.