BLAST

Optimism

Arbitrum

Mantle

Date: Sun, August 18, 2024, 09:38 AM GMTThe cryptocurrency market has been on a rollercoaster this month, with sharp volatility leading to a 10.80% drop in the total crypto market capitalization, now standing at $2.05 trillion. This downturn hasn&#39;t spared Ethereum&#39;s Layer 2 networks, which have also seen a noticeable decline in their Total Value Locked (TVL).According to recent data from L2BEAT, the TVL across Ethereum Layer 2 networks has fallen to $36.04 billion, reflecting a 3.34% decrease over the past seven days. This drop is significant, considering the vital role these Layer 2 solutions play in scaling Ethereum and reducing transaction fees.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/87b6c250e27f4ab99fadb4e5ce7aa68e.png" />Source: L2BEATSThe top five <a href="https://coinsprobe.com/web-stories/top-10-layer-2-cryptocurrencies-to-watch-out-for-bull-run/" rel="noopener noreferrer nofollow">Layer 2</a> networks by TVL have all been affected, with Arbitrum One leading the pack. Arbitrum One&#39;s TVL currently stands at $14.79 billion, down by 2.70% over the past week. Following closely is Base, with a TVL of $6.11 billion, which has experienced a 4.31% decline. The OP Mainnet has not been spared either, with its TVL now at $5.51 billion after a 4.96% drop.Blast, another Layer 2 network, saw its TVL decrease by 4.73%, bringing it to $1.73 billion. Mantle, however, had a relatively minor decline of 0.84%, with its TVL now at $1.19 billion.This decline in TVL across Ethereum&#39;s Layer 2 networks highlights the broader impact of the current market downturn. As the crypto market navigates these turbulent times, it remains to be seen how these Layer 2 solutions will adapt and whether they can regain their lost value in the coming weeks.Disclaimer:The information provided in this article is for informational purposes only and does not constitute financial or investment advice.

Ethereum Layer 2 Networks Experience Significant Decline In Total Value Locked

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