Ethereum Layer 2 Networks Experience Decline In Total Value Locked

According to PANews, recent data from L2BEAT reveals that the total value locked (TVL) in Ethereum's Layer 2 networks has reached $58.25 billion, marking a 3.92% decrease over the past week. The top five Layer 2 networks by TVL include Arbitrum One, Base, OP Mainnet, Blast, and ZKsync Era. Arbitrum One leads with a TVL of $20.96 billion, experiencing a 4.41% decline over the week. Base follows with $14.37 billion, showing a 1.17% decrease. OP Mainnet holds $8.77 billion, with a 4.46% drop. Blast has a TVL of $1.52 billion, witnessing a significant 9.97% decline. Lastly, ZKsync Era's TVL stands at $1.36 billion, decreasing by 9.66% over the same period. These figures indicate a downward trend in the total value locked across Ethereum's Layer 2 networks, reflecting broader market conditions and potential shifts in user engagement and investment strategies within the decentralized finance ecosystem.