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Ethereum L2 TVL falls back to about $5 billion, lowest since 2023

The Block said total value locked in Ethereum Layer 2 networks has slipped to roughly $5 billion, a level last seen in 2023.

Reported · Written up by our desk · Market Structure

Ethereum Layer 2 networks have lost momentum, with total value locked falling to around $5 billion.

According to The Block, the latest reading marks the lowest level since 2023.

The decline also suggests a retreat in capital deployed across the broader L2 ecosystem.

As a result, activity within Ethereum's L2 environment appears to be cooling after a period of growth.

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