L2 Ecosystem Reaches $20B TVL

He underscored the importance of being permissionless, decentralized, censorship-resistant, and open-source.

L2 Ecosystem Reaches $20B TVL

Quick Take

  • Vitalik on building a cypherpunk future.
  • Parallel Network omni-chain L2.
  • L2 ecosystem hits $20 billion in TVL.
  • Judge rules against Terraform Labs.

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Vitalik On Building A Cypherpunk Future

Vitalik Buterin outlined a vision for Ethereum's cypherpunk future. He referred to Web3's original vision, as coined by Gavin Wood, which was to create a decentralized, public shared storage network. Buterin pointed out that the ENS is one of the very few large-scale non-financial applications. He blames high transaction costs for the deviation from Web3's original vision Buterin noted that while financial applications have been predominant, recent advancements in L2 rollups, IPFS storage, account abstraction, and zero-knowledge tech pave the way for developing a wider range of applications. He underscored the importance of adhering to core values such as permissionlessness, decentralization, censorship resistance, and open-source development. Buterin also stressed the significance of creating tools that foster open development rather than empires that lock in users. He highlighted the role of Ethereum's social layer in striking a balance between profit-driven motives and maintaining a decentralization ethos.

Parallel Network Introduces Omni-Chain L2

Parallel Network introduced its omni-chain L2 network, which is built on the Arbitrum Orbit rollup stack. Parallel Network aims to tackle fragmented liquidity by enabling users to consolidate liquidity across various L2 networks. The network allows users to execute transactions on any chain through their Parallel omni-chain account. The network also supports sponsored transaction fees, native yield generation, intent-based execution, and liquidity outposts. Additionally, Parallel’s DeFi portal offers functionalities for trading, staking, and lending of assets. Parallel Network is currently live on testnet. An early adopter program will go live next month.

L2 Ecosystem Reaches $20B TVL

The TVL in all Ethereum L2 networks has soared to a record high of approximately $20 billion, according to data from L2Beat. Arbitrum One holds nearly half of the TVL with assets worth $9.3 billion, while OP Mainnet's TVL stands at just over $6 billion. A year ago, the TVL for the entire Ethereum L2 ecosystem was below $5 billion. The growth is attributed to the launch of new rollups and tech stacks, such as the OP Stack, Arbitrum Orbit, and Polygon CDK. The token prices for both OP and ARB have also reached their highs this month. In the past 30 days, Metis and Manta Pacific have emerged among the top six rollups by TVL.

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