Total value locked in Ethereum Layer 2s has slid back to roughly $5 billion, a level last seen in 2023.

Total value locked in Ethereum Layer 2s has slid back to roughly $5 billion, a level last seen in 2023.

Ethereum Layer 2 TVL has dropped from over $48 billion to roughly $5 billion in 2026, raising questions about capital rotation and L2 ecosystem