In the last seven days, Ethereum’s (ETH) price performance has outperformed that of other leading layer1 networks, posting returns of more than 10% against Bitcoin (BTC).
According to data, only Ethereum and Polygon’s MATIC outperformed Bitcoin during the week. Meanwhile, Solana (SOL) briefly saw positive gains before declining during the week, while other layer1 coins such as Binance (BNB), Polkadot (DOT), and Cosmos (ATOM) all saw negative returns.
According to it, ETH gained 18.73% in the last seven days, pushing its value above $1,500 for the first time in the last 30 days on Oct. 25. This price performance briefly elevated ETH to the 50th most valuable asset on the planet.
Other layer1 networks, such as SOL, ATOM, and MATIC, outperformed ETH over the last seven days, with positive returns of 12.49%, 17.86%, and 15.35%, respectively. At the same time, BNB and DOT saw gains of less than 10%. Meanwhile, BTC has only gained 7.53% in the last seven days.
The value of Ethereum layer 2 TVL has surpassed $5 billion
According to L2Beat data, the total value of assets locked in the Ethereum ecosystem has surpassed $5 billion due to the recent market rally.
In the last seven days, TVL increased by 9.34% to $5.03 billion. On Oct. 26, when ETH was trading above $1,500, the ecosystem surpassed $5 billion.
This means that the assets locked in the Ethereum layer2 network are comparable to those locked in other blockchain networks such as Binance Smart Chain and Tron, which are valued at around $5 billion.
Over 80% of the TVL is made up of Arbitrum One and Optimism. According to the data, Arbitrum owns more than half of the TVL and has $2.54 billion in assets, while Optimism has $1.59 billion.
To read our blog on “Ethereum Merge is hailing; here’s how you earn ETH by staking,” click here