ICYMI: Patrick Hansen shares bearish dynamics of Ethereum-based L2s ETH $ETH
He noticed that total value locked of Ethereum's L2s declined to yearly lows. Actually, they dropped to $4.4 billion in equivalent. The last time this value was so low was in mid-October 2021.
L2s started losing steam in early April: their TVL dropped by 40% since. Mr. Hansen stressed that this decline took place despite massive liquidity incentives and token farming programs.But Ethereum L2 breakthrough this year was considered a certainty by Ethereum-Maxis. For now, this couldn't be further from reality, even before the crashes in the recent weeks. L2 usage is limited at best.
Ethereum's DeFis are also heavily affected by the ongoing market recession. As per data displayed by DeFiLlama aggregator, DeFis have lost 40% of TVL in just 30 days. Now, the net volume of assets locked in DeFis is sitting at $67.92 billion, down almost $100 billion from the historic maximum registered in November 2021.
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