Ethereum layer-2 (L2) networks have reached a new all-time high of more than $51.5 billion in cumulative total value locked (TVL). This marks an over 205% increase in cumulative TVL, from just $16.6 billion in November 2023, L2beat data shows.

Arbitrum One and Base were the main drivers of the rise to over $51 billion TVL. As the leading L2, Arbitrum holds over $18.3 billion worth of TVL, representing 35% of the total L2 ecosystem’s TVL.

The second-largest L2 network, Base, holds $11.4 billion in TVL, just over 22% of the cumulative L2 TVL.