Ethereum Cancun upgrade will be launched next week! STRK and OP soared over 30%. Will Layer 2 rise?

This site (120btC.coM): Bitcoin reached a maximum of $69,080 last night, setting a new record high again, but soon fell sharply to $59,000. As a result, most cryptocurrencies fell in unison. The amount of cryptocurrency liquidation across the entire network exceeded 1.18 billion US dollars in a single day, and more than 315,000 people were liquidated.

However, the overall market began to rebound this morning, and Ethereum's performance became even stronger, with a V-shaped reversal reaching $3,868, setting a new high this year.

OP and STRK did not fall but rose instead

Some tokens related to the Ethereum Layer 2 field also performed well today. STRK, which has been slowly falling since its listing on February 20, It suddenly rose sharply yesterday, rising from US$1.78 to US$2.468, setting a new high since the first day of listing, with a maximum increase of 39%. Although it fell due to the plunge of Bitcoin today, it subsequently rose again.

Despite the impact of Bitcoin’s plunge, OP’s performance has also been outstanding. Although it once fell back to $3.68, it rose by more than 30% in a single day today, reaching a maximum of $4.865, a record high.

Cancun upgrade boosts L2’s rise?

The market generally expects that Ethereum’s Cancun upgrade (Dencun) will be officially launched on the mainnet at 21:55 on March 13, 2024, Beijing time. This move is seen as one of the factors that may drive the price of Ethereum and Layer 2 tokens higher.

The core of the Cancun upgrade is EIP-4844, also known as "proto-danksharding". It is the first step to achieve Ethereum expansion. It introduces a new transaction type (blob carrying transaction ), EIP-4844 expands the blockchain by providing more space for data "blobs", enabling temporary storage and search of off-chain data through Ethereum nodes, thereby reducing transaction fees on the Layer 2 network.

As the Cancun upgrade approaches, according to L2BEAT data, the current total locked-up volume (TVL) of Ethereum Layer 2 has climbed to US$36.74 billion, continuing to set new highs, with an increase of 14.8% on the 7th.

Ethereum Layer2 Total Locked Volume (TVL)

Among them, the top five Layer2s with locked positions are:

• Arbitrum One: US$15.3 billion, an increase of 12.73% on the 7th

• OP Mainnet: US$9 billion, an increase of 20.09% on the 7th

• Blast: US$2.68 billion, an increase of 29.51% on the 7th

• Manta Pacific: US$2.08 billion, an increase of 9.6% on the 7th

• Starknet : 1.63 billion US dollars, an increase of 22.16% on the 7th.

Ranking of Total Locked Volume (TVL) of Layer 2 of each Ethereum

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