Yesterday, major L1 public chains experienced price surges, with Solana briefly approaching the $100 mark. However, the price trend of these public chains began to reverse during the afternoon, with Ethereum and its Layer2 showing a strong rebound.
(Latest Update:
Ethereum announces Dencun upgrade schedule! Goerli testnet to launch on January 17, mainnet to go live by the end of February.)
(Context:
The forces behind Ethereum killers: An overview of 8 L1 tokens, TVL, user volume, and transaction volume.)
Yesterday, mainstream L1 public chains including Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) all experienced surges. SOL briefly approached the $100 mark and surpassed BNB in market capitalization. However, according to current data from CoinGecko, the prices of these L1 public chains seem to be stagnating, and funds began to shift.
The price trends of Ethereum killers have all reversed downward today. Source: CoinGecko
Ethereum Layer2 Surges
At the same time, ETH, which has recently shown weak performance, seems to be gaining strength due to the progress of the Cancun upgrade, rising more than 3% in the past 24 hours and once again surpassing $2,300.
Ethereum Dencun Upgrade Schedule
It was officially decided today that testing will begin on the Goerli testnet on January 17 next year, with the mainnet expected to go live before the end of February.
The performance of Ethereum Layer2 is even more impressive, with ARB, OP, and Metis rising by 16.1%, 30.4%, and 32.4% respectively in the past 24 hours.
In addition, Ethereum’s liquidity staking protocols such as LDO and RPL have also achieved growth of 11% and 5.37% respectively in the past 24 hours.
Source: CoinGecko
ETH, OP, and ARB Shorts Suffer Heavy Losses
The flow of funds back into the Ethereum ecosystem caught investors off guard, resulting in a total of $175 million in liquidations in the past 24 hours, with short liquidations reaching $90.76 million. The largest liquidation event occurred in the ETH trading pair, with an amount of $1.98 million.
Over the past four hours, ETH, OP, and ARB have seen the highest amounts of short liquidations, reaching $11.75 million, $1.39 million, and $1.27 million respectively.
Source: Coinglass
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SOL approaches the $100 mark! Solana’s market capitalization surpasses BNB, rising to become the fourth largest cryptocurrency
Solana surge prompts a reevaluation of the staking market: Four-horse carriage driving liquidity
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ARB
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LDO
Metis
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Ethereum