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Ethereum's Arbitrum Now Controls over 50% of All L2s' TVL

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Sat, 06/18/2022 - 17:15
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Vladislav Sopov
Largest Ethereum-based second-layer solution is ready to launch Arbitrum Odyssey, an eccentric community-driven journey
Ethereum's Arbitrum Now Controls over 50% of All L2s' TVL
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Within the context of upcoming community-driven interoperability initiative Odyssey, DeFi enthusiasts will be able to claim exclusive non-fungible tokens (NFTs).

Arbitrum's Odyssey kicks off on June 21, 2022

According to the official statement shared by Arbitrum, its Odyssey initiative officially starts next Tuesday, on June 21, 2022. Within its first phase, "Bridge Week," various Ethereum-based solutions will be invited to bridge value to Arbitrum.

Celer, Hop Protocol, HashFlow, deBridge and other cutting-edge Ethereum-based solutions have joined Arbitrum Odyssey as technical partners.

DeFi enthusiasts will be able to use bridge solutions; those that ended up using the bridge that had the most wallets bridging into Arbitrum will be eligible for an NFT airdrop.

After "Bridge Week" is over, every week, two of the technical partners will announce two separate tasks. All testers will also be eligible for limited NFT distributions.

Amid market carnage, Arbitrum controls over 50% of all L2s' TVL

Arbitrum is the most important second-layer solution for Ethereum (ETH) dApps. Per statistics shared by the L2Beat project, it is responsible for 50.68% of the aggregated TVL of all mainstream platforms.

Arbitrum eclipses 50% of net L2s TVL
Image by L2Beat

As L2s' total value locked (TVL) metrics plummeted over 50% since its peak registered on April 1, 2022, it dropped below mid-October 2021 levels.

In the past seven days, the dropdown accelerated: the net TVL of major L2s plunged to $3.78 billion. Aztec, ImmutableX and dYdX are among the worst sufferers of this carnage.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)