Adoption: Arbitrum Become First L2 to Cross $10B TVL

In a significant milestone, Arbitrum One has cemented its dominance by becoming the first layer-2 (L2) scaling solution to reach a total value locked (TVL) of $10.22 billion (on January 3).

Impressive Milestone 

This impressive feat, reported by L2Beat, represents a 15.9% surge in TVL for Arbitrum within the past week. This solidifies Arbitrum’s position as a frontrunner in the race for Ethereum scaling solutions.

TVL is a crucial metric to determine the amount of digital assets locked or staked on a blockchain through decentralized finance (DeFi) platforms or applications. A higher TVL indicates increased user adoption and trust.

Among the assets making up Arbitrum’s TVL, 30.9% are ETH, 23.68% are ARB, 29.66% are stablecoins, and 15.76% are several others.

With over $10 billion in TVL, Arbitrum’s market share among L2 projects currently stands at 48.7%. Trailing Arbitrum is OP mainnet with 30.30% and a TVL of 6.37 billion. Others in the top five list include Metis, Base, and zkSync Era.

ARB Soars 

Meanwhile, the surge in Arbitrum’s TVL coincides with the rally of its native token, ARB. Earlier today, the token rose 9% to hit an all-time high (ATH) of $1.97. However, the token has since dropped by nearly 4% from its peak.

Notably, shortly after ARB hit its ATH, Wintermute transferred $5.7 million worth of the token to crypto exchange OKX, suggesting an attempt to take profit.

ARB was trading at $1.91 at press time, representing a 10.12% price increase in the past 24 hours. With its current price, the token has seen a 47.10% increase in the past week and a 70.5% surge over the past 30 days.