TVL skyrockets to $10 billion, shattering previous records.
Arbitrum One, a Layer 2 solution for the Ethereum network designed to enhance speed and scalability, has recently achieved an all-time high for Total value locked (TVL). According to L2Beat, the TVL of Arbitrum has reached a remarkable milestone of $10.18 billion, with a growth rate of 15% in the past 24 hours.
Optimism protocol secures the second spot on the list with a TVL of $6.34 billion, which is nearly 40% lower than Arbitrum. The protocol has also witnessed a significant increase of 11.63% in TVL over the past day. Metis completes the top three, although the platform cautions that a proof system is currently under development.
Base and zkSync Era also make it to the top 5 protocols by TVL, with $636 million and $569 million respectively, as reported by L2Beat. These three blockchains account for more than 82% of the total TVL volume in the list. Additionally, Manta Pacific, dYdX, Mantle, Immutable X, and Line secure positions in the top 10 second-tier networks.
CoinGecko analysts previously ranked Arbitrum as the leading L2 network in terms of blocked funds in smart contracts, with $1.79 billion in November 2023. In May 2023, the Arbitrum second-level network achieved a record-breaking level of $2.6 billion. However, during that time, analysts identified Coinbase’s Base as the fastest-growing tier 2 solution.
For more information, read: Ethereum among major blockchains, dominating with 92.5% of total TVL. Stay updated by following us on Google News.
