Arbitrum One Surpasses $10 Billion TVL, Making History as Ethereum's First Layer 2 Network

Arbitrum One Sets TVL Record

Arbitrum One’s Total Value Locked (TVL) has surged by 15.9% in the past week, reaching an impressive milestone of $10.22 billion. This makes it the first Layer 2 (L2) network to surpass the $10 billion TVL mark.

Arbitrum One Dominates Ethereum Layer 2 TVL

According to data from L2Beat, the total TVL for Ethereum Layer 2 networks has reached $20.82 billion, with Arbitrum One contributing significantly by accounting for 48.03% of the total.

Arbitrum One currently holds a diversified asset portfolio, with Ethereum (ETH), its native governance token ARB, stablecoins, and various other assets. The ARB token has seen a 14.3% increase in value over the past 24 hours.

The success of Arbitrum One can be attributed to its ability to replicate the Ethereum experience while offering lower transaction costs, attracting many decentralized applications (dApps) to the network.

The implementation of the ARB token as a governance token has also played a significant role in the platform’s growth.

Arbitrum One Recovers After Outage

Arbitrum One experienced a partial outage on December 15 due to a surge of Bitcoin Ordinals-inspired inscriptions. However, the network quickly recovered and resumed normal operations.

This was not the first time Arbitrum faced disruptions. In June 2023, the network experienced a standstill for over an hour due to a bug in its sequencer. Developers intervened and resolved the issue.

Hot Take: Arbitrum One Leads the Way in Layer 2 TVL

Arbitrum One’s achievement of surpassing $10 billion TVL marks a significant milestone in the world of Layer 2 networks. With its ability to replicate the Ethereum experience at a lower cost, Arbitrum One has become the dominant player in the Ethereum Layer 2 TVL space.

The success can be attributed to factors such as its diversified asset portfolio, the implementation of the ARB governance token, and its attractive features for decentralized applications. Despite facing occasional disruptions, Arbitrum One has proven its resilience and continues to attract users and developers to its network.