Arbitrum One’s TVL Hits $10 Billion, Sets New Record High
In Brief
Arbitrum One’s TVL reached $10 billion for the first time achieving a record high and showcasing a 10.50% increase in the past week.
Arbitrum One‘s total value locked (TVL) achieved a record high, reaching $10 billion for the first time, representing a 10.50% increase in the past week. As of now, the total TVL for the Ethereum Layer 2 network stands at $20.82 billion, with Arbitrum One accounting for 48.03%, according to data from L2Beat.
Arbitrum One is an Optimistic Rollup that replicates the Ethereum experience with reduced transaction costs on Layer 1.
As stage one optimistic rollup, it features a deployed and functional proof system, accepts fraud proofs from a minimum of 5 external actors, enables user exits without reliance on permissioned operators, has a properly established Security Council and allows a 7-day exit window in the event of an unwanted upgrade by actors more centralized than a Security Council.
Arbitrum, developed by Offchain Labs, stands as one of Ethereum’s largest scaling solutions, hosting approximately 470 deployed apps on its network. In March 2023, Arbitrum ecosystem introduced the ARB token as a governance token for the Arbitrum One and Arbitrum Nova users.
In the previous month, Arbitrum One encountered a disruption when the sequencer experienced a “stall” due to a “significant surge in network traffic,” as reported in an alert on Arbitrum’s official status page. The outages were attributed to inscriptions, as later confirmed by the team. However, the system was restored online after a two-hour period.
The Arbitrum One performance highlights its growing role in the evolving cryptocurrency landscape, indicating the increased public interest and involvement in cryptocurrency investments.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
