Arbitrum, Ethereum’s Layer 2 expansion group, has breached $1.5 billion in Total Locked Value (TVL) in protocols using its services. The smart contract registered an influx of more than a billion people today just after a rumor began on social media that the protocol might be planning to release its own token in the coming days. Layer 2 was launched on mainnet less than two weeks ago.
Arbitrum crosses $1.5 billion from TVL
Arbitrum, an L2 scaling solution for Ethereum, has reached a new milestone, smashing $1.5 billion into TVL in less than two weeks since its mainnet launch. It had a massive influx of cash yesterday, with more than $1 billion entering the network according to information from L2Beat. The protocols in Ethereum are still adapting their architectures to include Arbitrum services, but the layer has gained significant support, even when Ethereum heavyweights like Compound and Aave haven’t embraced it.
Most users flock to Arbitrum’s first farming platform, called Arbinyan (related to a nyan cat meme). Arbinyan has 1.48 billion TVL, which means that almost all of the money has been moved into Arbitrum to get amazing returns from the farm (3,314.70% APY in the Nyan pool at the time of writing).
However, there may be another reason for this money to move to the Arbitrum layer. Rumors of a possible local token release as an airdrop spread yesterday on social media platforms such as Twitter. Impact on cryptocurrencies Cuban Inquire about it by declaring:
“It’s almost certain that ETH L2s (Optimism/Arbitrum) will drop the dydx/uniswap-style token retroactively, right?”
However, apart from the rumors, Offchain Labs has not announced anything regarding the possible release of a local token. In fact, Arbitrum had to clarify the topic on its official Twitter account. He. She announce:
Reminder: There is no Arbitrum token. Anything claiming to be an official Arbitrum token is a scam.
Ethereum users are always looking for protocols that are missing a native token, waiting for a possible airdrop. Last week, Dydx, a decentralized derivatives exchange, released the original airdropped token to its users. The protocol gave some heavy users $50,000 to use the platform. This is why there is such a hype about the possible release of a local token through the protocol.
What do you think of the Arbitrum native token release rumors? Tell us in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
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