Ethereum’s Arbitrum Now Controls over 50% of All L2s’ TVL

Within the context of upcoming community-driven interoperability initiative Odyssey, DeFi enthusiasts will be able to claim exclusive non-fungible tokens (NFTs).

Arbitrum’s Odyssey kicks off on June 21, 2022

According to the official statement shared by Arbitrum, its Odyssey initiative officially starts next Tuesday, on June 21, 2022. Within its first phase, “Bridge Week,” various Ethereum-based solutions will be invited to bridge value to Arbitrum.

📣 The Arbitrum Odyssey will officially start on Tuesday June 21st, 2022 at 1pm EST.

We know you arbinauts have been very excited to venture into the unknown with us, and we’re very eager to have you aboard! 🚀

But before we continue, our space engineers have a small update: pic.twitter.com/RpXj2p9yb8

— Arbitrum (@arbitrum) June 17, 2022

Celer, Hop Protocol, HashFlow, deBridge and other cutting-edge Ethereum-based solutions have joined Arbitrum Odyssey as technical partners.

DeFi enthusiasts will be able to use bridge solutions; those that ended up using the bridge that had the most wallets bridging into Arbitrum will be eligible for an NFT airdrop.

After “Bridge Week” is over, every week, two of the technical partners will announce two separate tasks. All testers will also be eligible for limited NFT distributions.

Amid market carnage, Arbitrum controls over 50% of all L2s’ TVL

Arbitrum is the most important second-layer solution for Ethereum (ETH) dApps. Per statistics shared by the L2Beat project, it is responsible for 50.68% of the aggregated TVL of all mainstream platforms.

As L2s’ total value locked (TVL) metrics plummeted over 50% since its peak registered on April 1, 2022, it dropped below mid-October 2021 levels.

In the past seven days, the dropdown accelerated: the net TVL of major L2s plunged to $3.78 billion. Aztec, ImmutableX and dYdX are among the worst sufferers of this carnage.