Arbitrum, a second-layer expansion rollup for Ethereum, has broken the $ 1.5 billion Total Value Locked (TVL) in protocols that use its services. The smart contract only saw a more than 1 billion inflow today after rumors surfaced on social media that the protocol may be planning to issue its own token in the coming days. The second shift started less than two weeks ago on the mainnet.
Arbitrum blows over $ 1.5 billion TVL
Arbitrum, an L2 scaling solution for Ethereum, has reached a new milestone, breaking the TVL mark of $ 1.5 billion in less than two weeks since it was launched on the mainnet. It had a large inflow of liquidity yesterday, with more than $ 1 billion entering the network according to information from L2Beat. Protocols in Ethereum are still adapting their structures to accommodate arbitrum services, but the layer has seen considerable support even if Ethereum heavyweights like Compound and Aave still haven’t adopted them.
Most of the users flock to the first farming platform in Arbitrum called Arbinyan (related to the Nyan cat meme). Arbinyan has 1.48 billion TVL which means that almost all of the funds have been moved into Arbitrum for the amazing returns the farm offers (3,314.70% APY in the Nyan pool at the time of writing).
However, there could be another reason why these funds were moved to the arbitrum level. A rumor about the possible issuance of a native token as an airdrop spread on social platforms like Twitter yesterday. Cryptocurrency influencer Cobie inquired about it, explaining:
“ETH L2s (Optimism / Arbitrum) will almost definitely do a retrospective Dydx / Uniswap style token drop, right?”
Apart from the rumor, however, Offchain Labs has not stated anything about the possible issuance of a native token. In fact, Arbitrum had to clarify the issue on its official Twitter account. It stated:
As a reminder, there is no arbitrum token. Anything that claims to be an official arbitrum token is a scam.
Ethereum users are always on the lookout for protocols lacking a native token and waiting for a possible airdrop. Last week, Dydx, a decentralized derivatives exchange, released the airborne native token to its users. The protocol gave some of its heavy users $ 50,000 to use the platform. This is why there is so much buzz about the possible issuance of a native token by the protocol.
What do you think of the rumors about the issuance of tokens by Arbitrum? Let us know in the comments section below.
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