Ethereum bridges commanded by Arbitrum reach an all-time high TVL, securing a notable 61% market dominance
In the rapidly evolving world of blockchain technology, Arbitrum continues to make waves as the leading Ethereum layer 2 (L2) solution. As of the current context, the network is used by over 750,000 addresses per day, a significant leap from the previously reported 1,400 daily active users on June 14.
Arbitrum's dominance across Ethereum bridges rose to a record 61% on June 6, according to data from Token Terminal. This dominance is reflected in the total value locked (TVL) on the platform, which crossed the $20 billion mark at the beginning of April 2024 and has since reached new highs.
On June 6, the total value locked on Arbitrum bridge reached a record high of $10.38 billion, according to Glassnode data. By June 14, this figure had grown to $11.28 billion, with the canonical bridge TVL accounting for the majority of this sum, totalling $11.09 billion. The breakdown of the canonical bridged tokens on Arbitrum is primarily composed of WETH, accounting for over 56%.
The number of active weekly users of Arbitrum Bridge reached 4,000 on an unspecified date, while the record for the highest number of active daily users was set on June 14, when the figure reached over 750,000. This makes Arbitrum the only L2 whose number of daily active users crossed the 1 million mark.
Founded by Ed Felten, Steven Goldfeder, and Harry Kalodner, Arbitrum is the largest L2 by TVL and the number of active users. As of June 14, Arbitrum's total TVL includes $11.28 billion in canonical bridge TVL, $4.86 billion in native TVL, and $1.71 billion in external TVL.
The TVL across all Ethereum bridges hovers above the $16 billion mark, up about 100% since September 2023. Data from Token Terminal shows that Arbitrum's bridged TVL hit a record $12.14 billion on June 5, further solidifying its position as the leading Ethereum L2 solution.
In conclusion, Arbitrum's continued growth and success are a testament to its robust infrastructure, innovative solutions, and the trust placed in it by the blockchain community. With over 750,000 daily active users and a total TVL of $17.8 billion, Arbitrum is poised to continue leading the way in Ethereum layer 2 solutions.
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