The total value bridged to Arbitrum hit a record high at the beginning of June, according to data from Glassnode and Token Terminal.
On June 6, the total value locked (TVL) on Arbitrum bridge hit a record $10.38 billion, Glassnode data shows.
Meanwhile, the TVL across all Ethereum bridges hovers above the $16 billion mark, up about 100% since September 2023. Therefore, the TVL of Ethereum bridges maintains close the highest level since May 2022.
Arbitrum’s dominance across Ethereum bridges rose to a record 61% on June 6. Only Polygon had a greater dominance level in 2021 at over 74%.
Data from Token Terminal shows that Arbitrum’s bridged TVL hit a record $12.14 billion on June 5.
Meanwhile, the number of active daily and weekly users of Arbitrum Bridge rose to the highest level in over a year, reaching 1,400 and 4,000, respectively.
Arbitrum is currently the largest Ethereum layer 2 by TVL, with a total $17.8 billion in TVL as of June 14, as per L2Beat data. This includes $11.28 billion canonical bridge TVL, $4.86 billion in native TVL, and $1.71 billion in external TVL. Arbitrum’s total TVL crossed the $20 billion at the beginning of April 2024, while the canonical TVL reached a new record earlier in June as mentioned earlier.
Canonical bridge TVL refers to the tokens bridged from Ethereum to the layer 2’s official bridge app, while native TVL refers to the value of tokens minted directly on the L2.
Here is the breakdown of the canonical bridged tokens on Arbitrum – WETH accounts for over 56%.
Arbitrum remains the largest L2 by TVL and the number of active users. It is the only L2 whose number of daily active users crossed the 1 million mark, which happened last month. Currently, the network is used by over 750,000 addresses per day.
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The post Arbitrum Leads Ethereum Bridges with Record TVL, Achieves 61% Market Dominance appeared first on NFTgators .
