Ethereum Second Layers Cross $3 Billion

2w
6m read
Summary

Some $3 billion is now locked in 17 tracked second layer projects, or 887,000 eth, spiking vertically recently. They could have waited of course to refine the project first, but they’re facing intense competition from Optimism, another VC backed ethereum second layer. This second layer however clearly has considerable VC interests, with it stating they will not airdrop a token. About 1% of ethereum’s total supply has already moved to newly launched second layers with Arbitrum beginning to dominate. Currently, the only Arbitrum validator is the Arbitrum project itself.

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About 1% of ethereum’s total supply has already moved to newly launched second layers with Arbitrum beginning to dominate.

Some $3 billion is now locked in 17 tracked second layer projects, or 887,000 eth, spiking vertically recently.

Arbitrum has by far the most of assets, with it seeing a jump of more than 3,000% in the past two days after it opened itself to the public.

ETH L2 rankings by assets, Sep 2021

Optimism is still limited to a whitelist, while the dYdX solution is limited to the platform itself rather than it being a generalized second layer EVM.

Arbitrum is currently the only such EVM open to the public, and thus projects are already launching there with meme token Nyan attracting some $1.4 billion in assets.

Its token value has plunged however from $8 to 50 cent due to its highly inflationary distribution with people waking up to say they lost everything.

That’s still better than Carbon, a token which doesn’t...

Read the full article @ TrustNodes