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Arbitrum TVL Soars 22% Weekly Following Much Anticipated ARB Airdrop
2023-03-27 14:28:57

The total value locked in decentralized protocols on Ethereum’s popular layer-2 scaling solution – Arbitrum – is soaring. This comes shortly after the protocol released its much-anticipated ARB token through an airdrop to early adopters.
Data from DeFi Llama shows that the total locked value (TVL) in Arbitrum is up more than 22% during the past seven days alone. With this, Arbitrum is currently the fourth-largest network by means of TVL, with $2.18 billion, sitting right after Ethereum, Tron, and the BNB Chain. It also accounts for roughly 4.43% of the total value locked across all blockchains.
The ARB token itself is a governance tool, and the team distributed 11.62% of its total supply to early adopters who completed various tasks over the past years. In addition, 1.13% went to decentralized autonomous organizations (DAOs) that helped build applications on Arbitrum. At the time of this writing, ARB is trading at around $1.28 with a market capitalization of $1.62 billion, making it the 39th largest cryptocurrency by that metric.