Arbitrum, an Ethereum Layer 2 protocol, has been seeing renewed interest in the market since the year began. The decentralized finance space on the network has been especially fortunate during this time, jumping almost 50% in less than two months.
2023 Brings Good Tidings For TVL On Arbitrum
The Ethereum Layer 2 scaling solution started out the year 2023 like any other protocol and that is with low momentum. The entire decentralized finance (DeFi) market was negatively affected by the bear market, causing TVL across networks to drop drastically.
However, Arbitrum has been able to leverage the recent recovery in the market to push up its own TVL. The protocol which was sitting at a TVL of $1.02 billion ballooned to over $1.5 billion by mid-February. This represents an over 47% growth in TVL on the protocol in less than two months.
This sudden rise in TVL puts it ahead of other protocols such as Polygon, which is another Ethereum Layer 2 scaling solution. Not only that but Arbitrum is n
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