In a Nov. 9 post on X, CoinGecko reports Arbitrum as being the largest Layer 2 solution, with a total of $1.79 billion in total value locked (TVL) in October, or 41.2% of the top 10 L2 solutions market share.
Although this is still down from its yearly peak of $2.6 billion in May 2023.
Polygon takes second
After Arbitrum, Polygon takes the second spot, with a total of $0.78 billion in TVL over the course of October, with its yearly peak of $1.18 billion being reached in February 2023. At this time, eight months earlier, Polygon had just undergone its V0.3.1 Hardfork upgrade in January 2023, reducing gas spikes and addressing reorganizations for the chain.
After Arbitrum and Polygon, the following L2 solutions in order were Optimism, dYdX, Base, Gnosis, zkSync Era, Loopring, Ronin and Mantle.
As per the report, Base, zkSync and Mantle collectively hold an 11.0% market share among the top 10. Launched in March 2023, zkSync Era, and the more recent introductions of Base and Mantle in July of the same year, contribute to the growing prominence of these Layer-2 solutions.
Taking on a role of active involvement
In addition to the market dominance news, an earlier report dated Nov. 7 highlighted the launch of three donation programs by the Arbitrum blockchain project in collaboration with Gitcoin Winter.
The community’s active involvement in The Arbitrum Citizens Retrofunding Round 1 aims to distribute 100,000 ARB to Arbinauts, who have played a proactive role in influencing the governance and processes of the Arbitrum DAO, as stated by the project team.