Offchain Labs, the primary developer of the Arbitrum network, has reinforced its commitment to the ecosystem by increasing its stake in the ARB token. This move coincides with Arbitrum achieving a significant milestone, surpassing $20 billion in total value locked (TVL).
The increase in ARB holdings by Offchain Labs signals a strong belief in the long-term potential and growth of the Arbitrum network. The company announced that the increased ARB holdings align with their long-term interests. The firm has been increasing its ARB holdings through an established buyback program, further solidifying its investment in the Arbitrum ecosystem. This strategic purchase plan involves acquiring ARB tokens over time through open market and other transactions based on predetermined parameters.
Arbitrum, an Ethereum layer-2 scaling solution, utilizes optimistic rollups to enhance transaction speeds and reduce costs. By processing transactions off-chain and settling them on Ethereum, Arbitrum offers users the security of the Ethereum network with lower fees.
The $20 billion TVL milestone marks Arbitrum as the first layer-2 network to achieve this feat. This milestone highlights the increasing adoption and confidence in layer-2 solutions for scaling Ethereum. Arbitrum One's TVL consists of $6.64 billion in canonical value, $5.32 billion in external value, and $8.12 billion in native value. Arbitrum's rise to the top L2 platform comes as the network processed over 2.1 billion lifetime transactions on Arbitrum One.
In comparison to other layer-2 networks, Base has a TVL of $12.4 billion, OP Mainnet stands at $8.56 billion, and Blast has $1.55 billion. Within the Arbitrum network, the highest native minted value is around $4.3 billion, followed by USD Coin (USDC) at $2.2 billion.
Offchain Labs also actively supports the artificial intelligence (AI) industry on Arbitrum, demonstrated by a $1 million grant to the Arbitrum Network. The Trailblazer AI Grant aims to support developers and creators focused on building AI agents on Ethereum layer-2, with eligible projects receiving $10,000 rewards.
Offchain Labs reaffirms its support for the Arbitrum DAO's strategic priorities, which include empowering developers, fostering community growth, and advancing technological innovation.
