Ethereum L2 value secured is concentrated in Arbitrum and Base
Post176 words
L2BEAT TVS data shows the top two L2s hold most value secured, with TVS composition differing by canonical, native and external bridged assets. Concentration proxies where composability and large-user comfort sit.
Key claims
Arbitrum One ~$17.06B TVS, Base ~$12.14B, OP Mainnet ~$2.24B
Arbitrum split $4.0B canonical, $4.6B native, $8.4B external
Base ~$2.9B canonical, $4.25B native, $4.95B external
Ethereum L2s are often talked about like a broad, evenly distributed ecosystem. The capital data doesn’t really look that way.
On @l2beat’s TVS view, the top 2 of the stack is doing most of the work.
As of December 2025, @arbitrum One sits around $17.06B TVS and @base around $12.14B TVS, while the next major rollup (OP Mainnet) is closer to $2.24B, and after that you’re quickly in the $1B and sub-$1B range.
In other words: the top two already represent the majority of value secured across L2s.
This matters because “L2 growth” isn’t a single trend:
➤ Liquidity depth and large-user UX tend to follow where TVS sits
➤ Many apps that rely on deep liquidity will naturally bias toward the biggest pools first
➤ Even the composition of TVS differs: on Arbitrum, the split is $4.0B canonical / $4.6B natively minted / $8.4B externally bridged; on Base it’s roughly $2.9B canonical / $4.25B native / $4.95B external
TVS concentration I’s a proxy for where composability is easiest and where large users feel operationally comfortable.
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