That flip is wild DeFi TVL on @arbitrum sitting at 3× its market cap and even topping FDV levels. That’s not just liquidity; that’s conviction crystallized on-chain.
I ran through the data to be sure DefiLlama shows Arbitrum’s TVL cruising past $18B while FDV hovers around $6B. Meaning the capital deployed here already values the network higher than the market does.
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❯ It’s the only L2 where yield, lending, and AI-native protocols (Pendle, GMX, Talos, Camelot) are compounding faster than token supply.
❯ Transaction throughput and active addresses still lead the L2 pack.
❯ Treasury buybacks + 4844 compression keep network costs and incentives in sync.
When deployed capital outweighs the token’s full valuation, it usually signals a price correction waiting to happen the fundamentals already priced it higher.
So yeah, whales aren’t betting on hype. They’re staking on math.
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