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While Optimism (OP) and Arbitrum (ARB) dominate the layer2 industry, they have noted substantial dips in total value locked lately. L2Beats data shows the altcoin saw TVL reductions within the last 24 hours.
Arbitrum’s total value locked has plummeted by 10.40% to $9.93 billion, whereas Optimism’s 14.45% drop placed the same metric at $4.94 billion.
Despite the substantial TVL declines, Arbitrum and Optimism still rule the layer2 world. The former controls 49.23% of the overall market share, while the latter commands 24.50% as of this publication.
Dwindling volume reflects fading investor excitement
Data shows Arbitrum’s volume saw a significant uptick early this year, with the metric climbing past $1B several times in January. The volume has plummeted to press time levels of $540 million, a noteworthy dip from all-time highs of $1.8 billion.
Optimism saw similar patterns. Its volume stood at approximately $48 million during this writing, a notable dup from $184 million attained early on the month.
The declined volume highlights decreased investors transacting on the network.
ARB & OP prices
Arbitrum’s token remains weak on its seven-day chart, losing over 6.60% in the past week. While its Optimism holders continue to celebrate profits, OP dropped 6.93% within the previous seven days.
Meanwhile, Arbitrum and Optimism reflect the current broad market stance. Bears remain in control as Bitcoin (BTC) fails to record stable uptrends from the $40K vicinity. A massive BTC recovery as the markets anticipate the upcoming halving would potentially rescue ARB and OP.
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