L2 scaling solutions Arbitrum and Optimism have both flipped Solana in TVL. One without even a native token. L2s are here and scaling DeFi

Arbitrum and Optimism have both already flipped Solana in terms of TVL.

TVL of top 10 chains. Source: DefiLlama

As of now, Solana's TVL has dropped below $1bn and has lost 22% of its TVL in the last month, in a major blow to the project.

And Arbitrum doesnt even have a native token (yet!). But it has already leapfrogged Solana both in terms of TVL and also in number of projects deployed on the network. Having a native token means a portion of the token's supply is deployed in various DeFi protocols, thereby increasing the chain's TVL. This is the case with Solana, where Solana's native token SOL is deployed into various Liquid staking protocols, CDPs, DEX LPs and lending pools, thereby increasing the TVL on Solana network. Arbitrum doesn't even have a token, yet has amassed over $1bn in real TVL.

Another interesting fact is that now 9 of the top 10 chains are all EVM compatible chains. Solana is the only one that is a non-EVM chain.