Emerging EVM L2s

Key Insights

• Arbitrum and Optimism increased in price by 54% and 49% in the last two months, respectively, but alternate L2s also grew in prominence in both price and TVL:
  • Blast ($1.3 billion TVL in 60d)
  • Mantle ($2 billion market cap, +19%, $150 million TVL, +100% 60d)
  • Metis ($91 million market cap, +321%, $91 million TVL, +152% 60d)
• Manta, the first network live on Celestia, grew to $550 million in TVL in two months as incentives and airdrop farming vastly inflated network activity.
• These emergent L2s heavily rely on incentives to garner attention and users, but Manta’s DDoS attack and fleeting user counts underscore the negative consequences of doing so.