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. --- ❯ 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.