Arbitrum TVL chart is actually a good reminder of how L2 liquidity behaves when the noise dies down. > TVL is up ~68% ytd, and it’s not coming from random farm rotations. > Hyperliquid alone is carrying half the ecosystem with 4.7b locked in the bridge. > That’s not “defi usage” in the old sense, but it’s still real liquidity secured by the chain. > The rest of the stack, Aave, GMX, Uniswap, is stable. > Morpho, Fluid, Compound… small but slowly trending up, which means the base layer is still alive. Arbitrum isn’t in its hype era right now, but the money clearly didn’t leave. and for an ecosystem this mature, that’s usually what matters more than daily sentiment swings. Liquidity will always chase incentives in the short term, but it only stays where infra + user flow makes sense. Arbitrum still fits that description.