Arbitrum One Hits $10 Billion TVL

Quick Take

• Validator withdrawal queue exceeds 2 weeks.
• Lyra Chain to use Celestia DA.
• Arbitrum One hits $10 billion in TVL
• Applications open for GHO virtual hackathon.

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Validator Withdrawal Queue Tops 2 Weeks

The queue for Ethereum validators to withdraw their stakes has now extended beyond two weeks. Data from Rated Network shows that 15,393 validators are in line for withdrawal, totaling about 500,000 ETH. Onchain data analyst Tom Wan notes that 352,000 ETH in the queue is from Figment, and around 206,000 ETH is from Celsius. Earlier in the week, the validator exit queue was almost empty. The surge in exits is largely due to Celsius withdrawing its validators to make direct in-kind repayments to its creditors, meaning the assets won't be sold. According to validatorqueue.com, the APY for Ethereum staking has risen by two basis points, as it's influenced by the total amount of ETH staked.

Lyra Chain To Use Celestia DA

Options protocol Lyra announced plans to use Celestia’s data availability layer for Lyra Chain, its options-focused L2 network built on the OP Stack. Celestia allows Lyra to reduce data costs, improving sequencer profitability. Since fees generated from the sequencer will be allocated to the Lyra DAO, the cost savings will be passed on to traders. Lyra Chain is part of the Lyra V2 upgrade, which introduces a fully onchain portfolio margin and liquidity engine with support for cross-margin and multi-asset collateral. A portion of protocol trading fees will also be allocated to an insurance fund. Lyra V2 will also offer smart contract wallets and gasless transactions.

Arbitrum One Hits $10 Billion TVL

For the first time, Aritrum One hit $10 billion in TVL. The milestone coincides with a rise in the price of ARB, which also hit an ATH of about $2 earlier this week. ARB makes up nearly a quarter of the TVL given the token’s market cap of $2.5 billion. Arbitrum is not only the largest L2 by TVL, but it also holds the most bridged ETH among L2s. In the last 30 days, Arbitrum One has also processed more transactions than Ethereum mainnet, second to zkSync.

Applications Open For GHO Virtual Hackathon

Applications are now open for Aave’s first GHO virtual hackathon, which will take place from January 12-24, 2024. GHO is Aave’s native over-collateralized USD-pegged stablecoin. GHO is also multi-collateral, which can be minted against multiple collateral asset types. The LFGHO hackathon is offering up to $75,000 in prizes for participating hackers.

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