Arbitrum's 2025 story is a masterclass in crypto's value accrual paradox.
The chain pulled in a staggering $2.52B in net inflows—more than Base, Ethereum, Optimism, and Solana combined.
Yet, ARB token active addresses plummeted 59%, signaling a disconnect between chain growth and token utility.
Why? Capital doesn't evaporate; it reallocates. GMX clings to 90% of its TVL here, Pendle boasts $32.5M in liquidity pools, and AAVE powers over $2B in lending markets.
These protocols thrive on Arbitrum's scalability, capturing fees and yields directly—while the governance token ARB watches from the sidelines.
This highlights a broader L2 truth: Infrastructure wins wars, but apps eat the spoils. For builders, it's a goldmine; for token holders, a reminder to bet on utility, not just hype. What's next for value capture in rollups?
