Arbitrum, Optimism, and Base are fighting over $52 billion DeFi pie

Arbitrum, Optimism, and Base are competing for dominance of the Ethereum Layer 2 market, which holds about $52 billion in decentralized finance (DeFi). Arbitrum and Optimism were the two earliest major competitors, and both ARB and OP trade within 5% of a $3.2 billion fully diluted valuation. Base is a corporately incubated layer 2 without a native token, and its rewards went to its corporate founder Coinbase. The article says Arbitrum keeps most liquidity on its main chain, with about $2.3 billion in on-chain assets, while Base has about $3 billion in TVL.