@liuweiwei
2026 Layer2 TVL Power Distribution & Leading Chain Investment Concentration Risk
As of early 2026, the Layer2 TVL landscape remains highly concentrated. Arbitrum holds ~38-42%, Base ~22-26%, and Optimism ~14-17%, with the top 3 chains controlling approximately 75-82% of total L2 TVL.
This extreme concentration creates significant investment risks for leading chains:
Single-point-of-failure risk: Regulatory action, major exploit, or sequencer outage on a dominant chain could trigger massive capital flight.
Herding & correlation risk: Capital flows tend to chase the leader, amplifying boom-bust cycles.
Innovation stagnation risk: Smaller challengers struggle to gain traction, reducing ecosystem diversity.
While interoperability and new modular L2s are gradually diluting dominance, the current TVL power distribution still represents a material concentration risk for investors heavily exposed to top-tier L2s.
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