Arbitrum One and Base leveraged Ethereum security for only ~28% of its TVS for last month TL;DR L2s aren’t using Ethereum settlement as intended - Most assets and transactions on L2s bypass Ethereum settlement through third-party bridges, external assets, and native tokens. Asset settlement defines true security - The real question about infrastructure-level security is who controls the underlying ledger: Ethereum (canonical assets), external bridges (CCTP USDC, LayerZero OFTs), or the L2 ...
