# L2BEAT projects with TVS above 300 M / 500 M USD: snapshot

## 1. Snapshot

- **Data read:** 2026-10-27, between 14:20:19 UTC (first API download) and 14:22:30 UTC (last page download).
- **Sources used:**
  - API: `https://l2beat.com/api/scaling/summary` (HTTP 200, 252,212 bytes, 94 projects). The fields used were `projects.<id>.slug`, `.name`, `.category`, `.stage`, `.hostChain`, `.type` and `.tvs.breakdown.total`.
  - Summary page: `https://l2beat.com/scaling/summary`, which redirects (301) to **https://l2beat.com/layer2s/summary**. Tabs read: default (Rollups), `?tab=others` and `?tab=validiumsAndOptimiums`. The tab counts shown were "Rollups 22 · Validiums & Optimiums 3 · Others 69" (https://l2beat.com/layer2s/summary).
  - Project pages: `https://l2beat.com/scaling/projects/<slug>` redirects (301) to `https://l2beat.com/layer2s/projects/<slug>`. The table below gives the final URLs.
- **Notes on reading the data:**
  - The server-rendered summary page shows TVS figures only on the Rollups tab. In the HTML of the Others and Validiums & Optimiums tabs, the TVS column holds no figures; it is probably filled in client-side. For "Other" projects I therefore give the TVS figure from each project's own page ("Total Value Secured" header).
  - The page shows TVS with 3 significant digits, and the figures look truncated rather than rounded. Example: API 6,569,551,872 against page "$6.56 B". Both figures are given. None of them disagree beyond that display precision.
  - The API's object key is not always the L2BEAT slug. Examples: key `optimism` has slug `op-mainnet`, and key `worldchain` has slug `world`. The table uses the `slug` field, which is the one in the project-page URLs.

## 2. Every project with TVS > 300 M USD

TVS (API) is `tvs.breakdown.total` from https://l2beat.com/api/scaling/summary, rounded to the nearest million USD. TVS (page) is copied exactly as displayed, from https://l2beat.com/layer2s/summary for rollups and from the project page for Others. Category and stage are copied exactly from the API (https://l2beat.com/api/scaling/summary), and they match the page tabs and stage badges.

| # | Slug | Display name | Category | Stage | Host chain | TVS (API), USD M | TVS (page) | L2BEAT page |
|---|---|---|---|---|---|---|---|---|
| 1 | base | Base Chain | Optimistic Rollup | Stage 1 | Ethereum | 15,058 | $15.05 B | https://l2beat.com/layer2s/projects/base |
| 2 | arbitrum | Arbitrum One | Optimistic Rollup | Stage 1 | Ethereum | 9,832 | $9.83 B | https://l2beat.com/layer2s/projects/arbitrum |
| 3 | hyperliquid | Hyperliquid | Other | Not applicable | Arbitrum One (API `type`: layer3) | 6,570 | $6.56 B | https://l2beat.com/layer2s/projects/hyperliquid |
| 4 | polygon-pos | Polygon PoS | Other | Not applicable | Ethereum | 3,832 | $3.83 B | https://l2beat.com/layer2s/projects/polygon-pos |
| 5 | robinhood | Robinhood Chain | Other | Stage 0 | Ethereum | 2,294 | $2.29 B | https://l2beat.com/layer2s/projects/robinhood |
| 6 | op-mainnet | OP Mainnet | Optimistic Rollup | Stage 1 | Ethereum | 1,717 | $1.71 B | https://l2beat.com/layer2s/projects/op-mainnet |
| 7 | mantle | Mantle | ZK Rollup | Stage 0 | Ethereum | 1,301 | $1.30 B | https://l2beat.com/layer2s/projects/mantle |
| 8 | lighter | Lighter | ZK Rollup | Stage 0 (summary table badge reads "Stage 0 Appchain") | Ethereum | 1,057 | $1.05 B | https://l2beat.com/layer2s/projects/lighter |
| 9 | world | World Chain | Other | Stage 0 | Ethereum | 401 | $401.12 M | https://l2beat.com/layer2s/projects/world |
| 10 | starknet | Starknet | ZK Rollup | Stage 1 | Ethereum | 371 | $371.29 M | https://l2beat.com/layer2s/projects/starknet |
| 11 | ink | Ink | Optimistic Rollup | Stage 1 | Ethereum | 365 | $365.20 M | https://l2beat.com/layer2s/projects/ink |
| 12 | linea | Linea | ZK Rollup | Stage 0 | Ethereum | 335 | $335.39 M | https://l2beat.com/layer2s/projects/linea |

Raw API values in USD (https://l2beat.com/api/scaling/summary):

| Project | `tvs.breakdown.total` |
|---|---|
| base | 15058117632 |
| arbitrum | 9832005632 |
| hyperliquid | 6569551872 |
| polygon-pos | 3831951104 |
| robinhood | 2294226432 |
| op-mainnet | 1717252352 |
| mantle | 1301224448 |
| lighter | 1057181312 |
| world | 401126016 |
| starknet | 371292320 |
| ink | 365203936 |
| linea | 335396256 |

Near the cutoff, the next projects by API TVS are below 300 M and are excluded (https://l2beat.com/api/scaling/summary):

| Slug | Category | API TVS, USD |
|---|---|---|
| gnosis | Other | 266,711,536 |
| zksync-era | ZK Rollup | 255,630,864 |
| celo | Optimium, the largest Validium/Optimium | 255,627,728 |

No project in the "Validiums & Optimiums" category is above 300 M.

The display name "Lighter" is the API `name` field. The summary table renders it as "Lighter" followed by the purpose tag "Exchange" (https://l2beat.com/layer2s/summary).

## 3. Selected set: rollups (Optimistic or ZK Rollup) with TVS > 500 M USD

Source for all values: https://l2beat.com/api/scaling/summary and https://l2beat.com/layer2s/summary.

| Rank by TVS | Slug | Name | Category | Stage | TVS (API), USD M |
|---|---|---|---|---|---|
| 1 | base | Base Chain | Optimistic Rollup | Stage 1 | 15,058 |
| 2 | arbitrum | Arbitrum One | Optimistic Rollup | Stage 1 | 9,832 |
| 3 | op-mainnet | OP Mainnet | Optimistic Rollup | Stage 1 | 1,717 |
| 4 | mantle | Mantle | ZK Rollup | Stage 0 | 1,301 |
| 5 | lighter | Lighter | ZK Rollup | Stage 0 | 1,057 |

**Selected set: base, arbitrum, op-mainnet, mantle, lighter (5 rollups).**

These are the top five rows of the Rollups tab, and the sixth row (Starknet) shows $371.29 M (https://l2beat.com/layer2s/summary).

## 4. Projects above 500 M USD that are NOT categorised as rollups

Three projects are above 500 M and in category "Other": Hyperliquid, Polygon PoS and Robinhood Chain. None above 500 M is a Validium or Optimium. Each project page has a box headed "Why is the project listed in others?", quoted below. The "Why am I here?" column of the Others tab (https://l2beat.com/layer2s/summary?tab=others) is also given.

**Hyperliquid** (Other, 6,570 M USD):
- Project page (https://l2beat.com/layer2s/projects/hyperliquid):
  > "The proof system isn't fully functional. Consequence: projects without a proper proof system fully rely on single entities to safely update the state. A malicious proposer can finalize an invalid state, which can cause loss of funds."
  > "There is no data availability bridge. Consequence: projects without a data availability bridge fully rely on single entities (the sequencer) to honestly rely available data roots on Ethereum. A malicious sequencer can collude with the proposer to finalize an unavailable state, which can cause loss of funds."
- Others tab, "Why am I here?" (https://l2beat.com/layer2s/summary?tab=others): "No proofs", "No DA bridge".

**Polygon PoS** (Other, 3,832 M USD):
- Project page (https://l2beat.com/layer2s/projects/polygon-pos):
  > "The proof system isn't fully functional. Consequence: projects without a proper proof system fully rely on single entities to safely update the state. A malicious proposer can finalize an invalid state, which can cause loss of funds."
- Others tab (https://l2beat.com/layer2s/summary?tab=others): "No proofs".
- The page's About text (https://l2beat.com/layer2s/projects/polygon-pos):
  > "Polygon PoS is an EVM-compatible, proof of stake sidechain for Ethereum, planning to become a Validium with a state validating bridge."

**Robinhood Chain** (Other, Stage 0, 2,294 M USD):
- Project page (https://l2beat.com/layer2s/projects/robinhood):
  > "There are less than 5 external actors that can submit challenges. Consequence: projects without a sufficiently decentralized set of challengers rely on few entities to safely update the state. A small set of challengers can collude with the proposer to finalize an invalid state, which can cause loss of funds."
- Others tab (https://l2beat.com/layer2s/summary?tab=others): "Closed proofs".

**World Chain** is listed here for completeness: it is in the 300–500 M band, so it is not required by this section.
- Project page (https://l2beat.com/layer2s/projects/world):
  > "There are less than 5 external actors that can submit challenges…"
  The wording is the same as for Robinhood Chain.
- Others tab (https://l2beat.com/layer2s/summary?tab=others): "Closed proofs".

Every one of these boxes ends "Learn more about the recategorisation here", which links to https://medium.com/l2beat/framework-update-l2-projects-recategorisation-5d43b0d1fe50. That article was not fetched, so it is not quoted here.

## 5. L2BEAT definitions: Rollup vs Validium/Optimium vs Other

**Tab descriptions on the summary page (https://l2beat.com/layer2s/summary):**

- **Rollups** (default tab):
  > "Rollups are L2s that periodically post state commitments to Ethereum. These commitments are validated by either Validity Proofs or are accepted optimistically and can be challenged via Fraud Proof mechanism within a certain fraud proof window. Additionally L2 data is also posted to Ethereum, hence there are no additional trust assumptions introduced."
- **Validiums & Optimiums** (`?tab=validiumsAndOptimiums`):
  > "Validiums and Optimiums are L2s that, similarly to Rollups, periodically post state commitments to Ethereum that are validated by it, however data is not posted to Ethereum. This means that additional trust assumptions, external to Ethereum, are introduced to prevent data withholding attacks."
- **Others** (`?tab=others`):
  > "Others are L2s that either lack a working proof system or don't provide sufficient external DA guarantees (i.e. at least 5 independent attesters, a high enough threshold, or a proper DA bridge). To be listed in this category, the L2 must enshrine deposits from L1."

**Glossary (https://l2beat.com/glossary):**

- **Rollup:**
  > "A blockchain that inherits consensus and data availability from another blockchain called L1. Rollups enable trust minimized bridges with the base layer via proof systems, either optimistic or zero-knowledge. A rollup without a bridge, or without considering the bridge, is called a sovereign rollup."
- **Optimistic rollup:**
  > "A rollup that optimistically updates state with the possibility of fraud proofs being generated to revert faulty state roots."
- **ZK-Rollup:**
  > "A rollup that uses ZKPs (also often called validity proofs) to validate the correctness of the state transition function and update the rollup state."
- **Validium:**
  > "An off-chain solution that uses validity proofs for settlement and publishes the data offchain, therefore requiring an additional trust assumption."
- **Optimium:**
  > "An off-chain solution that uses fraud proofs for settlement and publishes the data offchain, therefore requiring an additional trust assumption."
- **TVS:**
  > "We define TVS to be the total amount of value that can be accessed on a project. … Currently, TVS is calculated as the sum of canonical bridged tokens, externally bridged tokens and native tokens."
- **"Other": NOT FOUND as a glossary entry.** The glossary's term index has no "Other" or "Others" entry. I searched the fetched glossary HTML for "Other"/"Others" headings and found only the word inside other entries. The definition of "Others" given above is the one from the summary page tab.

**"Methodology" link: NOT FOUND as a separate link.** The rendered summary page has "What are rollups?", "What are Validiums and Optimiums?" and "What are Others?" info pop-ups. Their texts are the tab descriptions quoted above. I searched the server-rendered HTML of the three tabs for a "methodology" link and found none; the closest is the recategorisation article linked from the project pages (section 4).

## 6. Stages framework (Stage 0 / 1 / 2)

Source for this section: https://l2beat.com/stages ("Last updated on 23 Jul 2025"). The page says the precise specification is linked from it.

**Intuition:**
> "Stage 0 represents a project who is fully controlled by few entities, Stage 2 represents a project that is fully controlled by code, and Stage 1 as something in between."

The page also says:
> "the Stages Framework only discusses the maturity of a rollup in terms of decentralization, and not in terms of security."

**Stage 0 requirements** (headings quoted):
- "Does the project call itself a rollup?"
- "Are L2 state roots posted on L1?"
- "Does the project provide Data Availability (DA) on L1?"
- "Is software capable of reconstructing the rollup's state source available?"
- "Does the project use a proper proof system?"
- "Are there at least 5 external actors that can submit a fraud proof?"

**Stage 1:**
> "The only way (other than bugs) for a rollup to indefinitely block an L2→L1 message (e.g. a withdrawal) or push an invalid L2→L1 message (e.g. an invalid withdrawal) is by compromising ≥75% of the Security Council."

> "Upgrades initiated by entities outside of the Security Council are allowed if they provide at least a 7 days exit window."

**Stage 2** (headings quoted):
- "Is the fraud proof system permissionless?"
- "Do users have at least 30 days to exit in case of unwanted upgrades?" The page notes that instant upgrades are allowed for bugs detected onchain.
- "Is the Security Council restricted to act only due to errors detected on chain?"

**Glossary wording on the exit window (https://l2beat.com/glossary):**
> "To be considered Stage 1, a rollup needs to have an exit window of at least 7d if upgrades are initiated by a permissioned actor less decentralized than a Security Council. For Stage 2, a rollup needs at least 30d in all cases outside of onchain provable bugs."

**Stage badges in the summary table** (https://l2beat.com/layer2s/summary):
- Stage 0 is labelled "Full training wheels", Stage 1 "Limited training wheels", and the page notes "Please mind, stages do not reflect project security".
- For the three Stage 1 rollups in the selected set (Base, Arbitrum One, OP Mainnet), the table shows:
  > "The project passes the walkaway test: users can exit in the presence of malicious operators even if the Security Council disappears. Items missing for Stage 2: Upgrades unrelated to onchain provable bugs provide less than 30d to exit. The Security Council's actions are not confined to onchain provable bugs."
- For Mantle and Lighter (Stage 0), the first missing Stage 1 item shown is:
  > "Compromising ≥75% of the Security Council should be the only way (other than bugs) for a rollup to indefinitely block an L2→L1 message…"

As the brief asks, this section does not profile the projects any further.