While Optimism (OP) and Arbitrum (ARB) dominate the layer2 industry, they have noted substantial dips in total value locked lately. L2Beats data shows the altcoin saw TVL reductions within the last 24 hours. Arbitrum’s total value locked has plummeted by 10.40% to $9.93 billion, whereas Optimism’s 14.45% drop placed the same metric at $4.94 billion.