$7 Billion RAIN Token Removal Sparks Arbitrum TVS Controversy

L2Beat, an analytical research platform, recently removed $7 billion in non-circulating RAIN tokens from Arbitrum's Total Value Secured. This change was made because L2Beat determined that these assets were held in project-controlled multisignature wallets and should not have counted toward the network's secured value.

The removal caused a sharp drop in Arbitrum's secured value, but $2.6 billion of RAIN still leads its asset breakdown ahead of USDC and ETH.

The change has raised scrutiny over RAIN's valuation, token concentration, and TVS reporting for crypto and DeFi metrics.