The analytics platform said the excluded tokens were non-circulating holdings in a project-controlled multisig and said RAIN's price and supply structure appear "significantly manipulated" as it continues investigating.
L2Beat removed about $7 billion worth of RAIN tokens from Arbitrum's Total Value Secured, saying the tokens were non-circulating holdings in a project-controlled multisig wallet. The analytics firm also said RAIN's price and supply structure appear "significantly manipulated" and that it is continuing to investigate. The move indicates L2Beat does not view those balances as representative of value genuinely secured on the network. TVS is a closely watched metric for layer-2 networks because it measures assets secured onchain, and excluding insider-controlled or non-circulating balances can materially change how a chain's scale is presented.