L2Beat removes $7B of team-controlled RAIN tokens from Arbitrum TVS, citing heavy manipulation; token still dominates Arbitrum metrics at $2.6B.
Regulation & Gov ·
L2Beat has removed approximately $7 billion in RAIN tokens held by team-controlled multisigs from Arbitrum's Total Value Secured metric, citing concerns about market integrity. The adjustment follows L2Beat researchers characterizing the token's behavior as "clearly absurd" and "heavily manipulated," though investigation into the situation remains ongoing.
Despite the removal, RAIN continues to dominate Arbitrum's asset rankings at roughly $2.6 billion in TVS, exceeding both USDC and ETH. The token powers a prediction market protocol on Arbitrum and received a $100 million liquidity commitment in May, briefly placing it among the three largest prediction market protocols by valuation.
The scale of the team-controlled supply raises questions about the true circulating float and pricing mechanisms underpinning RAIN's position. Whether the manipulation allegations will prompt broader protocol or exchange-level scrutiny, or how they may affect the project's standing within the prediction market sector, remains unclear.