LayerZero TVL Jumped $3.9B On One Token Sent From Polygon To Arc

LayerZero TVL on DefiLlama rose from $7.85 billion on October 2 to $11.71 billion on October 3, a jump of $3.86 billion in one day. One token explains nearly all of it. WPAY, the token of the Wirex Pay chain, moved from about 17.5 million units to 4.48 billion units inside LayerZero's WPAY adapter contract on Polygon.

Blockscout's view of one of the five Polygon send calls, 1,765,666,670 WPAY into the adapter.

What moved the LayerZero TVL

DefiLlama's weekly change for LayerZero V2 reads +49%, which makes it the biggest riser among protocols above $200 million that DefiLlama lists. Most readers would assume deposits poured in. The chain data says otherwise, and it is quick to check.

Polygon's own chain data shows how it happened. One address fired off five send calls on October 2, all inside an hour that began at 14:36 UTC. The smallest was 109 million WPAY and the largest 1.77 billion. Together they came to 4.46 billion.

Every call logged a LayerZero event with destination ID 30417 attached. LayerZero's public metadata lists that ID as Arc. So the tokens were sent from Polygon toward Arc. An adapter of this kind keeps the originals locked on the source chain.

Reading the WPAY token directly on October 9, the adapter holds 4,481,862,990 tokens. The total supply is a fixed 10 billion, so 44.8% of every WPAY now sits in that one contract.

A thin market sets the TVL price

DefiLlama prices the locked tokens at the market rate. CoinGecko quotes roughly 90 cents per WPAY, so the locked balance is worth about $4.05 billion. That is roughly 35% of the $11.71 billion LayerZero total.

Trading is the weak point. CoinGecko shows about $2.17 million of 24-hour volume and reports no circulating supply for the token. Recent transfers on Blockscout's WPAY page ran from about $6 to $67. Selling even a small slice of the locked balance would need a far deeper market than $2.17 million a day. The $4 billion is a mark and not a realizable value. Any LayerZero TVL chart carrying it inherits that gap.

LayerZero TVL without the WPAY lock

Take WPAY out and the picture changes. USDT inside the bridge stood near $3.34 billion on October 9 and USDe near $2.26 billion, per DefiLlama's token breakdown. Subtract WPAY from the $11.71 billion headline and about $7.66 billion remains. That sits close to the $7.85 billion of October 2, so the week's gain comes from the WPAY lock and little else.

Locking a project token in an adapter is how LayerZero's omnichain token standard works. CoinGecko describes Wirex Pay as a payment chain incubated by Wirex. The point here is narrower. A chart that adds a locked project token at its quoted price reflects that token's valuation and not money deposited by users. The adapter balance, the WPAY price and the volume are all public and take a few minutes to confirm.

Why the number gets quoted

A BSCN post on X described the move as an overnight surge of roughly $3.9 billion. Anyone reusing LayerZero TVL figures should check the token split first. This report covers onchain and market data only and offers no view on WPAY or any LayerZero-connected token.