Exciting Developments in Layer 2 Networks!
Did you know that Scroll, a ZK rollup Layer 2 network, has seen remarkable growth recently? Scroll has surged by 23% in the past seven days, reaching a Total Value Locked (TVL) of $1.03 billion, according to L2Beat data. Additionally, the total value locked for all Ethereum Layer 2 networks has increased by 12.04% in the last week, reaching $42.04 billion.
Scroll Achieves $1 Billion TVL Milestone
Scroll has achieved a significant milestone by becoming the 8th Ethereum Layer 2 network to surpass a TVL of $1 billion. Within this TVL, ETH accounts for 87.29%, stablecoins make up 11.11%, and other assets represent 1.60% of the total value.
- Scroll has been receiving a lot of attention lately due to its continuous feature updates since its launch in October 2023.
- The latest feature, Scroll Canvas, allows users to collect and display achievements, status, and on-chain credentials within the network.
- Another initiative called ‘Session One’ incentivizes liquidity by rewarding DeFi users who provide liquidity on decentralized exchanges like Ambient and Nuri.
- Users can also earn Scroll Marks by depositing assets into lending protocols such as Aave.
Despite being one of the leading chains in Total Value Locked (TVL) in DeFi, Scroll does not have its native token. However, data from CoinGecko shows that tokens on Scroll, mainly in wrapped format, have seen price increases. Wrapped stETH (WSTETH) has shown a significant trading volume increase of 10% in the last week, followed by Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll).
Scroll encourages participants to bridge ETH and wstETH through the native bridge and STONE using LayerZero to Scroll. This streamlined process simplifies the eligibility criteria for Session Zero rewards, making it convenient for users to benefit from the network’s incentives.
Increasing Activity in ETH Layer 2 Networks
The Ethereum Layer 2 networks have witnessed a surge in activity over the past week, with a 12.04% increase overall. Let’s explore some of the key highlights:
- Arbitrum One leads the pack with a TVL of $16.85 billion, marking an 11.91% rise.
- Base follows with $6.87 billion, experiencing a 7.53% decrease in TVL.
- OP Mainnet holds $6.42 billion, showing a significant 16.55% increase.
- Blast has reached $2.67 billion, up by 10.33% during the same period.
- Mantle secures a spot in the top five with $1.24 billion, witnessing a growth of 15.07%.
Final Thoughts
Exciting times are ahead in the world of Layer 2 networks, with Scroll reaching impressive milestones and Ethereum Layer 2 networks showing increased activity. Keep an eye on these developments as they unfold, as they could have a significant impact on the overall crypto ecosystem and DeFi space.
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