This Is The Latest Ethereum Layer 2 Protocol to Surpass the $1 Billion TVL Mark

Scroll, a ZK rollup Layer 2 network, is up 23% over the past seven days to reach a TVL of $1.03 billion, according to L2Beat data.

Meanwhile, the total value locked for all Ethereum Layer 2s is up 12.04% over the last week to reach $42.04  billion.

Scroll Hits $1 Billion TVL

Scroll has become the 8th Ethereum Layer 2 network to surpass a TVL of $1 billion. Of this total value, ETH accounts for 87.29%, stablecoins 11.11%, and other assets 1.60%.

The network has recently garnered significant attention, continuously rolling out features since its launch in October 2023. The latest, Scroll Canvas, allows users to collect and display achievements, status, and on-chain credentials within the ecosystem.

Another initiative, ‘Session One,’ incentivizes liquidity by awarding points to DeFi users who provide liquidity on decentralized exchanges like Ambient and Nuri. Additionally, users can earn Scroll Marks by depositing assets into lending protocols such as Aave.

Scroll, though among the top chains in Total Value Locked (TVL) in DeFi, does not have its own token. According to CoinGecko data, tokens on Scroll, mostly in wrapped format, have increased in price.

Wrapped stETH (WSTETH) is leading in trading volume, with a 10% increase in the last week. Following closely are Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll).

Meanwhile, participants are encouraged to bridge ETH and wstETH through the native bridge and STONE using LayerZero to Scroll. No extra transactions or activities are required for those aiming for Session Zero eligibility. This streamlined approach makes it easy for users to benefit from the network’s rewards.

ETH Layer 2 Networks Activity Increases

Over the past week, Ethereum Layer 2 networks have generally experienced increased activity, up 12.04%. Arbitrum One led the pack with a TVL of $16.85 billion, marking an 11.91% rise over the week.

Base followed with $6.87 billion, a 7.53% decrease, while OP Mainnet holds $6.42 billion, a 16.55% increase. Blast has $2.67 billion, up by 10.33% during the same period. Mantle rounds out the top five with $1.24 billion, increasing by 15.07%.

The post This Is The Latest Ethereum Layer 2 Protocol to Surpass the $1 Billion TVL Mark appeared first on CryptoPotato.