Scroll, a ZK rollup Layer 2 network, has made significant strides in the past week, reaching a Total Value Locked (TVL) of $1.03 billion, marking a 23% increase. This milestone makes Scroll the 8th Ethereum Layer 2 network to surpass the $1 billion TVL mark.
Of the $1.03 billion TVL, ETH accounts for 87.29%, stablecoins make up 11.11%, and other assets contribute 1.60%. Scroll has been gaining attention for its continuous feature updates since its launch in October 2023. One of its latest features, Scroll Canvas, allows users to showcase their achievements, status, and on-chain credentials within the ecosystem.
The network has also introduced an initiative called ‘Session One,’ which rewards DeFi users for providing 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 among the top chains in TVL in DeFi, Scroll does not have its own token. However, tokens on Scroll, mostly in wrapped format, have seen price increases according to CoinGecko data.
Wrapped stETH (WSTETH) has seen a 10% increase in trading volume over the last week, making it the leading token in this regard. Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll) follow closely behind. Participants are encouraged to bridge ETH and wstETH through the native bridge and STONE using LayerZero to Scroll, making it easy for users to benefit from the network’s rewards without extra transactions or activities.
In addition to Scroll’s success, Ethereum Layer 2 networks as a whole have experienced increased activity over the past week, with a 12.04% rise in TVL. Arbitrum One leads the pack with a TVL of $16.85 billion, an 11.91% increase. Base, OP Mainnet, Blast, and Mantle round out the top five with varying levels of TVL and increases over the week.
Overall, the growth and adoption of Layer 2 solutions like Scroll are indicative of the continued expansion of the Ethereum ecosystem and the increasing interest in DeFi applications. As these networks continue to evolve and offer innovative features, users can expect more opportunities to participate in the decentralized finance space.