As a seasoned analyst with extensive experience in the blockchain and DeFi space, I have been closely monitoring the developments in the Ethereum Layer 2 ecosystem. The recent surge in the Total Value Locked (TVL) of Scroll, reaching $1.03 billion, is particularly noteworthy. This achievement makes Scroll the eighth Ethereum Layer 2 network to surpass this milestone.
Over the last week, the value locked in Scroll, a ZK rollup Layer 2 network, has increased by 23%, amounting to a total of $1.03 billion based on the latest figures from L2Beat.
Over the past week, the combined value of assets locked across all Ethereum Layer 2 solutions has increased by 12.04%, amounting to approximately $42.04 billion today.
Scroll Hits $1 Billion TVL
Eight Ethereum Layer 2 platforms have now surpassed a television-equivalent value (Total Value Locked) of one billion dollars, with Scroll being the latest addition. Among this aggregate value, Ethereum makes up approximately 87.3%, stablecoins account for around 11.1%, and the remaining 1.6% is attributed to other assets.
Recently, there’s been a lot of buzz surrounding this network. Since its debut in October 2023, it has consistently introduced new features. The most recent addition is Scroll Canvas, which enables users to showcase their accomplishments, current standing, and on-chain credentials within the platform.
In the first initiative, named “Session One,” users are encouraged to add liquidity to decentralized platforms like Ambient and Nuri on decentralized exchanges. For doing so, they receive reward points. Moreover, depositing assets in lending systems such as Aave grants users Scroll Marks as a bonus.
Among the leading decentralized finance (DeFi) platforms by Total Value Locked (TVL), Scroll stands out as the exception without its native token. However, this doesn’t hinder the growth of tokens on the Scroll platform, as per CoinGecko statistics. Most of these tokens are available in wrapped form and have experienced price escalations.
The trading volume of Wrappped stETH (WSTETH) has seen a 10% surge over the past week, making it the most traded asset in this category. Not far behind are Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll).
During this process, individuals can seamlessly connect their ETH and wstETH tokens via the native bridge and STONE with the help of LayerZero’s Scroll protocol. Eligibility for Session Zero does not necessitate any additional transactions or actions on the part of users. This simplified method allows participants to effortlessly reap the network’s rewards.
ETH Layer 2 Networks Activity Increases
As a crypto investor, I’ve noticed an uptick in activity on Ethereum Layer 2 networks over the past week. Specifically, there has been a 12.04% increase in usage across these networks. Among them, Arbitrum One stood out with a total value locked (TVL) of $16.85 billion, representing an impressive 11.91% growth over the week.
As a crypto investor, I’ve observed some changes in the market capitalizations of various projects over a recent period. Base experienced a setback with a decrease of 7.53%, resulting in a market cap of $6.87 billion. On the other hand, OP Mainnet showed positive growth, expanding by 16.55% and reaching a market cap of $6.42 billion. Blast also displayed an upward trend, increasing by 10.33% to reach a market cap of $2.67 billion. Lastly, Mantle joined the top five with a growth rate of 15.07%, bringing its market cap to $1.24 billion.
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2024-07-16 01:22