Scroll Network Surpasses $1 Billion TVL on Layer 2
The Scroll network has seen a significant increase in Total Value Locked (TVL) over the past week, reaching $1.03 billion according to L2Beat data. This marks a 23% increase in TVL for the Layer 2 network.
With this growth, the total value locked for all Ethereum Layer 2 networks has also risen by 12.04% to reach $42.04 billion.
Features and Initiatives Driving Scroll’s Growth
As the 8th Ethereum Layer 2 network to surpass $1 billion TVL, Scroll has been gaining attention for its continuous feature releases since its launch in October 2023. One of its latest features, Scroll Canvas, enables users to showcase achievements, status, and on-chain credentials within the ecosystem.
Another initiative, ‘Session One,’ incentivizes liquidity by rewarding DeFi users with points for providing liquidity on decentralized exchanges like Ambient and Nuri. Additionally, users can earn Scroll Marks by depositing assets into lending protocols such as Aave.
Top Chains in DeFi Without Their Own Token
When it comes to Total Value Locked (TVL) in DeFi, one chain stands out for not having its own token. According to data from CoinGecko, tokens on Scroll, mostly in wrapped format, have seen a significant increase in price recently.
Leading Tokens in Trading Volume
Wrapped stETH (WSTETH) has been leading the way in trading volume, with a 10% increase in the past week. Following closely behind are Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll).
Streamlined Approach for Participants
Participants are being encouraged to bridge ETH and WSTETH through the native bridge and STONE using LayerZero to Scroll. This process is simple and efficient, making it easy for users to access the network’s rewards without any extra transactions or activities.
Increased Activity on ETH Layer 2 Networks
Over the past week, Ethereum Layer 2 networks have seen a significant increase in activity, up 12.04% overall. Arbitrum One leads the pack with a TVL of $16.85 billion, a nearly 12% rise from the previous week. Base and OP Mainnet follow closely behind, with $6.87 billion and $6.42 billion respectively.
Financial Growth Report
In the latest financial report, Blast recorded a revenue of $2.67 billion, showing a significant increase of 10.33% compared to the previous period. This growth solidifies Blast’s position as a top performer in the market.
Mantle, on the other hand, saw a revenue of $1.24 billion, experiencing a remarkable growth of 15.07%. This surge in revenue highlights Mantle’s strong performance and market presence.
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