The Layer 2 network, Scroll, has been making waves in the decentralized finance (DeFi) space with a remarkable 23% increase in Total Value Locked (TVL) over the past seven days. According to L2Beat data, Scroll has reached a TVL of $1.03 billion, solidifying its position as the 8th Ethereum Layer 2 network to surpass the $1 billion milestone.
Scroll has been gaining significant attention since its launch in October 2023 by continuously rolling out features to enhance the user experience within its ecosystem. The latest addition, Scroll Canvas, allows users to collect and display achievements, status, and on-chain credentials, providing a more interactive and engaging platform for DeFi enthusiasts. Additionally, the ‘Session One’ initiative incentivizes liquidity by awarding points to 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 its rapid growth and popularity, Scroll stands out as a Layer 2 network without its own native token. However, tokens on Scroll, mostly in wrapped format, have seen an increase in price, with Wrapped stETH (WSTETH) leading in trading volume with a 10% surge over the last week. Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll) closely follow suit, highlighting the thriving token economy within the Scroll ecosystem.
Participants on Scroll are encouraged to bridge ETH and WSTETH through the native bridge and STONE using LayerZero to seamlessly access the network’s rewards. The streamlined approach eliminates the need for extra transactions or activities for users aiming for Session Zero eligibility, making it convenient for users to benefit from the network’s incentives and rewards.
In comparison to other Ethereum Layer 2 networks, Scroll has showcased remarkable growth, with a 12.04% increase in TVL over the last week. While Arbitrum One leads the pack with a TVL of $16.85 billion, Scroll’s rapid ascent in TVL positions it as a formidable competitor in the Layer 2 network space. With Base, OP Mainnet, Blast, and Mantle also experiencing varying degrees of growth, the overall landscape of Ethereum Layer 2 networks indicates a trend towards increased adoption and activity.
The surge of Scroll in the Layer 2 network space highlights the network’s potential to disrupt the DeFi ecosystem and provide users with innovative features and lucrative rewards. As Scroll continues to expand its offerings and attract more users, its position among the top Ethereum Layer 2 networks is likely to solidify, making it a network to watch in the future of decentralized finance.
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