The Scroll network, a ZK rollup Layer 2 network, has seen a remarkable 23% increase in the total value locked (TVL) over the past week. This surge has propelled the network’s TVL to an impressive $1.03 billion, making it the 8th Ethereum Layer 2 network to surpass the $1 billion milestone. Of this TVL, ETH accounts for 87.29%, stablecoins for 11.11%, and other assets for 1.60%.
Since its launch in October 2023, Scroll has been consistently rolling out new features to enhance the user experience within its ecosystem. One of the latest additions, Scroll Canvas, allows users to showcase achievements, status, and on-chain credentials. Moreover, the ‘Session One’ initiative incentivizes liquidity by rewarding DeFi 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 position among the top chains in TVL in DeFi, Scroll does not have its own native token. However, tokens on the network, mostly in wrapped format, have experienced price increases. Wrapped stETH (WSTETH) has seen a significant surge in trading volume, with a 10% increase in the last week. Other tokens like Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll) have also shown promising trading activity.
The Scroll network offers a seamless experience for participants looking to bridge assets and earn rewards. Users can easily bridge ETH and wstETH through the native bridge and STONE using LayerZero to Scroll. The network’s approach to facilitating Session Zero eligibility without extra transactions or activities has made it attractive for users seeking to maximize their rewards.
In addition to Scroll’s impressive performance, Ethereum Layer 2 networks as a whole have seen increased activity over the past week. Networks like Arbitrum One, Base, OP Mainnet, Blast, and Mantle have all experienced fluctuations in TVL, indicating a growing interest in Layer 2 solutions within the DeFi ecosystem. Arbitrum One leads the pack with a TVL of $16.85 billion, followed closely by other prominent networks in the space.
Scroll’s recent growth in TVL and innovative features highlight the network’s potential to further solidify its position within the Ethereum Layer 2 ecosystem. With a focus on user experience, streamlined processes, and continuous development, Scroll is well-positioned to attract more users and liquidity in the coming months.