In recent news, Scroll, a ZK rollup Layer 2 network, has seen a remarkable 23% increase in the past seven days, bringing its Total Value Locked (TVL) to $1.03 billion, as reported by L2Beat data. This places Scroll as the 8th Ethereum Layer 2 network to surpass the $1 billion TVL milestone in the ecosystem. Within this TVL, ETH accounts for 87.29%, stablecoins make up 11.11%, and other assets comprise 1.60% of the total value. The network has been gaining significant traction since its launch in October 2023, with continuous feature rollouts that have captured the attention of industry participants.
One of the notable features introduced by Scroll is the Scroll Canvas, which enables users to showcase achievements, status, and on-chain credentials within the network’s ecosystem. Additionally, the ‘Session One’ initiative incentivizes liquidity provision on decentralized exchanges like Ambient and Nuri by rewarding users with points. Users can also earn Scroll Marks by depositing assets into lending protocols such as Aave. Despite its significant TVL in DeFi, Scroll stands out by not offering its own native token. However, tokens on the Scroll network, mainly in wrapped format, have witnessed price increases according to CoinGecko data.
Wrapped stETH (WSTETH) has emerged as the leading token on Scroll in terms of trading volume, experiencing a 10% surge over the past week. This is followed closely by Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll). Users are encouraged to bridge ETH and wstETH through the network’s native bridge and STONE using LayerZero to participate in Session Zero, a rewards program that does not require additional activities or transactions. This streamlined approach enhances user experience and ensures easy access to Scroll’s rewards ecosystem.
In the broader context of Ethereum Layer 2 networks, there has been an overall uptick in activity, with a 12.04% increase in TVL over the last week. Arbitrum One leads the pack with a TVL of $16.85 billion, recording an 11.91% growth. Base follows with $6.87 billion, although it experienced a 7.53% decrease. OP Mainnet holds $6.42 billion, marking a 16.55% increase, while Blast has $2.67 billion, up by 10.33%. Mantle rounds out the top five with $1.24 billion, showing a 15.07% increase during the same period.
The rise of Scroll Network in the Layer 2 space highlights the network’s innovative features, user-friendly rewards system, and growing user engagement. With a strong focus on enhancing the DeFi experience and providing seamless access to decentralized finance opportunities, Scroll continues to position itself as a key player in the evolving blockchain ecosystem.