In the world of decentralized finance (DeFi), Scroll, a ZK rollup Layer 2 network, has been making waves recently. With a remarkable increase of 23% in the past seven days alone, Scroll has reached a Total Value Locked (TVL) of $1.03 billion, according to L2Beat data. This achievement places Scroll as the 8th Ethereum Layer 2 network to surpass the $1 billion TVL milestone.
Scroll has been gaining significant attention due to its continuous rollout of innovative features since its launch in October 2023. One of its latest offerings, Scroll Canvas, allows users to collect and display achievements, status, and on-chain credentials within the ecosystem. Moreover, the ‘Session One’ initiative is designed to incentivize liquidity by awarding DeFi users 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.
Tokens and Trading Volume
Despite its impressive TVL, Scroll notably does not have its own native token. However, tokens on Scroll, primarily in wrapped format, have seen an increase in price according to CoinGecko data. Wrapped stETH (WSTETH) leads in trading volume, with a notable 10% surge in the past week. Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll) closely follow in terms of trading activity.
Utilizing Scroll Network
To fully leverage the benefits of the Scroll network, participants are encouraged to bridge assets such as ETH and WSTETH through the native bridge and STONE using LayerZero to Scroll. This streamlined process eliminates the need for extra transactions or activities, making it easier for users to access and capitalize on the network’s rewards. Session Zero eligibility is attainable for users who follow this simplified approach.
The rise of Scroll is reflective of the overall increased activity within Ethereum Layer 2 networks in the past week. Arbitrum One leads the pack with a TVL of $16.85 billion, marking an 11.91% increase. Base, OP Mainnet, Blast, and Mantle round out the top five in terms of TVL, showcasing significant growth rates within the Layer 2 ecosystem.
Scroll’s remarkable growth, innovative features, and user-friendly approach make it a standout player in the realm of decentralized finance. As the network continues to evolve and attract attention, its impact on the broader DeFi landscape is certainly one to watch closely.
