This Is The Latest Ethereum Layer 2 Protocol to Surpass the $1 Billion TVL Mark

Scroll, a ZK rollup layer 2 network, has surged 23% in value over the past seven days to a total value of $1.03 billion, according to data from L2Beat.

Meanwhile, the total value locked across all Ethereum 2 layers increased by 12.04% over the past week to $42.04 billion.

Scroll is worth $1 billion

Scroll Becomes the 8th Ethereum Layer 2 Network Overtake Total value estimated at $1 billion. Of this total value, ETH accounts for 87.29%, stablecoins 11.11%, and other assets 1.60%.

The network has recently gained a lot of attention, as it has been continuously rolling out features since its launch in October 2023. LatestScroll Canvas allows users to collect and display achievements, status, and on-chain credentials within the ecosystem.

Another initiative, First Session, incentivizes liquidity by awarding points to DeFi users who provide liquidity on decentralized exchanges like Ambient and Nuri. Additionally, users can earn tokens by depositing assets into lending protocols like Aave.

Although Scroll is among the top chains in Total Value Locked (TVL) in DeFi, it does not have its own token. According to CoinGecko DataToken prices have soared on Scroll, which mostly comes in a wrapped format.

Wrapped stETH (WSTETH) leads the trading volume, up 10% in the past week. Bridged USD Coin (Scroll) and Bridged Wrapped Ether (Scroll) are closely followed.

In the meantime, participants are encouraged to connect ETH and wstETH via the native bridge and STONE using LayerZero for swiping. No additional transactions or activities are required for those seeking Session Zero eligibility. This streamlined approach makes it easier for users to take advantage of the network’s rewards.

Increased ETH Layer 2 Network Activity

Over the past week, Ethereum Layer 2 networks have seen an overall increase in activity, by 12.04%. Arbitrum One Drove The total market cap of the package reached $16.85 billion, up 11.91% over the week.

Base followed with $6.87 billion, down 7.53%, while OP Mainnet had $6.42 billion, up 16.55%. Blast was valued at $2.67 billion, up 10.33% over the same period. Mantle rounded out the top five with $1.24 billion, up 15.07%.