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Scroll TVL Soars Past $1 Billion

Altszn.com by Altszn.com
July 16, 2024
in Blockchain, Crypto, DeFi, Web3
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Scroll TVL Soars Past $1 Billion
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The Ethereum Layer 2 network is outperforming the rest of the sector, driven by its ‘Session One’ points program.

Scroll’s total value locked (TVL) is growing faster than all other Ethereum Layer 2s (L2), driven by its ongoing points program.

The network’s TVL has more than doubled in the last month, surpassing $1 billion from $435 million on June 15. In the same time period, Base’s TVL is up 4%, Blast’s is down 42%, and Linea is up 3%, according to DeFiLlama.

Layer 2 TVL table
Layer 2 TVL

The growth spurt may be partially attributed to airdrop farming, as Scroll is one of the few major L2s that is yet to launch a native token.

Scroll kicked off its points program on April 17 by introducing “Marks,” which are points that users could earn by bridging assets onto the chain during its initial “Session Zero”.

The points program recently moved into Session One on June 21, awarding Marks to users who deposit assets into certain protocols on Scroll, such as Ambient and Nuri. In the announcement thread, the team stated that “Marks = Value x Action x Time.”

Scroll is a zkEVM Layer 2 scaling solution that launched its mainnet in October 2023. The team raised $80 million across multiple rounds led by Polychain Capital at a valuation of $1.8 billion.

While airdrop incentives appear to be a major driver of the ecosystem’s growth, Scroll is not the only Layer 2 without a native token.

Traders are speculating that Base and Linea will also launch tokens in the future, as both have ongoing points programs.

Linea is distributing LXP points to users who contribute TVL to the chain and protocols in its ecosystem. Base has also just begun a program for its “Onchain Summer” initiative, where users can earn points and badges for minting and collecting specific NFTs.

Scroll continues to attract users even as recent token launches have underperformed post-airdrop. Blast and ZkSync launched in June, and both tokens are down nearly 40% from their opening prices.

BLAST Price chart
BLAST Price

Two of the fastest-growing protocols on Scroll during this period have been Pencils Protocol and Nuri Exchange. Pencils is a yield aggregator platform, while Nuri is a decentralized exchange (DEX).



Read More: thedefiant.io

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