This is the latest Ethereum layer 2 protocol to surpass the $1 billion mark in TVL

Scroll, a ZK rollup layer 2 network, is up 23% over the past seven days to reach a TVL of $1.03 billion, according to data from L2Beat.

Meanwhile, the total value locked for all ethereum Layer 2s increased by 12.04% over the past week to reach $42.04 billion.

Scroll reaches $1 billion in TVL

Scroll has become ethereum's eighth layer 2 network in get over a TVL of $1 billion. Of this total value, eth accounts for 87.29%, stablecoins 11.11%, and other assets 1.60%.

The network has recently gained significant attention and has continuously rolled out features since its launch in October 2023. x.com/scroll_zkp/status/1812419679136387364″ data-wpel-link=”external” target=”_blank”>latestScroll Canvas allows users to collect and display achievements, statuses, and credentials on-chain within the ecosystem.

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

Scroll, while among the top chains in total value locked (TVL) in DeFi, does not have its own token. According to CoinGecko dataScroll tokens, mostly in wrapped form, have increased in price.

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

In the meantime, participants are encouraged to bridge eth and wstETH via the native bridge and STONE using LayerZero to move around. No additional transactions or activities are required for those aiming for Session Zero eligibility. This streamlined approach makes it easier for users to benefit from the network’s rewards.

eth Layer 2 Network Activity Increases

Over the past week, ethereum layer 2 networks overall saw an increase in activity, up 12.04%. Arbitrum One led the package with a TVL of $16.85 billion, marking an increase of 11.91% over the week.

Base follows with $6.87 billion, down 7.53%, while OP Mainnet has $6.42 billion, up 16.55%. Blast has $2.67 billion, up 10.33% over the same period. Mantle rounds out the top five with $1.24 billion, up 15.07%.

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