Scroll, a prominent Ethereum Layer 2 network, has achieved a significant milestone by reaching $1 billion in total value locked (TVL). According to L2Beat, Scroll’s TVL surged by 21.9% over the past week, bringing it to $1.01 billion.
This impressive growth makes Scroll the eighth Ethereum Layer 2 network to surpass the $1 billion TVL mark.
Scroll TVL Reaches $1 Billion@Scroll_ZKP hits a major milestone with $1 billion in TVL as the market turns bullish. pic.twitter.com/bJe9iUkNz3
— CryptoRank.io (@CryptoRank_io) July 15, 2024
Breakdown of Scroll’s TVL
Scroll’s TVL composition is dominated by Ethereum (ETH), which accounts for 87.17% of the total value. Stablecoins make up 11.22%, while other assets contribute 1.61% to the TVL.
This distribution highlights the network’s heavy reliance on ETH and stablecoins, reflecting the broader trends in the Layer 2 ecosystem.
According to L2Beat, Scroll TVL increased by 21.9% to $1.01 billion in the past 7 days, becoming the 8th Ethereum Layer2 network with a TVL of more than $1 billion. Of Scroll's $1.01 billion TVL, ETH accounts for 87.17%, stablecoins account for 11.22%, and others account for…
— Wu Blockchain (@WuBlockchain) July 15, 2024
Some Top Leading Projects on Scroll
Among the various projects on Scroll, Tranchess Yield stands out as the top project, boasting a TVL of $270 million, which represents 27% of the network’s total. Following closely are Aave, with a TVL of $217 million (21%), and Pencils Protocol, with $179 million (17%).
These projects are pivotal in driving Scroll’s TVL growth, showcasing the network’s robust ecosystem and the diverse range of applications it supports.
Scroll Market Sentiment and Future Outlook
The bullish market sentiment has played a crucial role in Scroll’s recent growth. As the broader cryptocurrency market turns positive, Layer 2 solutions like Scroll are gaining increased traction due to their ability to enhance Ethereum’s scalability and reduce transaction costs.
This growing adoption is expected to continue, further solidifying Scroll’s position in the Layer 2 landscape.
Conclusion
Scroll’s achievement of reaching $1 billion in TVL marks a significant milestone for the network and the broader Ethereum ecosystem. With major projects like Tranchess Yield, Aave, and Pencils Protocol driving substantial value, Scroll is well-positioned to capitalize on the bullish market sentiment and continue its upward trajectory. As Layer 2 solutions become increasingly integral to Ethereum’s scalability, Scroll’s role in this evolving landscape is set to expand further.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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