DeFi’s landscape is transforming! Layer 2 networks are reshaping blockchain by enhancing scalability and efficiency. The rising Total Value Locked (TVL) across these platforms signals a major shift.
In this thread, we’ll dive into the Layer 2 TVL trends and how #PROM’s upcoming zkEVM L2 solution is poised to further revolutionize the ecosystem as we approach its mainnet launch🧵👇
Why Layer 2? & The TVL Surge in Numbers
Layer 2 chains are scaling the heights of blockchain capability, offering solutions to the pressing issues of speed, cost, and scalability that have long plagued traditional Layer 1 networks.
Layer 2’s TVL has erupted, marking a 228% year-over-year growth, reaching $38BN.
TVL’s Importance in DeFi
TVL isn’t just a number — it’s the lifeblood of DeFi, reflecting the aggregate confidence of users. TVL is the blockchain equivalent of a trust barometer. Higher TVL means more assets are staked, indicating increased activity, a secure, functional, and valuable network.
zkEVM: Efficiency Meets Compatibility
ZKEVM-based Layer 2s ensure compatibility with Ethereum, facilitating a smoother transition for devs and users. They enable the same operations as Ethereum but with the added advantages of Layer 2’s efficiency. PROM’s zkEVM-based L2 ensures seamless migration for developers, combined with the high throughput and low costs of Layer 2 tech.
PROM’s testnet success story:
PROM’s testnet continues to be successful, showcasing smooth and reliable operations. With over 3M+ transactions and 646K+ unique wallets, PROM is proving its robustness and readiness for the mainnet.
The testnet’s daily peak reached 201,600 transactions, and a total of 530,000+ blocks have been minted, emphasizing PROM’s capacity for high-volume, efficient transactions.
zkSNARKs: PROM’s Secret Sauce
By leveraging the power of zkSNARKs, PROM delivers on the promise of scalability without compromising privacy or security — essential ingredients for next-gen blockchain networks. This technology enables PROM to maintain privacy while ensuring high performance.
