The Rise of Scroll: A Closer Look at the ZK Rollup Layer 2 Network

Scroll, a ZK rollup Layer 2 network, has seen a significant uptrend in the past seven days. According to L2Beat data, Scroll is up 23% to reach a TVL of $1.03 billion. This surge has placed Scroll as the 8th Ethereum Layer 2 network to surpass a TVL of $1 billion.

One of the factors contributing to Scroll’s success is its continuous rollout of new features since its launch in October 2023. The most recent addition, Scroll Canvas, enables users to showcase achievements, status, and on-chain credentials within the ecosystem. Additionally, the ‘Session One’ initiative incentivizes liquidity provision on decentralized exchanges like Ambient and Nuri by awarding points to DeFi users. Users can also earn Scroll Marks by depositing assets into lending protocols such as Aave.

Despite being among the top chains in Total Value Locked (TVL) in DeFi, Scroll stands out as it does not have its own native token. However, tokens on Scroll, mostly in wrapped format, have witnessed a price increase according to CoinGecko data. Wrapped stETH (WSTETH) has seen a 10% rise in trading volume over the past week, making it the leader in this aspect.

Participants are encouraged to bridge ETH and wstETH through the native bridge and STONE using LayerZero to Scroll. The streamlined process eliminates the need for extra transactions or activities for those aiming for Session Zero eligibility, making it convenient for users to access the network’s rewards.

In the broader context of Ethereum Layer 2 networks, there has been a general increase in activity over the past week. Arbitrum One leads the pack with a TVL of $16.85 billion, marking an 11.91% rise. Base, OP Mainnet, Blast, and Mantle follow closely behind with varying levels of TVL and percentage increases.

Overall, Scroll’s rise in TVL and innovative features showcase its potential as a key player in the Layer 2 network space. Despite not having its own token, the network’s user-friendly approach to accessing rewards and its focus on continuous development set it apart in the increasingly competitive DeFi landscape.