DeFi
Scroll TVL Revenue Surpasses $1 Billion
The Ethereum Layer 2 network is outperforming the rest of the industry, thanks to its “Session One” points program.
Scroll’s total value locked (TVL) is growing faster than any other Ethereum layer 2 (L2), thanks to its ongoing points program.
The network’s TVL more than doubled in the past month, surpassing $1 billion from $435 million on June 15. During the same period, Base’s TVL increased 4%, Blast’s decreased 42% and Linea’s increased 3%, according to DefiLlama.
Layer 2 TVL
This growth spurt can be partly attributed to airdrop farming, as Scroll is one of the few major L2s that has yet to launch a native token.
Scroll spear its points program on April 17 by introducing “Marks,” which are points that users can earn by adding assets to the chain during its initial “Session Zero.”
The points program recently moved to the first session 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 declared that “Brands = 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 spread over several rounds led by Polychain Capital for a valuation of $1.8 billion.
While airdrop incentives appear to be a major driver of ecosystem growth, Scroll isn’t the only Layer 2 without a native token.
Traders speculate that Base and Linea will also launch tokens in the future, as both have points programs underway.
Linea distributes LXP points to users who contribute TVL to the chain and protocols in its ecosystem. Base has also just launched a program for its “Onchain Summer” initiative, where users can earn points and badges by creating and collecting specific NFTs.
Scroll continues to attract users even though recent token launches have underperformed post-airdrop. Blast and ZkSync launched in June, and both tokens are down nearly 40% from their opening prices.
Two of the fastest growing protocols on Scroll during this period were Pencils Protocol and Nuri Exchange. Pencils is a yield aggregator platform, while Nuri is a decentralized exchange (DEX).