Scroll, an Ethereum Layer 2 network using zero-knowledge (ZK) technology, has seen a significant rise in activity. This surge follows the launch of its latest airdrop points program, Scroll Sessions, on June 21.
Increasing Total Value Locked
The total value locked (TVL) on Scroll has risen by 15% in the past week, reaching $840 million. Since the start of the points program in April, the TVL has more than doubled. According to L2beat, Scroll now ranks as the eighth-largest Layer 2 network, recently surpassing Starknet.
Session One Incentives
Session One aims to incentivize liquidity. DeFi users can earn Scroll Marks by providing liquidity on decentralized exchanges like Ambient and Nuri. Since the program’s launch, the TVLs of these exchanges have increased by 43% and 540%, respectively.
Earning Scroll Marks
In addition to decentralized exchanges, users can earn Scroll Marks by depositing assets into lending protocols such as Aave and Rho Markets. This broadened participation is enhancing overall liquidity on the network.
Impact of New Projects
The recent launch of tokens by hyped projects like Blast, zkSync, and LayerZero has likely contributed to Scroll’s growth. Airdrop farmers are reallocating their assets to chase the next lucrative airdrop, benefiting Scroll in the process.
Funding and Valuation
In March 2023, Scroll secured $50 million in funding, achieving a $1.8 billion valuation. This financial boost has supported the network’s rapid expansion and ongoing initiatives.