Scroll TVL Gains 63.44%

The Scroll TVL has almost reached the level of the TON network, with Total Value Locked (TVL) at $760.82 million and $739.06 million, respectively.

According to DeFiLlama, the Scroll TVL performed the best among the other top 15 chains in this metric.

Scroll currently sits in 11th place, but recently moved into the top 10. Now this place is occupied by TON.

Ranking of chains by TVL. Source: DeFiLlama

What Happened in DeFi for July?

Total Value Locked is an important metric in decentralized finance (DeFi) that indicates how much potential a project has. During July, Scroll managed to make it into the top 10.

Even though chains moved down a row, Scroll’s TVL growth remains the best among the rest of the top 15.

The second place in terms of growth is occupied by Avalanche, whose TVL grew by 17.54% during the month to $909.84 million. Earlier, we reported on how the project is growing in mini-decentralized games.

Then the Solana blockchain, one of the favourites of the upcoming crypto bull run, came in third place with a growth of 13.80%.

Why is Scroll TVL Growing?

Scroll works as a Layer 2 (L2) blockchain to increase the scalability of the Ethereum network. It does this by utilizing what is known as Zero Knowledge (ZK) Rollups.

Mainnet Scroll launched in October 2023, but the token was never submitted. In April, the project announced a potential airdrop. However, this was not said directly.

From now until the end of 2024, users can receive marks for their activity, which can be called an analogue of points.

Scroll is among the top 2 blockchains in terms of bridge deposits among the rest of L2. At the time of writing, the project is in 9th place with a slight drop of 2.3%.

L2 blockchain ranking by bridge deposits. Source: Token Terminal

Scroll also recently launched Canvas, which shows user activity in the ecosystem. These generally resemble non-fungible tokens (NFTs), but what sets them apart is that they have a seal of authenticity.

However, minting these Canvas tokens is possible by invitation code only. Perhaps this also affects the popularity of the project and its potential airdrop.

Scroll recently launched Canvas

While Marks will likely dominate the airdrop, Canvas helps you stand out among a sea of identity-less addresses.

‘On-chain data is 100x more provable than any other arbitrary data’ —— Scroll Co-founder

Here’s how to claim most available badges pic.twitter.com/y7BjnGXPkE

— CC2 (@CC2Ventures) July 24, 2024