Scroll Becomes 8th Ethereum Layer-2 Blockchain to Achieve $1 Billion TVL

Scroll has just solidified its position as the 8th Ethereum Layer-2 protocol to reach a significant milestone of $1 billion in Total Value Locked (TVL), showcasing strong recent development for the project.

While the market eagerly awaits the arrival of Ethereum spot ETFs, Ethereum Layer-2 projects continue to thrive.

In the third week of July, according to L2Beat data, Scroll has surged to become the Layer-2 network with a TVL of $1 billion.

TVL (Total Value Locked) represents the total amount of assets held within a protocol and serves as a measure of its overall health. Therefore, a higher TVL indicates continuous user funds flowing into the protocol, reflecting investor confidence in the project.

Scroll's remarkable growth is partly attributed to its positive market performance over the past week. Following the impact of Mt. Gox debt repayment and the German government's sale of BTC, Bitcoin and Ethereum saw nearly a 15% increase in the past 7 days.

Rankings of L2 networks by TVL. Source: L2Beat

Ethereum Layer-2 solutions have also benefited from this market activity, particularly Scroll, which recorded a nearly 23% increase in TVL over the same period.

Currently ahead of Scroll are seven prominent L2 networks: Arbitrum ($16.8 billion TVL), Base ($6.8 billion), OP Mainnet ($6.4 billion), Blast, Mantle, Linea, and ZKsync Era.

Among these, Arbitrum maintains its dominance with 40% market share in the L2 space, doubling the TVL of its closest competitor, Base.

Base's second-place position is also a result of its rise above OP Mainnet in June, as reported by Coin68.