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Scroll, an Ethereum Layer 2 scaling solution, has achieved a significant milestone by surpassing $1 billion in total value locked (TVL), outperforming all other Ethereum Layer 2 solutions. This impressive growth has seen Scroll’s TVL more than double in just one month, rising from $435 million on June 15 to over $1 billion.
The Phenomenon of Airdrop Farming
This rapid ascent can be attributed to the phenomenon of airdrop farming, which has attracted users keen on earning future rewards. Scroll’s points program, introduced in April, has incentivized user engagement by offering “Marks” to users who deposit assets into specific protocols on the network, driving sustained activity and growth.
- Competitors like Base and Linea are speculated to launch native tokens, with their own ongoing points programs.
- Despite recent underperformance of newly launched tokens from other Layer 2 solutions, Scroll continues to attract users, with its ecosystem thriving and protocols like Pencils Protocol and Nuri Exchange emerging as two of the fastest-growing in the space.
Vitalik Buterin’s Concerns
Ethereum co-founder Vitalik Buterin recently voiced concerns about overly complicated Layer 2 scaling solutions, highlighting potential risks associated with complex networks. Buterin emphasized the need for a more balanced approach in the development of blockchain ecosystems, with a prevailing belief in the blockchain community that Layer 1 networks should prioritize simplicity to minimize the risk of critical bugs and attack vectors.
As Layer 2 networks continue to evolve and play a crucial role in providing scaling solutions, it is essential for developers and stakeholders to address concerns about complexity and prioritize the long-term sustainability and security of these solutions.
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