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L2BEAT, a network created to provide transparent and verifiable insights into emerging layer two (L2) technologies, recently revealed that, following the launch of the Ethereum scaling project Scroll on October 17, the total value locked (TVL) on the Scroll Chain has reached a new whopping high of $15.20 million.
Scroll is an open-source, zero-knowledge, community-driven rollup project that offers promising Ethereum scaling solutions.
The constant growth of the Ethereum blockchain has prompted networks and platforms to emerge with promising Ethereum Scaling solutions to increase transaction speed and transaction throughput revolving around the Ethereum blockchain.
Scroll Emerging as the Go-To Ethereum Scaling Solutions Provider
According to reports, Scroll officially announced the launch of its Alpha Testnet on Georli earlier this month, aiming to provide an accessible scaling solution that maintains the essence of Ethereum.
As of August 2022, the Ethereum scaling solutions provider launched a Pre-Alpha Testnet backed up by a community of over 100,000 users. The Pre-Alpha Testnet consisted of Scroll L1 and Scroll L2 test networks.
With over 450000 smart contracts deployed worldwide, the network has processed over 90 million transactions- an average of 305k transactions per day and produced over 9 million blocks, with over 280000 ZK proofs generated to date.
In its mission to boost Ethereum’s throughput, the rollup project made further advancements and recently announced the launch of its mainnet, focusing on onboarding infrastructure providers to the network.
Also read: SOL Price Shoots $30 As Solana Investment Products Record $15 Million Inflows
More About Scroll
Scroll’s functioning encompasses the usage of zkEVM (zero-knowledge Ethereum Virtual Machine) technology that provides users with an experience almost identical to that of Ethereum. It also allows the execution of smart contracts with the help of Ethereum Virtual Machine compatibility, offering users a key advantage that most other scaling solutions don’t.
In collaboration with zkSync and their zkEVM project, Scroll seeks to enhance Ethereum’s security and ecosystem support while also significantly increasing its throughput. With Ethereum witnessing a significant increase in demand, it remains unclear whether Scroll’s advancements could alleviate the troubles caused by the use and adoption of Ethereum.
Also read: History And Analysts Predict Further Rally In Bitcoin: Bloomberg
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