Scroll Suffers From Weak Adoption One Week After Mainnet Launch
Scroll attracted a TVL of just $700,000 in six days
By: Samuel Haig •DeFi News
Scroll, the long-awaited Ethereum Layer 2, is suffering from poor adoption roughly one week after discretely executing its mainnet launch.
According to data from Dune Analytics, 720 unique wallets have deposited just $700,000 worth of ETH and ERC-20 tokens on the network, with a single address commanding more than 40% of value held on the network.
DeFi Llama estimates $300,000 is currently locked in Scroll-based dApps, with the Skydrome decentralized exchange enjoying a dominance of 54%.
Although the stealthy nature of Scroll’s launch may be hindering its early adoption, its debuting performance falls short of expectations.
Scroll estimated its “alpha” testnet hosted more than 47M transactions from 9M wallets from its Feb. 27 launch until Aug. 18, with more than 100 projects live on the network. The impressive performance was likely bolstered by rampant airdrop speculation surrounding the project.
Scroll acknowledged the completion of its mainnet launch via an Oct. 10 tweet.
Scroll is an Ethereum Layer 2 offering compatibility with contracts written for the Ethereum Virtual Machine (EVM) powered by zero-knowledge proofs.
The race to launch a so-called zkEVM kicked off last July when Scroll, Polygon, and ZkSync each announced plans to develop the technology. ZkEVM rollups promised to produce throughput gains over optimistic rollups — the then-industry standard technical design for Layer 2 networks — such as Arbitrum and Optimism.
ZkSync Era launched the first zkEVM on mainnet in late-March, with Polygon ZkEVM also completing its mainnet launch a couple of days later. Consensys also joined the zkEVM fray with the launch of its L2, Linea, in July.
Users bridged $69.4M worth of assets to ZkSync Era in its first seven days, while Linea took in $9M and Polygon ZkEVM absorbed $2.5M in their respective debut weeks, according to L2beat.
In March, The Block reported that Scroll had closed a $50M funding round at a $1.8B valuation.