Amid Crypto Slump, Seven Blockchains Surge to Record TVL: Unveiling the Drivers Behind the Momentum

Amid Crypto Slump, Seven Blockchains Surge to Record TVL: Unveiling the Drivers Behind the Momentum

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The blockchain sector has seen rapid development over the years. In the second quarter of 2024, several networks demonstrated impressive growth rates.

This was highlighted by a recent study from CryptoRank, which identified the top seven blockchains in terms of Total Value Locked (TVL), surpassing Ethereum during this period.

zkLink Nova stands at the top of this quarterly ranking, having registered a remarkable 35,840% increase in its Total Value Locked (TVL), which is currently assessed at $557.71 million by DefiLlama.

zkLink Nova is the first aggregated zkEVM layer network ensuring interoperability between Ethereum and its layer 2 solutions. Launched in March 2024, this innovative network quickly attracted users for its solutions to the ecosystem co-created by Vitalik Buterin. As of May, the project had reported over 600,000 on-chain addresses on the blockchain.

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2. Scroll: A ZK Rollup at the Heart of the Ethereum Ecosystem

Scroll is a layer 2 protocol aimed at providing scalability solutions for the Ethereum blockchain. Specifically, it is a ZK Rollup (Zero-Knowledge Rollup) network that processes off-chain transactions, easing network congestion and reducing risks.

The network has recorded an impressive 1,264% growth over the last quarter, currently achieving a TVL of $433 million according to DeFiLlama. Scroll hosts over fifty dApps, including Tranchess Yield and AAVE V3.

3. DeFiChain EVM: A Layer 2 Launched on the Bitcoin Network

DeFiChain is a blockchain platform launched on the Bitcoin network, providing fast, secure, and transparent decentralized financial services. The network has expanded further to include an EVM layer, allowing Ethereum developers to create their dApps within this ecosystem. According to CryptoRank, this blockchain has seen its TVL increase by 813%.

4. Merlin Chain: A Layer 2 Enhancing Bitcoin Scalability

Merlin Chain is a ZKP (Zero-Knowledge Proofs) layer 2 launched on the Bitcoin blockchain that facilitates faster transactions on the network established by Satoshi Nakamoto. It aims to maintain security and decentralization while enhancing scalability. Currently, it ranks fourth in CryptoRank’s list, with a 690% increase in its TVL.

5. Core: A Bitcoin-Fueled Layer 1 Compatible with EVM

Core, the fifth network in this ranking, demonstrated a TVL increase of over 646% in the third quarter. Launched in January 2023, this layer 1 aims to address issues faced by major blockchains and is both Bitcoin-powered and EVM-compliant.

As of April 2024, Core recorded 228 million successful transactions, with 4.3 million active addresses.

6. Linea: A Layer 2 Aiming to Enhance Ethereum’s Efficiency

Linea, another Ethereum layer 2, provides ZK Rollup scaling solutions, improving transaction execution speed on the network while reducing transaction fees. In Q2 2024, Linea’s TVL increased by 533%, reaching $710 million, and it encompasses various protocols like ZeroLend, Renzo, and Mendi Finance.

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7. Sei: A Layer 1 Specializing in Enhanced Trading Solutions

Sei, a layer 1 blockchain, is demonstrating robust momentum in 2024 with its specialized approach to trading efficiency. Unlike general-purpose networks such as Bitcoin or Ethereum, this protocol provides tailored solutions aimed at accelerating transaction speeds. According to a recent study by CoinGecko, Sei ranks as the second-fastest blockchain in the sector, achieving 900 transactions per second (TPS), trailing Solana at 1000 TPS. Its TVL increased by 407% in Q2.

Furthermore, a new memecoin has emerged – Pepe Unchained, the first memecoin layer 2 on Ethereum, is currently in presale before its trading begins.


Source: DefiLlama


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