DeFi’s landscape is transforming! Layer 2 networks are reshaping blockchain by enhancing scalability and efficiency. The rising Total Value Locked (TVL) across these platforms signals a major shift.
In this thread, we’ll dive into the Layer 2 TVL trends and how #PROM’s upcoming zkEVM L2 solution is poised to further revolutionize the ecosystem as we approach its mainnet launch🧵👇
Why Layer 2? & The TVL Surge in Numbers
Layer 2 chains are scaling the heights of blockchain capability, offering solutions to the pressing issues of speed, cost, and scalability that have long plagued traditional Layer 1 networks.
Layer 2’s TVL has erupted, marking a 228% year-over-year growth, reaching $38BN. This surge underscores a pivotal shift towards scalable, efficient #blockchain infrastructures.
Dive into the detailed data: l2beat.com/scaling/summary
TVL’s Importance in DeFi
TVL isn’t just a number — it’s the lifeblood of DeFi, reflecting the aggregate confidence of users. TVL is the blockchain equivalent of a trust barometer. Higher TVL means more assets are staked, indicating increased activity, a secure, functional, and valuable network.
L1 & L2: Complementary Forces
Layer 1 is the bedrock of the blockchain, but it’s Layer 2 that propels it to new horizons of efficiency and practicality, proving essential for the mass adoption of crypto technologies. While Layer 1 is the foundation, it struggles with bottlenecks. Enter Layer 2: a nimble layer that operates on top of the foundational blockchain, solving these issues without compromising security.
zkEVM: Efficiency Meets Compatibility
ZKEVM-based Layer 2s ensure compatibility with Ethereum, facilitating a smoother transition for devs and users. They enable the same operations as Ethereum but with the added advantages of Layer 2’s efficiency. PROM’s zkEVM-based L2 ensures seamless migration for developers, combined with the high throughput and low costs of Layer 2 tech. It’s a best-of-both-worlds scenario.
PROM’s testnet success story:
PROM’s testnet continues to be successful, showcasing smooth and reliable operations. With over 3M+ transactions and 646K+ unique wallets, PROM is proving its robustness and readiness for the mainnet.
The testnet’s daily peak reached 201,600 transactions, and a total of 530,000+ blocks have been minted, emphasizing PROM’s capacity for high-volume, efficient transactions.
zkSNARKs: PROM’s Secret Sauce
By leveraging the power of zkSNARKs, PROM delivers on the promise of scalability without compromising privacy or security — essential ingredients for next-gen blockchain networks. This technology enables PROM to maintain privacy while ensuring high performance.
PROM isn’t an island. It’s designed to integrate with the existing Layer 2 ecosystem, enhancing interoperability and offering shared security features to foster a more robust DeFi landscape.
PROM’s Mainnet Horizon
As PROM gears up for the mainnet, it’s set to bolster the TVL and enhance the Layer 2 ecosystem further. Its arrival marks a new chapter in scalable, secure, and interconnected blockchain networks.
The launch of PROM’s mainnet isn’t just a milestone for us; it’s a leap forward for DeFi, bringing unparalleled performance, security, and interoperability to the blockchain world.
As we edge closer to PROM’s mainnet launch, we stand at the cusp of a new era in #DeFi. PROM’s innovative zkEVM L2 solution is set to supercharge the ecosystem, offering unprecedented scalability, security, and interoperability. I am impatiently waiting for the completion of the testnet and believe we will see DeFi in better places.
