zkLink Nova, an Ethereum layer 3 chain that launched in March 2024, saw its total value locked (TVL) surpass the $600 million mark at the end of July, reaching a new record at $635 million as of this writing, according to DefiLlama data.
The scaling solution aggregates liquidity across top Ethereum layer 2 networks, including Linea, zkSync, Arbitrum, Base, OP, and more.
zkLink Nova aims to bring interoperability and enhanced efficiency across Ethereum layer 2s, acting as a liquidity hub and one-stop solution for the Ethereum ecosystem. Additionally, it offers increased security through zero-knowledge (zk) proofs, adding a privacy layer to optimistic rollups like OP and Arbitrum, which are considered less secure and private compared to zk rollups.
At the end of July, the daily active users on zkLink Nova reached a new record, nearly hitting the 100,000 mark.
Thanks to its rapid increase, the layer 3 has become the 16th largest blockchain by TVL as per DefiLlama, surpassing established networks like Manta, Sui, Aptos, Starknet, Bitlayer, and Near.
zkLink Nova TVL Surge Driven by LayerBank
LayerBank, a decentralized finance (DeFi) lending platform, is the largest decentralized application on zkLink Nova. Its TVL is getting closer to the $1 billion mark, reaching a new record at $913 million on July 28 after gaining 580% over the last three months.
zkLink Nova accounts for about 60% of LayerBank’s TVL, with $555 million, surging over 100% in less than a month.
LayerBank positions itself as a one-stop solution for borrowing, lending, and swapping crypto. It combines the features of Aave, a top lending platform, and Uniswap, the largest decentralized exchange (DEX).
The protocol targets all Ethereum-compatible layer 2 networks. Besides zkLink Nova, it also supports Mode, Linea, Scroll, Manta, BOB, BSquared, and Bitlayer.
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