Etherlink’s TVL Soars to $18 Million Thanks to Apple Farm Incentives
Etherlink,a Layer 2 solution built on Tezos Smart Rollups,has witnessed a massive 12x increase in its total value locked (TVL),reaching over $18 million. This growth is largely due to the success of the Apple Farm incentive programme, which has considerably boosted ecosystem adoption and DeFi activity.
Since transitioning from beta in February, Etherlink has seen remarkable progress. The $3 million Apple Farm rewards initiative has been a game-changer, driving TVL from $1.4 million to over $18 million in just a few weeks. The program has exceeded expectations, encouraging more users to engage with the platform’s decentralized applications (dApps).
One of the key drivers of this growth is the Apple Farm initiative. It has attracted users to participate in various activities, including trading on IguanaDEX, a decentralized exchange on the network. Users have traded $150 million in volume, drawn by reward opportunities and arbitrage trading. David Relkin, Head of DeFi for Nomadic Labs, attributes this success to effective incentive programs.
A Messari report underscores Etherlink’s growth, with over 50 projects now building on Etherlink. The program has fueled user engagement and transaction volumes. IguanaDEX, a popular dApp, has seen a surge in trading volume. Superlend,a DeFi protocol,now holds $16.93 million in deposits and $10.49 million in active loans.”Apple Farm has proven our incentive strategy works,” said David Relkin, Head of DeFi for Nomadic Labs. The initiative has been pivotal in boosting user accounts and transactions. A Messari report highlights the ecosystem’s consistent expansion, with over 50 projects currently developing on the platform.
Technical upgrades have also played a crucial role. The Calypso network upgrade in march introduced faster smart contract storage and improved node resilience. These enhancements support higher throughput and quicker withdrawals between Etherlink and Tezos.
Further growth is anticipated with the upcoming Fortify Labs program in 2025. Seven new projects, like BluWhale AI and IDRX, will join the ecosystem. These projects aim to enhance the network’s capabilities, making it more efficient and resilient. the Calypso network upgrade has made smart contracts 30 times faster, reducing disk space and improving network performance. This upgrade ensures the network can handle increased activity smoothly.
Relkin notes, “Our approach is working. We’re seeing more users and transactions.”
- BluWhale AI for decentralized analytics
- IDRX, an Indonesian Rupiah-pegged stablecoin
- MiomI Game, an eSports platform, is also part of the 2025 cohort hosted by TZ APAC. These improvements are vital for Etherlink’s future scalability and efficiency.
With these advancements, Etherlink is set to attract more developers and users.The ecosystem’s success shows the potential of EVM-compatible Layer 2 solutions. The fortify Labs program will bring more innovations, like decentralized analytics and stablecoins, to the platform.
As Etherlink continues to evolve, it’s clear that the platform is on track to become a leading force in the DeFi space. The program’s success demonstrates the platform’s potential. As more projects join, Etherlink is poised for further expansion.
