Incentive-Driven Growth Sends Etherlink’s TVL Soaring
Etherlink, a Layer 2 network built on Tezos Smart Rollups and compatible with Ethereum tooling, has seen a massive surge in ecosystem activity, with TVL growing from just $1.4 million to more than $18 million. This rapid rise follows the launch of Apple Farm, a $3 million rewards initiative designed to jumpstart DeFi on the network.
Apple Farm Delivers on Engagement and Volume
Since February’s mainnet launch, Apple Farm has played a pivotal role in bringing users and capital to Etherlink. Decentralized exchange IguanaDEX posted a staggering $150 million in trading volume as yield seekers and arbitrage traders engaged with the reward-rich environment.
David Relkin of Nomadic Labs stated, “Our incentives have proven effective in onboarding users and catalyzing activity across the network.”
Developer and User Activity on the Rise
A Messari report underscores Etherlink’s steady progress, citing consistent growth in wallets, transactions, and projects. More than 50 dApps are currently under development, with lending protocol Superlend leading in traction — holding $16.93 million in deposits and maintaining $10.49 million in active loans.
Calypso Upgrade Boosts Network Efficiency
Etherlink’s infrastructure has also improved substantially. The Calypso upgrade, deployed in March, introduced 30x faster contract storage, reduced hardware load for node operators, and better handling of network congestion. These enhancements make the platform more scalable and efficient, especially for tez asset movement between Tezos and Etherlink.
Fortify Labs 2025 to Fuel Developer Growth
Expansion is set to continue as Fortify Labs launches its 2025 accelerator cohort. The batch includes seven teams building on Etherlink, such as:
- BluWhale AI for on-chain data insights
- IDRX, an IDR-backed stablecoin
- Miomi Game, a Web3 eSports project
Etherlink is proving that with the right incentives, infrastructure, and developer support, new Layer 2 ecosystems can quickly gain relevance in the DeFi space.
