TVL Skyrockets Past $18M with Incentive-Fueled Momentum
Etherlink, the Tezos-based Layer 2 chain with EVM compatibility, has experienced explosive growth in recent weeks, with its total value locked (TVL) rising from $1.4 million to over $18 million — a 12x increase. This sharp uptick has been largely driven by the Apple Farm rewards campaign, a $3 million incentive initiative launched to spur adoption and liquidity across the ecosystem.
Incentives Spark Widespread User Activity
Since graduating from its beta phase in February, Etherlink has been gaining traction. The Apple Farm program has accelerated this growth by incentivizing users across various dApps. One major beneficiary is IguanaDEX, a decentralized exchange that logged $150 million in trading volume as users flocked to earn rewards and engage in arbitrage strategies.
David Relkin, Head of DeFi at Nomadic Labs, commented, “Apple Farm’s early success showcases the power of targeted incentives in building sustainable DeFi ecosystems.”
Ecosystem Expands as Developers Build
A new report from Messari highlights Etherlink’s rising adoption, noting strong growth in transaction volume and user wallet creation. Currently, over 50 projects are developing on Etherlink. Lending protocol Superlend has emerged as a standout, attracting $16.93 million in deposits and facilitating over $10.49 million in active loans.
Technical Advancements Fuel Performance
Etherlink’s rapid rise is also backed by significant architectural improvements. In March, the Calypso upgrade went live, enabling 30x faster smart contract storage, reducing node disk size, and improving the network’s resilience under high load. These improvements support faster tez withdrawals and enhanced dApp scalability.
More Growth on the Horizon via Fortify Labs
Etherlink’s developer momentum is expected to accelerate further with the arrival of the 2025 Fortify Labs cohort by TZ APAC. The cohort features seven projects building on Etherlink, including:
- BluWhale AI, a decentralized analytics platform
- IDRX, an Indonesian Rupiah-pegged stablecoin
- Miomi Game, an eSports and gaming ecosystem
As adoption, incentives, and infrastructure upgrades continue to align, Etherlink is fast becoming a rising force in the DeFi Layer 2 landscape.
