Etherlink, the EVM-compatible Layer 2 blockchain powered by Tezos Smart Rollups, is experiencing rapid growth following its February exit from beta and the launch of the $3M Apple Farm rewards program. In just a few weeks, Etherlink’s Total Value Locked (TVL) has skyrocketed from $1.4M to over $18M, marking a 12x increase and setting new records for on-chain activity.
The Apple Farm incentive program has exceeded expectations, driving significant user engagement across Etherlink’s decentralized finance (DeFi) ecosystem. Decentralized exchange IguanaDEX recorded $150M in trading volume as users leveraged Apple Farm rewards and arbitrage opportunities. Superlend, a key DeFi platform within the ecosystem, saw deposits reach $16.93M, with active borrowing at $10.49M. Other platforms, such as Uranium.io and Hanji, have also reported substantial growth, with Hanji increasing its vault cap to $1M after hitting its initial $200,000 limit in a single day.
David Relkin, Head of DeFi for the Tezos ecosystem at Nomadic Labs, emphasized the program’s success: “The success of Apple Farm demonstrates the effectiveness of our approach to incentive programs and the development of this ecosystem. We’re building a sustainable environment where users find genuine value in meaningful on-chain interactions.”
Etherlink’s growth is supported by continuous technological advancements. The Calypso network upgrade, deployed in March, has delivered 30x faster smart contract storage, improved network stability, and a smaller disk footprint for operator nodes. These enhancements ensure the platform can handle increasing transaction volumes while preparing for faster tez withdrawals between Etherlink and Tezos.
Expanding the ecosystem
The Etherlink ecosystem is set to grow further with the second edition of the Fortify Labs program, hosted by TZ APAC. This year’s cohort includes seven innovative startups, such as BluWhale AI for decentralized data analytics, IDRX (a stablecoin pegged to the Indonesian Rupiah), and Miomi Game’s eSports platform. These projects join a thriving ecosystem of over 50 active developments, as highlighted in a recent Messari report.
Etherlink’s rapid growth underscores the potential of Layer 2 solutions to transform blockchain scalability and usability. By combining robust incentives like Apple Farm with cutting-edge technology, Etherlink is creating a vibrant and sustainable DeFi ecosystem. Its seamless integration with Tezos further enhances its appeal, enabling developers to deploy EVM codebases and migrate assets effortlessly.
Etherlink is an EVM-compatible Layer 2 blockchain powered by Tezos Smart Rollups technology. It enables developers to deploy EVM codebases and migrate users and assets from Ethereum and other interoperable chains, fostering seamless interaction across networks.
Sources:
- Chainwire – https://chainwire.org/2025/04/18/tezos-l2-etherlink-sees-12x-tvl-increase-as-apple-farm-rewards-program-drives-substantial-growth/
