Linea surpassed Optimism to become 10th biggest blockchain by TVL
Disclaimer: The insights presented in this report are based solely on data from the dapps tracked by DappRadar on Linea, and do not encompass all the transactions conducted on the blockchain as a whole.
Marking its one-year anniversary, Linea tackles the pressing scalability and efficiency issues in the blockchain realm. By harnessing advanced technologies, Linea provides a platform that is both resilient and easy to use, resulting in significant growth over the past year.Let’s delve into the events and developments that shaped Q2 2024.
Key Takeaways
- Linea’s TVL saw a significant and impressive rise, increasing by 412% to reach $1.1 billion by the end of Q2 2024.
- Linea had an average of 295,597 daily Unique Active Wallets interacting with dapps in Q2 2024, a 41% increase from the previous quarter.
- The social sector has the biggest dominance over Linea’s activity, with a 41% dominance.
- The network processed 27 million transactions in Q2 2024, generating a total volume of $4.9 billion.
- Yooldo and Arena Games Platform emerged as the leading gaming dapps on Linea this quarter, attracting the highest number of Unique Active Wallets, also thanks to the Linea Park campaign which proved to be highly successful.
Table of Contents
1. On-Chain Activity Overview
2. DeFi Ecosystem
3. Gaming Ecosystem
4. Closing Words
1. On-Chain Activity Overview
In the second quarter of this year, Linea’s on-chain activity has continued its strong growth trajectory. They achieved an average of 295,597 daily Unique Active Wallets, representing a notable 41% increase from the previous quarter.
Furthermore, it seems that Linea is building its reputation as a social-focused blockchain, with 41% of its activity dedicated to social dapps. The DeFi sector accounts for 18% of the activity,NFT represents 15% while gaming just 7%. The remaining 19% includes other dapps, such as those in the gambling and high-risk categories.
Moreover, the volume from the smart contracts we track, originating from all integrated Linea dapps, has also seen a significant rise. This quarter, we recorded a total dapp volume of $4.9 billion, reflecting a 250% increase. This means more value flows into smart contracts for token swaps, staking or other on-chain activities.
We also analyzed the transaction count, which is essential for gauging the ecosystem’s activity levels. This quarter, we registered a total of 27 million transactions, marking a 36% increase.
These metrics underscore the ecosystem’s growing popularity. With Linea yet to launch their own token and widespread rumors about a potential airdrop, the excitement is tangible. Meanwhile, check out our Linea rankings to discover the top-performing dapps in this flourishing ecosystem.
2. DeFi Ecosystem
As noted in our introduction, Linea celebrated its one-year anniversary this quarter. Despite its relative newness, the chain’s Total Value Locked (TVL) has skyrocketed to $1.1 billion, an impressive 412% increase from the previous quarter. This achievement has propelled Linea to become the tenth-largest chain by active TVL, surpassing well-established chains like Optimism.
Our DeFi rankings provide an in-depth look at the entire ecosystem, but let’s highlight a few standout dapps from this quarter.
Stargate: A prominent name in the DeFi space, Stargate saw a 268% increase in Unique Active Wallets (UAW) on Linea over the past quarter. By the end of Q2, the bridging platform held $50 million in Linea’s TVL, ranking fifth.
SyncSwap: A DEX built on zkSync, Linea and Scroll also showed positive growth, with a 3% increase in wallet activity.
Micro3: A DeFi analytics platform experienced an 87% increase in wallet activity.
Mendi: Focusing on stability and high yields, Mendi provides innovative financial tools as the leading native Linea money market. It saw a remarkable 660% increase in wallet activity and holds the second place with $150 million in Linea’s TVL.
Renzo: Renzo stands out as an intuitive and user-friendly DeFi platform, achieving the highest increase this quarter in UAW, with a staggering 2,635% rise.
Other dapps have also shown impressive performance. Lynex, a DEX that optimizes DeFi efficiency with its unique ve(3,3) model, saw a remarkable 351% increase in volume over the past quarter, reaching $4 billion.
These dapps exemplify the dynamic growth and innovation within the Linea ecosystem. For a comprehensive overview, check out our Linea rankings to discover the top-performing DeFi dapps in this thriving ecosystem.
3. Gaming Ecosystem
While the Linea blockchain primarily focuses on DeFi applications at the moment, it is actively expanding into the gaming sector. Although the gaming ecosystem is still in its early stages, significant strides are being made to promote growth in this area.
Our gaming rankings showcase notable gaming dapps operating on the Linea chain:
Yooldo: A collaborative puzzle-solving game where players work together to complete challenges and unlock new levels.
Arena Games Platform: A hub for competitive gaming, offering various multiplayer arenas for real-time battles and tournaments.
Ultiverse: An expansive online role-playing game set in a futuristic universe, featuring immersive storylines and strategic combat.
Battlemon: A creature-collecting and battling game where players train and pit their Battlemon against others in exciting duels.
Enders Gate: A sci-fi card game that combines strategy and deck-building as players compete to dominate the battlefield.
While the gaming ecosystem on Linea might seem modest at present, we are optimistic about its growth potential. Keep an eye on our rankings to discover emerging top-performing gaming dapps within this evolving ecosystem.
4. Closing words
Marking its one-year anniversary this quarter and with the anticipation of a possible airdrop, Linea has garnered significant hype, which is well-deserved as we’ve seen in this report.
In Q2 2024, Linea had an average of 295,597 daily Unique Active Wallets interacting with dapps, representing a 41% increase from the previous quarter. The network processed 27 million transactions during the second quarter, generating a total dapp volume of $4.9 billion. Linea’s Total Value Locked (TVL) saw a remarkable rise, increasing by 412% to reach $1.1 billion by the end of Q2 2024. Furthermore, in the gaming sector Yooldo and Arena Games Platform emerged as the leading dapps on Linea this quarter, attracting the highest number of Unique Active Wallets.
These impressive metrics highlight the rapid growth and increasing popularity of the Linea ecosystem. With its expanding DeFi applications and budding gaming sector, Linea is well-positioned for continued success and innovation in the blockchain space.
