Demex Daily #90: Immutable Leads Ethereum Layer 2 Surge with zkEVM Launch and Record TVL Growth

What’s Interesting Today:

Immutable has distinguished itself as a top performer in the Ethereum Layer 2 space, specializing in GameFi and NFT sectors, by leading the growth charts in both total value locked (TVL) and the performance of its native IMX token over the last week. The network saw a 27% increase in TVL, hitting a new high of $271M, while the IMX token experienced a 33.6% increase in value, ranking it fifth among the top 100 cryptocurrencies with a market capitalization of $3.93B. This surge in growth follows the launch of Immutable zkEVM, a gaming-centric rollup solution that uses zero-knowledge technology to improve scalability and supports Ethereum Virtual Machine smart contracts, making it easier for developers to migrate existing codes. Despite the introduction of this new platform, the original Immutable network continues to attract a large community with over 220 web3 games and partnerships with industry giants such as Ubisoft and Amazon.

Sommelier, a DeFi platform known for its yield-generating vaults, is extending its services to Ethereum layer 2 networks using Axelar's cross-chain messaging, starting with an initial vault on Arbitrum. This expansion aims to tap into new opportunities and reach users across different chains. The newly launched "Real Yield ETH" vault on Arbitrum is designed to enhance yields on ETH-denominated assets through dynamic strategies, including liquidity provision and risk-managed leverage, potentially outperforming staked ETH by two to three times, mirroring the success of its Ethereum mainnet counterpart.