Layer 2 TVL tags new all-time high despite throughput sliding.
Prominent Ethereum Layer 2 teams are readying to embrace a new standard for rollups that could improve L2 interoperability with mainstream tech.
On Feb. 10, Scroll announced the finalization of the first Rollup Improvement Proposal, RIP-7212.
The new standard supports precompiling for the secp256r1 curve, which is used broadly across the internet. The new standard is designed to improve the compatibility of smart contract execution with existing hardware and software vendors, including Apple and Android. For example, the standard could facilitate transaction signing via biometric authentication on mobile devices.
“All of tech uses [secp256r1], so having a precompile for it would allow things like storing keys in iPhone secure enclaves,” tweeted Tim Beiko of the Ethereum Protocol Guild.
The new standard was finalized during the Feb. 7 RollCall meeting, a collaborative call between prominent Layer 2 teams.
Scroll said Polygon has already committed to implementing the standard as part of its forthcoming Napoli upgrade, while ZkSync is preparing to adopt RIP-7212 sometime around April. The team added that Optimism and Kakarot are also working on integrating the new standard moving forward. Evmos, a Cosmos-based network supporting Ethereum smart contract execution, has also moved to support the standard.
“At least three rollup teams have already committed to implementing this new standard,” Scroll tweeted.
The standard was first described as an Ethereum Improvement Proposal (EIP) during June 2023, but was later reimagined as an upgrade for rollups due to most Layer 2s moving to introduce native support for account abstraction.
Scroll also celebrated the finalization of RIP-7212 as setting the stage for future improvement proposals exclusively designed for rollups.
“This week’s RollCall breakout call was an interesting exploration into how standardization frameworks evolve and mature over time,” Scroll said.
The news comes as the total value locked (TVL) in Layer 2 networks is posting new all-time highs following recent bullish momentum in the digital asset markets.
More than $23.3B worth of crypto is currently held on Ethereum Layer 2s, according to L2beat. Arbitrum currently boasts a 49% market share and is pressing into new highs of roughly $11.5B, followed by Optimism with a 26% dominance and $6B TVL.
However, on-chain activity across Layer 2 networks also sank to 41.5 transactions per second (TPS) on Feb. 9 — its lowest level since Dec. 1.