Ethereum Layer 2 ‘Abstract’ says it has entered the top 10 in chain revenue
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Summary
- Ethereum Layer 2 project Abstract said on the 21st that it has entered the top 10 by chain revenue.
- Abstract said that despite a TVL of about $30.68 million, it delivered revenue performance that surpasses major Layer 1 chains such as Avalanche (AVAX) and NEAR (NEAR).
- An Abstract official said that chain revenue, user activity, and application usage will emerge as more important evaluation factors than TVL.
Ethereum Layer 2 (L2) project Abstract said on the 21st that it has entered the top 10 by chain revenue.
Abstract said, “With total value locked (TVL) of about $30.68 million, we are the smallest among the top 10 revenue-generating chains, yet we have still made it into the top 10 in chain revenue.” This figure surpasses the revenues of major Layer 1 chains such as Avalanche (AVAX) and NEAR (NEAR).
The achievement is prompting calls in the industry to rethink the conventional metrics used to assess chain performance. TVL has long been used as a representative indicator of the amount of assets deposited on a chain, but critics note that it can be artificially inflated through short-term incentives or bridge transfers, meaning it does not fully reflect actual network usage.
In Abstract’s case, it is being viewed as a differentiated trend in that applications generating real revenue are operating within a relatively limited asset base. This indicates that tangible economic activity—such as transactions and fees occurring on the chain—is underpinning the performance.
An Abstract official said, “TVL is only a reference indicator, and it is difficult for it to serve as an absolute standard for judging a chain’s health,” adding, “Going forward, chain revenue, user activity, and application usage will increasingly stand out as more important evaluation factors.”
