With Etherlink live on Dune, onchain activity across one of the first enshrined optimistic rollups can now be explored in detail — from transactions and stablecoin flows to DEX volume, lending markets, and bridge activity. This makes it possible for researchers, developers, and institutions to analyze how a Tezos-native, Ethereum-compatible execution environment performs alongside every other major blockchain network.
What is Etherlink?
Etherlink is a non-custodial Layer 2 that uses Tezos Smart Rollup technology to run an EVM execution environment with full Ethereum tooling compatibility. Unlike most L2s, this rollup is enshrined: its validation logic, fraud-proof games, and message inbox are implemented directly inside the Tezos Layer 1 protocol rather than as a separate set of contracts.
Key design elements include:
- Enshrined Smart Rollup architecture — the rollup is part of the Tezos protocol itself, with shared infrastructure for fraud proofs and refutation games, secured by Tezos L1's liquid proof-of-stake consensus.
- EVM equivalence — Solidity contracts deploy unchanged, and the chain works out of the box with MetaMask, Hardhat, Foundry, Remix, The Graph, Subsquid, and other standard Ethereum tooling.
- tez as the native gas token — fees are paid in tez, with average transaction costs around $0.001 and sub-second sequencer confirmations (~500ms), inheriting finality from Tezos' two-block guarantee.
- On-chain governance via Tezos L1 — Etherlink upgrades are voted on by Tezos bakers through the same on-chain governance process used for Layer 1 protocol changes, rather than by a centralized team or multisig.
- Cross-chain interoperability — native bridging to Tezos L1 plus integrations with LayerZero and other interop layers for asset movement between Etherlink, Ethereum, and other EVM chains.
- Roadmap to Tezos X — an upcoming upgrade that adds a Michelson interface to Etherlink, allowing Tezos L1 contracts and EVM contracts to share a single ledger and call each other atomically. Testnet launches in May 2026, with an Etherlink governance vote on mainnet activation planned for June.
Since exiting beta in early 2025, Etherlink has hosted incentive programs (Apple Farm seasons 1 and 2, with over $6M in combined rewards) and onboarded protocols across DeFi, RWAs, and trading — including Curve, Spiko, Oku, Midas, Hanji, and Gearbox.
Etherlink data on Dune
With Etherlink integrated on Dune, users can now analyze:
- Core network activity — transactions, gas fees in tez, sequencer block production, and throughput
- DeFi protocols — TVL, deposits, borrows, and liquidations across lending markets like, Curve pools, and DEXs including Hanji and Oku
- Stablecoin dynamics — supply, transfers, holder distribution, and cross-chain flows for stablecoins issued on or bridged to Etherlink
- Bridge and cross-chain activity — flows between Etherlink, Tezos L1, Ethereum, and other EVM chains via LayerZero and native bridges
- Smart contract usage — contract deployments, top contracts by interaction count, and unique interactors
- Tokenized assets and RWAs — activity around Midas' tokenized products (mTBILL, mBASIS, mMEV, mRE7YIELD) and other RWA issuance on the network
Dune provides a standardized, queryable view into Etherlink's onchain data, making it possible to track adoption alongside dozens of other networks using the same SQL interface.
Resources
- Get started with Etherlink data on Dune
- How to create Dune Dashboards
- Access Etherlink data through Dune MCP, with no code required
- Etherlink documentation
