Zircuit, a rollup on the Ethereum Virtual Machine (EVM) that uses Zero-Knowledge Proofs (ZK Rollup), has achieved an impressive feat: Its staked Total Value Locked (TVL) now exceeds $2 billion. This growth is due in part to over $80 million worth of deposits made by users within the last day.
Although still in the testnet phase, the mainnet launch is anticipated later this summer.
Zircuit Staking Deposits Surpass 500,000 ETH
On February 24, Zircuit introduced its staking initiative. Through this program, users can engage with the project and earn Zircuit points. They can do so by depositing different assets as collateral, such as Ethereum (ETH) and derivatives like ezETH from Renzo Protocol, rswETH from Swell Network, rsETH from Kelp DAO, LsEtH from Liquid Collective, and stETH from Lido Finance.
Based on Dune Analytics’ data, a total of 544,716 Ethereum staking tokens (LSTs and LRTs) have been deposited into the project. Additionally, over $186.4 million worth of stablecoins, mainly Ethena’s yield-generating USDe token, are currently held within the network.
Holders of Zircuit tokens, along with the rewards from deposited assets, will be eligible for a future airdrop. At the time of mainnet launch, individuals transferring their assets to the Zircuit Mainnet will secure maximum rewards. Unlike other protocols such as Mantle that hard-lock ETH, users can withdraw their assets whenever they please while retaining the accrued points and yields.
On March 27, the project announced its “Build to Earn” initiative, encouraging developers to create infrastructure, build tools, or deploy decentralized applications (dApps) on Zircuit’s testnet, which had been launched in November.
Zircuit’s Pre-Mainnet Traction Mirrors Blast’s Rise
During the month of March, specifically on the 8th, Zircuit reached and exceeded the $500 million mark in total value locked in. This milestone underscores the growing acceptance of the platform over time. It’s worth mentioning that the momentum before its mainnet launch is reminiscent of Blast’s impressive growth rate experienced last year.
The team behind popular NFT marketplace Blur introduced Blast, a new layer 2 platform, which grew rapidly and reached a total value locked (TVL) of over $2 billion just days after its mainnet debut on February 29th.
Before the code was unveiled, this high-profile layer 2 project drew massive deposits worth over $500 million within a week by enticing users with incentives like points and native rewards from yield-bearing assets. In mid-November, Blast launched a one-way deposit contract as part of the initiative.
With Zircuit, users have the advantage of being able to withdraw their pre-mainnet deposits at any time, unlike with Blast where this is not an option, resulting in more flexibility and ease of access to funds.
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2024-04-24 07:14