Zircuit Surpasses $2 Billion TVL Milestone in Staking
Zircuit, an EVM-compatible ZK Rollup, has achieved a significant milestone as its staking Total Value Locked (TVL) has crossed the $2 billion mark. This milestone comes after users deposited more than $80 million into the project within the last 24 hours. Despite still being in the testnet phase, the mainnet launch is expected to take place later in the summer.
Staking Program Announcement and Participation Details
On February 24, Zircuit announced its staking program, enabling users to engage with the project’s ecosystem and earn Zircuit points by staking various assets. These assets include ETH and multiple staking derivatives like ezETH from Renzo Protocol, rswETH from Swell Network, rsETH from Kelp DAO, LsEtH from Liquid Collective, and stETH from Lido Finance.
- Over 544,716 ETH, liquid staking tokens (LSTs), and liquid restaking tokens (LRTs) have been deposited into the project according to Dune Analytics.
- The network also holds more than $186.4 million of stablecoins, primarily Ethena’s yield-bearing USDe token.
Participating users are expected to benefit from Zircuit points along with the yield and points generated by their deposited assets. Holders of these points are likely to be eligible for a future airdrop. When the mainnet launches, individuals who migrate their assets to the Zircuit Mainnet will receive the highest rewards. Users have the flexibility to withdraw their assets at any time while retaining their points and earned yield, as ETH is not hard-locked compared to other protocols like Mantle.
Zircuit introduced its “Build to Earn” program on March 27, incentivizing developers to create infrastructure, tools, deploy decentralized applications (dApps) on the Zircuit testnet launched in November.
Zircuit’s Pre-Mainnet Success Mirroring Blast’s Growth
Zircuit’s achievement of crossing the $500 million TVL mark on March 8 showcases its growing adoption trend. This traction before the mainnet launch is reminiscent of Blast’s rapid rise in the previous year.
- Blast, the brainchild of the team behind the prominent NFT marketplace Blur, the third-largest layer 2 platform with a TVL exceeding $2 billion upon its mainnet launch on Feb. 29.
- Unlike Blast, Zircuit permits users to withdraw pre-mainnet deposits at their convenience, offering enhanced flexibility and liquidity.
Hot Take: Embrace Zircuit’s Staking Revolution
As the TVL for Zircuit’s staking program crosses the $2 billion milestone, crypto enthusiasts are witnessing a groundbreaking revolution in staking activities. Zircuit’s user-friendly approach, diverse staking options, and flexibility in asset management make it a standout player in the crypto space. Stay tuned for more exciting updates as Zircuit charts its path towards the mainnet launch, promising even greater rewards and opportunities for participants in the ecosystem. Get ready to stake your claim in the staking revolution with Zircuit!
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