Zircuit, an EVM-compatible ZK Rollup, has reached a milestone as its staking Total Value Locked (TVL) has surpassed $2 billion. This comes after users deposited more than $80 million into the project in the last 24 hours.

Although still in the testnet phase, the mainnet launch is anticipated later this summer.

Zircuit Staking Deposits Surpass 500,000 ETH

Zircuit announced its staking program on February 24. It allows users to participate in the project’s ecosystem and gain Zircuit points by staking various assets, including ETH and several staking derivatives such as ezETH from Renzo Protocol, rswETH from Swell Network, rsETH from Kelp DAO, LsEtH from Liquid Collective, and stETH from Lido Finance.

According to Dune Analytics, 544,716 ETH, liquid staking tokens (LSTs), and liquid restaking tokens (LRTs) have been deposited into the project. Furthermore, the network holds more than $186.4 million of stablecoins, primarily Ethena’s yield-bearing USDe token.

The Zircuit points, in addition to the yield and points generated by the deposited assets, are anticipated to qualify holders for a future airdrop. Upon the mainnet launch, those who migrate their assets to the Zircuit Mainnet will receive the highest rewards. Meanwhile, users can withdraw their assets at any time while retaining the points and yield earned, as ETH is not hard-locked like other protocols such as Mantle.

Furthermore, the project introduced its “Build to Earn” program on March 27, incentivizing developers to construct infrastructure and tools or deploy decentralized applications (dApps) on Zircuit’s testnet, launched in November.

Zircuit’s Pre-Mainnet Traction Mirrors Blast’s Rise

Meanwhile, Zircuit surpassed the $500M TVL mark on March 8, highlighting its increasing adoption over time. Notably, its traction before the mainnet launch resembles Blast’s rapid rise last year.

Blast, developed by the team behind Blur, a prominent NFT marketplace, quickly became the third-largest layer 2 platform, boasting a total value locked (TVL) of over $2 billion upon its mainnet launch on Feb. 29.

The project was the first high-profile layer 2 to attract huge deposits even before the release of any code by enticing users with the promise of points and native rewards from supported yield-bearing assets. Blast introduced a one-way deposit contract in mid-November, accumulating over $500 million worth of assets in less than one week.

However, unlike Blast, Zircuit allows users to withdraw pre-mainnet deposits anytime, providing increased flexibility and liquidity.

The post Zircuit’s TVL Surpasses $2 Billion Ahead of Summer Mainnet Launch appeared first on CryptoPotato.

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Filed under: Bitcoin - @ April 24, 2024 4:13 am