Zircuit's Staking TVL Soars Past $2 Billion, Signaling Strong Adoption Preceding Mainnet Launch

Zircuit, an EVM-compatible ZK Rollup, has surpassed $2 billion in staking Total Value Locked (TVL), attracting $80 million in deposits within 24 hours on its testnet. With over 544,000 ETH and various staking derivatives deposited, Zircuit resembles the pre-mainnet traction of Blast, which quickly ascended to become the third-largest layer 2 platform upon its mainnet launch.

Zircuit's Staking TVL Surpasses $2 Billion, Signaling Growing Adoption Preceding Mainnet Launch

[City, Date] - Zircuit, an Ethereum Virtual Machine (EVM)-compatible ZK Rollup, has achieved a significant milestone with its staking Total Value Locked (TVL) surpassing the $2 billion mark. This surge follows a substantial $80 million injection into the project by users within the past 24 hours.

Staked Assets and Incentivization

Since launching its staking program on February 24th, Zircuit has witnessed an impressive inflow of staked assets. Users are actively participating in the project's ecosystem by contributing ETH and various staking derivatives. These derivatives include:

• ezETH from Renzo Protocol
• rswETH from Swell Network
• rsETH from Kelp DAO
• LsEtH from Liquid Collective
• stETH from Lido Finance

As per data from Dune Analytics, a total of 544,716 ETH, liquid staking tokens (LSTs), and liquid restaking tokens (LRTs) have been deposited into Zircuit. Additionally, the network holds over $186.4 million in stablecoins, primarily Ethena's yield-bearing USDe token.

In addition to yield generation, Zircuit points are awarded to holders of deposited assets. These points are anticipated to qualify participants for future airdrops. Upon the much-anticipated mainnet launch, those who migrate their assets to Zircuit's Mainnet will be eligible for the most significant rewards. However, unlike other protocols, such as Mantle, users retain the flexibility to withdraw their assets anytime while preserving earned points and yield, as ETH is not hard-locked.

"Build to Earn" Program

Zircuit's commitment to innovation extends beyond its staking program. On March 27th, the project introduced its "Build to Earn" initiative. This program incentivizes developers to build infrastructure, tools, and decentralized applications (dApps) on Zircuit's testnet, which was launched in November.

Pre-Mainnet Traction Mirrors Blast's Rise

Zircuit's rapid adoption has been evident in its pre-mainnet phase. The project surpassed the $500 million TVL mark on March 8th, demonstrating its growing popularity. This trajectory mirrors the meteoric rise of Blast, a layer 2 platform developed by the team behind the prominent NFT marketplace, Blur.

Upon its mainnet launch on February 29th, Blast quickly ascended to become the third-largest layer 2 platform, boasting a TVL of over $2 billion. Blast's success stemmed from its ability to attract substantial deposits before releasing any code by enticing users with points and native rewards from supported yield-bearing assets.

In contrast to Blast, Zircuit offers users the flexibility to withdraw pre-mainnet deposits at any time, providing enhanced liquidity and flexibility.

Conclusion

Zircuit's impressive staking TVL and pre-mainnet traction position it as a promising project with significant growth potential. The project's innovative approach to staking, incentivization programs, and user flexibility are key factors driving its adoption. As the anticipation for the mainnet launch reaches fever pitch, Zircuit is poised to become a significant player in the Ethereum ecosystem.