Zircuit’s TVL Surpasses $2 Billion Forward of Summer time Mainnet Launch

Zircuit, an EVM-compatible ZK Rollup, has reached a milestone as its staking Whole Worth Locked (TVL) has surpassed $2 billion. This comes after customers deposited greater than $80 million into the venture within the final 24 hours.

Though nonetheless within the testnet section, the mainnet launch is anticipated later this summer season.

Zircuit Staking Deposits Surpass 500,000 ETH

Zircuit introduced its staking program on February 24. It permits customers to take part within the venture’s ecosystem and achieve Zircuit factors by staking numerous property, together with ETH and a number of other staking derivatives resembling ezETH from Renzo Protocol, rswETH from Swell Community, rsETH from Kelp DAO, LsEtH from Liquid Collective, and stETH from Lido Finance.

In keeping with Dune Analytics, 544,716 ETH, liquid staking tokens (LSTs), and liquid restaking tokens (LRTs) have been deposited into the venture. Moreover, the community holds greater than $186.4 million of stablecoins, primarily Ethena’s yield-bearing USDe token.

The Zircuit factors, along with the yield and factors generated by the deposited property, are anticipated to qualify holders for a future airdrop. Upon the mainnet launch, those that migrate their property to the Zircuit Mainnet will obtain the best rewards. In the meantime, customers can withdraw their property at any time whereas retaining the factors and yield earned, as ETH isn’t hard-locked like different protocols resembling Mantle.

Moreover, the venture launched its “Construct to Earn” program on March 27, incentivizing builders to assemble infrastructure and instruments or deploy decentralized functions (dApps) on Zircuit’s testnet, launched in November.

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

In the meantime, Zircuit surpassed the $500M TVL mark on March 8, highlighting its growing adoption over time. Notably, its traction earlier than the mainnet launch resembles Blast’s speedy rise final yr.

Blast, developed by the staff behind Blur, a outstanding NFT market, rapidly turned the third-largest layer 2 platform, boasting a complete worth locked (TVL) of over $2 billion upon its mainnet launch on Feb. 29.

The venture was the primary high-profile layer 2 to draw enormous deposits even earlier than the discharge of any code by engaging customers with the promise of factors and native rewards from supported yield-bearing property. Blast launched a one-way deposit contract in mid-November, accumulating over $500 million value of property in lower than one week.

Nevertheless, not like Blast, Zircuit permits customers to withdraw pre-mainnet deposits anytime, offering elevated flexibility and liquidity.