Ethereum L2 Zircuit Surpasses $1 Billion in Pre-Mainnet Deposits in Just Six Weeks
Ethereum Layer 2 network Zircuit has surpassed $1 billion in pre-mainnet deposits within a mere six weeks since opening its doors to investors.
The project has garnered 333,839 Ether, including ETH, liquid staking tokens (LSTs), and restaking tokens (LRTs), which, at current prices, amounts to approximately $1.11 billion, according to data from Dune Analytics .
Furthermore, the network holds over $45.9 million worth of stablecoins, primarily consisting of Ethena’s yield-bearing USDe token.
Zircuit initiated a points campaign on February 24, enabling users to stake ETH and Ether staking derivatives in exchange for Zircuit Points.
These points not only offer potential eligibility for a future airdrop but also provide additional yield and points based on the deposited assets.
Subsequently, on March 27, the project introduced its “Build to Earn” program, incentivizing developers to construct infrastructure, tools, and deploy decentralized applications (dApps) on Zircuit’s testnet, which was launched in November.
Extremely excited to announce that Ethena is joining @ZircuitL2's Build to Earn program to bring USDe to the ecosystem @ethena_labs will be natively integrating $USDe to Zircuit's Mainnet on day 1.
Build alongside us:
1. Use the invite code below
2. Submit your project/idea… https://t.co/l4A4DUDxz1
— Seraphim (@MacroMate8) March 27, 2024
Notably, Zircuit allows users to withdraw their pre-mainnet deposits at any time.
The network operates as a hybrid rollup, combining zero-knowledge proofs with optimistic infrastructure.
Additionally, Zircuit is fully compatible with the Ethereum Virtual Machine (EVM), the core smart contract engine of Ethereum.
This compatibility allows existing applications supporting EVM
Read more on cryptonews.com
