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Zircuit Surpasses $1 Billion in Pre-Mainnet Deposits
Ethereum Layer 2 network Zircuit has achieved a significant milestone by surpassing $1 billion in pre-mainnet deposits within just six weeks of opening to investors. This remarkable achievement showcases the growing interest and confidence in Zircuit’s offerings.
Key Highlights:
- Zircuit has attracted 333,839 Ether, including ETH, liquid staking tokens (LSTs), and restaking tokens (LRTs), totaling approximately $1.11 billion at current prices.
- The network also holds over $45.9 million worth of stablecoins, primarily in Ethena’s yield-bearing USDe token.
- Zircuit initiated a points campaign on February 24, allowing users to stake ETH and Ether staking derivatives in exchange for Zircuit Points.
- Users can withdraw their pre-mainnet deposits at any time, providing flexibility and accessibility.
Zircuit’s Features and Innovations:
Zircuit operates as a hybrid rollup, combining zero-knowledge proofs with optimistic infrastructure. It is fully compatible with the Ethereum Virtual Machine (EVM), enabling seamless migration of existing applications onto the network. Zircuit’s compression techniques facilitate faster transactions without high fees.
Community Engagement and Partnerships:
The “Build to Earn” program incentivizes developers to build infrastructure and decentralized applications on Zircuit’s testnet. Partnerships, such as Ethena’s integration of USDe token, further enhance the ecosystem’s offerings and utility.
Growth in Ethereum Layer 2 Ecosystem:
The rapid growth of Zircuit mirrors the success of other Layer 2 networks like Blast, indicating a broader expansion of Ethereum’s Layer 2 ecosystem. With a total value locked (TVL) surpassing $36.7 billion, Layer 2 networks are playing an increasingly vital role in enhancing Ethereum’s scalability and efficiency.
Market Share and Adoption:
Among Layer 2 networks, Arbitrum leads with a market share of 49.17%, demonstrating significant adoption and usage. The consistent increase in TVL across Layer 2 networks underscores the growing confidence and interest in Layer 2 solutions.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
