TVL of Layer-2 Zircuit Surpasses $2 Billion Just Two Months After Launch

Layer-2 solution Zircuit has attracted over $80 million in deposits in the past 24 hours, bringing its total TVL (Total Value Locked) to $2 billion just two months after its launch. In addition to staking rewards and Zircuit Points, users will also earn Points from other projects.

TVL of Layer-2 Zircuit Surpasses $2 Billion Just Two Months After Launch

According to data from DefiLlama, Zircuit – a Layer-2 solution using Sequencer Level Security – has seen over $80 million deposited in the past 24 hours, raising its total TVL to $2 billion.

Previously, Zircuit attracted $140 million in deposits in just one day following the launch of Chapter 3: Zircuit Staking, highlighting the significant FOMO (Fear of Missing Out) surrounding this project.

TVL Growth and User Incentives

The impressive TVL growth can be attributed to the user interaction with Zircuit’s protocol, which allows them to earn points from up to four potential airdrop projects simultaneously, saving time and costs compared to interacting with each protocol individually. Specifically, users who deposit funds into the protocol earn Zircuit Points and points from partner protocols, including Renzo, EigenLayer, and eOracle.

Additionally, the project encourages users to deposit funds with a “boost” Points mechanism. When staking weETH, users will earn triple the daily points from both Zircuit and ether.fi for the next two weeks.

Mainnet Launch and Future Prospects

Zircuit announced on April 21 that it has completed 60% of the preparations for its mainnet launch, which is expected in Q2-Q3 2024.

At the time of writing, Zircuit’s TVL significantly outperforms other projects that have recently launched notable staking programs, such as BounceBit and Swell.

Community Engagement and Airdrop Speculation

The significant deposits into Zircuit indicate a growing interest among the crypto investment community in “farming” airdrops based on points criteria. By interacting with the project to earn points, users can potentially convert these points into project tokens upon launch.

Recent protocols like Ethena, Manta, and Parcl have converted points into tokens. However, it is important to note that Zircuit has not officially confirmed on Twitter or Discord that it will do the same with the points users earn.

Conclusion

The rapid growth and user engagement with Zircuit highlight the strong interest in innovative DeFi solutions that offer multiple incentives and potential future rewards. As the project approaches its mainnet launch, it remains a key player to watch in the Layer-2 and restaking space.

Stay tuned for more updates as Zircuit continues to develop and expand its ecosystem.