Points and restaking farmers are directing their attention toward the little-known L2.<\/p>\n
Zircuit, an Ethereum Layer 2 network, has quietly amassed more than $1 billion worth of ETH and Ether staking derivatives just six weeks after opening its doors to deposits.<\/p>\n
According to Dune Analytics,\u00a0333,839 Ether<\/a>\u00a0worth of ETH, liquid staking tokens (LSTs), and restaking tokens (LRTs) have been deposited to the project, worth $1.11 billion at current prices. The network also holds more than $45.9 million worth of stablecoins, mostly comprising Ethena\u2019s yield-bearing\u00a0USDe<\/a>\u00a0token.<\/p>\n Zircuit\u00a0launched<\/a>\u00a0its points campaign on Feb. 24, allowing users to stake ETH and Ether staking derivatives in exchange for earning Zircuit Points \u2014 which are expected to qualify holders for a future airdrop \u2014 in addition to the yield and points accumulated by the deposited assets.<\/p>\n The project\u00a0followed<\/a>\u00a0up with its \u201cBuild to Earn\u201d program on March 27, incentivizing developers to build infrastructure, tooling, or deploy dApps to Zircuit\u2019s testnet \u2014 which went live in November.<\/p>\n <\/p>\n The network\u2019s impressive pre-mainnet rise to prominence is reminiscent of Blast\u2019s rapid emergence as a leading L2.<\/p>\n Blast, a Layer 2 from the team behind Blur, the leading NFT marketplace by trade volume, ranked as the third-largest L2 with a more than $2 billion total value locked (TVL) when it completed its\u00a0mainnet launch<\/a>\u00a0on Feb. 29.<\/p>\n