Markets News Report
February 23, 2024

Zircuit Opens Staking Window, Offers Rewards for Participation

In Brief

Zircuit now allows to re-stake ETH, ezETH, rswETH, rsETH, LSt ETH and stETH, with users who make deposits set to receive staking points.

Zircuit Opens Staking Window, Offers Rewards for Participation

Zero-knowledge rollup developer Zircuit announced it has opened a staking window. Users are now eligible to accumulate Zircuit points through re-staking of Ethereum’s ETH, Renzo’s ezETH, Swell’s rswETH, Kelp’s rsETH, Liquid Staked ETH, and Lido’s stETH, as well as engaging in diverse tasks within the Zircuit ecosystem.

Additionally, liquid staking tokens and liquid re-staking tokens are entitled to earn 100% more Zircuit points compared to ETH. Users who make deposits will persist in receiving staking earnings, Zircuit Points, EigenLayer Points, and other points existing in the system. Upon the Zircuit’s mainnet launch users will have the option to either migrate their pledged assets to the mainnet or withdraw funds.

The Zircuit staking program is structured to incentivize users and communities actively contributing to the initial liquidity of Zircuit. 

Zircuit develops an EVM-compatible zero-knowledge rollup, focusing leveraging Sequencer Level Security (SLS) to prevent malicious transactions and hacks. The network features a hybrid architecture, integrating well-established infrastructure with zero-knowledge proofs, offering developers a blend of reliability and innovation. Last year, Zircuit launched testnet. 

According to the Zircuit website, the current Total Staked amount is reported to be $103,075,990.02.

Surging Interest in Liquid Restaking

The interest around the niche of liquid restaking has been experiencing rapid growth. Recently, the Total Value Locked (TVL) in liquid restaking tokens has exceeded $3.5 billion, signifying a notable surge in popularity among Ethereum investors.

Furthermore, over the past month, protocols including Etherfi, Renzo, Kelp, and Puffer have observed a rise in deposits, reflecting users’ interest in leveraging EigenLayer through these platforms to retain access to their funds. 

Liquid restaking enables holders of liquid-staking tokens to participate in staking on EigenLayer, thereby contributing to the platform’s economic security. Notably, EigenLayer has recently raised significant funding, propelling the platform’s growth and development.

Zircuit’s staking program, coupled with the growing interest in liquid restaking signifies a dynamic shift attracting an increasing number of participants and fostering a vibrant ecosystem.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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