DeFi
Users Deposit $2 Billion into Zircuit, Earning Airdrop Points on Up to Four Protocols – DL News
- Deposits to Zircuit jumped by over $80 million in the last 24 hours, surpassing $2 billion in total crypto assets deposited.
- Zircuit mainnet is expected to launch this summer.
- Users who deposit liquid takeover tokens into Zircuit can receive points from four different protocols.
Users have deposited over $80 million into Zircuit in the last 24 hours, bringing the total value of crypto assets deposited with the protocol to over $80 million. 2 billion dollars.
This comes because Zircuit offers airdrop farmers, users who interact with a protocol only to receive a future airdrop, exposure to points from up to four different protocols.
Zircon is an Ethereum accumulation who uses proofs of zero knowledge — privacy technology that allows transactions to be validated without revealing all the details. Zircuit is expected to launch its mainnet this summer.
In the meantime, users can deposit funds into Zircuit staking in hopes of receiving tokens in the future if the protocol has an airdrop.
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Total value of crypto deposits in Zircuit staking
The amount of deposits in Zircuit is another sign of the growing popularity of airdrops, which are when Exit points from DeFi platforms to their users in exchange for the deposits and activity that users have invested in a project. The protocol may or may not convert points into tokens.
Users who deposit on Zircuit earn Zircuit Points in addition to points from partner protocols.
Using ezETH as an example, since it is the largest token deposited in terms of US dollar value, users can earn EigenLayer Points, Renzo Points, eOracle Points, and Zircuit Points.
And when users deposit assets like ezETH into Zircuit, they receive additional Zircuit points.
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Thus, a single deposit allows users to accumulate points on four protocols: Renzo, EigenLayer, eOracle and Zircuit.
Clean diaper is a platform built on the Ethereum blockchain that introduced the concept of “resttaking” – the act of using Ethereum that is staked to secure the Ethereum mainnet in order to then secure other networks. It is the second largest DeFi protocol in terms of total value of crypto assets deposited with $13.9 billion.
eOracle is an “actively validated service”, or AVSa protocol that uses EigenLayer’s restoration services for network security and connects blockchains to real-world data.
It should be noted that Zircuit deposits are not without risk.
Users who deposit assets such as liquid takeover tokens are exposed to smart contract risks related to liquid restocking providers, EigenLayer and Zircuit.
Every time a user deposits or interacts with a smart contract, there is a risk that the smart contract has a bug in the code, leading to the potential loss of some or all of the user’s assets.
Additionally, it is not clear whether the points will definitely be converted into tokens.
Historically, protocols that have conducted points programs, such as Ethena, MantisAnd Parcelhave followed this practice of converting points into tokens, but neither Zircuit nor EigenLayer have officially confirmed that they will do the same with the points they issue.
In addition, the administrators of Zircon And Clean diaper on social media platform Discord, when asked about a possible drop, said there was no official confirmation of any drop at this time.
Ryan Celaj is a data correspondent at DL News. Do you have any advice? Send him an email to ryan@dlnews.com.