Zircuit Airdrops ZRC To 190,000 EIGEN Holders

Zircuit, a prominent Layer 2 network, is tapping into EigenLayer’s expansive user base.

On Oct. 31, Zircuit airdropped its native ZRC tokens in equal quantities to EigenLayer (EIGEN) holders in what the project dubs a “fairdrop.”

Zircuit captured an on-chain snapshot on Oct. 9, with the roughly 190,000 addresses that held a minimum of 3 EIGEN at the time for the distribution. Fairdrop allocations are now claimable.

“Zircuit seeks to recognize the contributions of all EigenLayer participants, regardless of stake size, and support a vision for a secure, decentralized future,” Zircuit said. “By moving away from traditional methods that often favor larger stakeholders, Zircuit hopes to contribute to a broader conversation on fairness in the Ethereum community,”

Martin Derka, the co-founder of Zircuit, described its fairdrop as a first step towards supporting Ethereum stakers of “all levels of contribution.”

EigenLayer pioneered restaking, allowing users to simultaneously earn rewards from validating the Ethereum network and securing third-party Actively Validated Services (AVSs). EigenLayer is the third-largest eFi protocol with a total value locked (TVL) of nearly $11.2 billion.

EigenLayer gave rise to the booming liquid restaking token (LRT) ecosystem, resulting in a widespread token distribution to both native EigenLayer and LRT users across multiple “stakedrops.”

EIGEN tokens became transferable on Sept. 30 and tagged an all-time high of $4.47 within 24 hours of launching, but have since pulled back by 35%. EIGEN is currently the 150th largest cryptocurrency with a $541.7 million capitalization, according to CoinGecko, and is held by 227,774 wallets, according to Etherscan.

Zircuit’s growth

Zircuit burst onto the scene with the launch of pre-mainnet staking on Feb. 24, and a “Build to Earn” program rewarding developers on March 27.

The project initially allowed users to stake ETH, liquid staking tokens, or LRTs to earn points, and amassed a TVL of more than $1 billion within six weeks. Zircuit’s TVL peaked at $3.7 billion in late May, and currently sits at $1.58 billion, according to DeFi Llama.

The first phase of Zircuit’s mainnet launch kicked off on Aug. 5, allowing developers to start building on the network’s mainnet and users to bridge ETH onto the network and test dApps, alongside airdrop claims for Season 1 stakers. The project’s ZRC token last changed hands for $0.17, down 22.7% since unlocking on Sept. 29.