PancakeSwap Unveils Airdrop of 2.45 Million zkSync Tokens as a Reward for the Community
PancakeSwap, a prominent multichain decentralized exchange, has announced a new community reward program that commenced on July 5 at 10:30 a.m. UTC. As part of the program, 2,452,128 zkSync (ZK) tokens will be distributed to community members over the course of one month, ending on August 5.
The airdrop serves as a gesture of gratitude towards the community for their unwavering support of PancakeSwap’s zkSync deployment since July 2023. Its launch has garnered significant attention due to its timing coinciding with the allegations surrounding Matter Labs, the developer of zkSync.
PancakeSwap’s decision to carry out the airdrop comes after the platform achieved impressive milestones, surpassing $3 billion in trading volume, attracting over 1.9 million traders, and locking in $5 million in total value. The aim of the airdrop is to reward PancakeSwap users and encourage greater engagement on the platform. However, its timing has raised eyebrows due to the ongoing zkSync controversy.
Matter Labs, the developer of zkSync, has recently faced accusations of “insider minting” in relation to its Libertas Omnibus NFTs. These allegations were brought to light by blockchain research firm SoEasy on June 17, suggesting improper distribution of NFTs to ineligible insiders. However, Matter Labs has vehemently denied these claims.
The zkSync token airdrop has also sparked discussions about its potential impact on the market. Active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives are eligible for the airdrop. Future contributors who engage in liquidity provision and trading on zkSync PancakeSwap will also be included to stimulate further growth on the platform. The airdrop is available to veCAKE holders and past contributors.
To claim their ZK tokens, users can connect their wallet to the PancakeSwap platform homepage and follow the provided instructions. Any unclaimed tokens will be redirected towards PancakeSwap’s ecosystem development and community initiatives.
The price of the ZK token has experienced fluctuations in recent weeks. Last month, it encountered a 5% drop following a $113 million token airdrop, and its price has been negatively affected since its listing on major exchanges.
This newly announced airdrop comes after a previous rumored airdrop in March, when PancakeSwap announced the launch of PancakeSwap V4 and initially reported a $3 million CAKE airdrop to celebrate the upgrade. However, the PancakeSwap team later clarified that this information was false and instead planned to allocate $500,000 to a PancakeSwap Developer Program.
Despite PancakeSwap’s strong performance as a leading decentralized exchange earlier this year, its native token, CAKE, has faced challenges. In February, the platform reported a total trading volume of $15.8 billion, an increase from January, with an average daily volume of $545.4 million. However, CAKE’s price has notably declined since then, dropping from $4 to $1.73, exacerbated by a 45% decrease in the past month alone.
With the ongoing zkSync controversy and the recent volatility of the ZK token, the crypto community is eagerly watching to see if PancakeSwap’s airdrop will positively impact ZK’s price.