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Participants can now benefit from a new community reward initiative launched by the prominent multichain decentralized exchange PancakeSwap, which commenced on July 5 at 10:30 a.m. UTC.
This program will allocate 2,452,128 zkSync (ZK) tokens to community members over the course of one month, concluding on August 5.
The airdrop aims to express gratitude for the community’s backing of PancakeSwap’s zkSync deployment since July 2023.
The launch of the airdrop is particularly noteworthy, given its coinciding with allegations against zkSync’s developer, Matter Labs.
PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy
The airdrop from PancakeSwap follows the platform exceeding $3 billion in trading volume, achieving $5 million in total value locked (TVL), and attracting over 1.9 million traders.
PANCAKESWAP TO AIRDROP 2.4 MILLION ZKSYNC (ZK) TOKENS: KEY DETAILS
– @PancakeSwap is preparing to reward its dedicated community with an airdrop of 2,452,128 zkSync (ZK) tokens.
– This initiative is said to acknowledge ongoing and sustained support since the deployment of zkSync… https://t.co/iqWoooUe3u pic.twitter.com/VKxyLI83eu
— BSCN (@BSCNews) July 5, 2024
The airdrop is intended to reward PancakeSwap’s users and enhance platform engagement, but its timing has attracted scrutiny due to the current controversy surrounding zkSync.
Zksync-internal cheat
In September, I identified this issue and have been monitoring it since.
I have made all the data I have collected available on GitHub and Mirror. The data encompasses on-chain hash values, addresses, ZKSync team members, and their actions to pursue profits using…
— soEasy (@Easy17182589) June 18, 2024
Matter Labs has recently been accused of “insider minting” concerning its Libertas Omnibus NFTs. Blockchain research firm SoEasy on June 17 raised concerns about the improper distribution of NFTs to ineligible insiders.
Nonetheless, Matter Labs has refuted these claims.
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ZK Token Airdrop Eligibility and Market Impact
The zkSync token airdrop has also prompted inquiries regarding its potential market effects. Eligibility for the airdrop includes active users who have engaged through trading, liquidity provision, and participation in prior zkSync initiatives.
Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be eligible to encourage further platform development. The airdrop is accessible to veCAKE holders and previous contributors.
1/3
$ZK airdrop has landed
PancakeSwap is airdropping 2.4 million $ZK tokens to the community
Claim your share now https://t.co/TxdfKEi4EE pic.twitter.com/DmpTbMR8pW
— PancakeSwap v4｜ETHCC
(@PancakeSwap) July 5, 2024
PancakeSwap is airdropping 2.4 million $ZK tokens to the community
(@PancakeSwap) July 5, 2024PancakeSwap states that users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any tokens that remain unclaimed will be redirected towards PancakeSwap ecosystem development and community initiatives.
The ZK token has experienced price volatility in recent weeks. Last month, it saw a 5% decline following a $113 million token airdrop, and its price has been adversely affected since its listing on major exchanges.
This announced airdrop follows a previously denied, rumored airdrop in March when PancakeSwap revealed the launch of PancakeSwap V4 and initially mentioned a $3 million CAKE airdrop to commemorate the upgrade.
The PancakeSwap team later clarified that this information was inaccurate and intended to allocate $500,000 to a PancakeSwap Developer Program.
Despite a robust start to the year, PancakeSwap’s native token, CAKE, has encountered 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, while PancakeSwap has established itself as a leading decentralized exchange, CAKE’s price has significantly decreased. Since February, CAKE has fallen from $4 to $1.73, a decline worsened by a 45% drop in the past month alone.
The crypto community is now closely observing whether PancakeSwap’s airdrop will enhance ZK’s price amid the token’s recent fluctuations and the ongoing zkSync controversy.
The post PancakeSwap Announces Airdrop of 2.45 Million zkSync Tokens as Community Reward appeared first on Cryptonews.
