The airdrop initiative is part of PancakeSwap’s broader strategy to enhance user engagement and strengthen its position in the DeFi space.
By Anisha Pandey
Edited by Julia Sakovich
Updated
2 mins read
PancakeSwap, a prominent multichain decentralized exchange (DEX), has recently announced an attractive reward program. This campaign, starting on July 5 at 10:30 am UTC and concluding on August 5 at 10:30 am, will distribute 2,452,128 zkSync (ZK) tokens to its user base.
The initiative’s objective, as stated in the official announcement, is to acknowledge the ongoing support for the zkSync PancakeSwap deployment since its launch in July last year. The program follows ZKsync Era PancakeSwap’s major achievement of surpassing $3 billion in trading volume. Additionally, it has attracted over 1.9 million traders and has exceeded $5 million in total value locked (TVL).
The ZK token has soared by about 7% since the announcement, reaching $0.15. Also, it is down by over 50% from its all-time high of $0.3098, reached on June 17 and 8% in the last 24 hours.
The reward distribution aims to strengthen the community and encourage ongoing participation. As stated by the platform, “the airdrop distribution is currently open to veCAKE Holders, Liquidity Providers, Active Traders, Traverse Campaign Participants, zkSync Prediction Users, and zkSync Gauge Voters who meet the eligibility requirements”.
The zkSync airdrop by PancakeSwap is designed to reward past and future contributors along with vote-escrowed Cake (veCAKE) holders. The exchange states:
“Whether you’ve been with us from the start or are just joining, your participation fuels the growth of our ecosystem.”
Past contributors include users who have actively participated in the zkSync PancakeSwap ecosystem through various activities such as trading, providing liquidity, and using specific products.
PancakeSwap is also rewarding future traders and liquidity providers, aiming for continuous growth in TVL and overall activity.
The airdrop distribution is currently available to veCAKE holders and past contributors. Eligible users must connect their wallets to the PancakeSwap platform homepage and follow the guidance provided by the pop-up notification to claim their ZK tokens.
According to the blog post, any unclaimed tokens will be reallocated to the PancakeSwap ecosystem for future development.
Since the altcoin season began, PancakeSwap has recorded significant success. The airdrop initiative is part of PancakeSwap’s broader strategy to enhance user engagement and strengthen its position in the DeFi space. Early in June, the exchange integrated Zyfi on zkSync Era, an innovative move that eliminates gas fees for users.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
