Decentralized exchange (DEX) protocol PancakeSwap is airdropping a massive 2.4 million ZKSync (ZK) tokens to its users, according to an announcement on Friday.
Specifically, PancakeSwap will airdrop a total of 2,452,128 ZK tokens to the DEX platform’s community as reward for continued support. Those to benefit are “longstanding contributors” who have supported PancakeSwap’s growth as well as newcomers that are actively engaging with the DEX platform.
PancakeSwap’s ZK airdrop period
The airdrop launched on Friday, July 5 at 10:30 am UTC and will run until August 5, 2024 at 10:30 am.
PancakeSwap will re-allocate any unclaimed tokens at the end of the stated period to the ecosystem, with these used to fund future development and community initiatives.
Allocation
In terms of the allocation, PancakeSwap has put eligible users into three groups – veCAKE holders, past contributors and future contributors.
veCAKE holders will receive 26.5% of the airdrop, past ecosystem contributors 27% and future 46.5% of the 2.4 million ZK tokens. The snapshot for veCAKE holders and past contributors covered the period from 26 July 2023 to 26 June 2024, except for traverse campaign participants whose snapshot period is 27 July 2023 to 27 September 2023.
PancakeSwap deployed on ZKsync in July 2023 and has seen substantial growth over the past year. Key achievements include the implementation of seamless Swaps, introduction of yield farming, and launch of Prediction Markets. The DEX platform has also seen the launch of fiat on-ramp, the Position Manager and Syrup Pools.
The result has been a bump in trading volume, which surpassed $3.6 billion and total value locked (TVL), which rose to $5.8 billion. PancakeSwap’s total trader count also rose sharply in the past year, hitting over 1.9 million.