Layer 2 Protocol’s Token Jumps 150% Following Mainnet Launch, Airdrop Announcement
- The AMM-based DEX utilizes zk-rollup technology to enable swaps and transfers on Ethereum’s Layer2.
- An 80 million ZKS airdrop and a 1 million ZKS rewards campaign attracted millions in new volume.
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Officially launched on 14 February, ZKSwap is an Ethereum-based swap protocol based on the zkRollup technology. The decentralized exchange leverages the zero-knowledge proof scheme to implement a full set of swap functions on Ethereum’s Layer 2, achieving real-time swaps without the constraints of Ethereum’s high fees, small throughput, and long block confirmation times. The team behind ZKSwap claims the mainnet system can process around 5 million transactions per day, at a transaction cost of only 2% of an Ethereum mainnet ERC20 transfer.
Just over a week after its launch, the protocol accumulated over $170 million in total value locked (TVL) and recorded $601 million in trading volume (in total).
One of the main reasons behind the spike in TVL and trading volume was the huge number of new users flocking to the platform. On 20 February, the exchange announced that it will conduct another 1:1 airdrop to all users that hold ZKS, the exchange’s native token.
ZKS supports a token economy that incentivizes all stakeholders to maintain the protocol, enabling users to participate in governance, vote to list certain tokens, and operate ZKSwap’s Layer 2 nodes.
The 80 million ZKS airdrop is set to optimize the economic model, increase the circulation of the ZKS supply, and promote the migration to ZKSwap’s Layer 2. The snapshot for the airdrop will be taken on 25 February, at 10:00 AM Beijing time. Following the announcement, ZKS saw its price increase by more than 158%, jumping from $3.92 on 20 February to $10.14 on 22 February.
To further incentivize user participation, ZKSwap also launched the Layer 2 Asset Migration Incentive Campaign. All users of the decentralized exchange can participate and share 1 million ZKS in rewards by depositing any of the supported ERC20 tokens to ZKSwap.
In the past 24 hours, over $7.5 million has been deposited. The platform currently has just under 15,000 Layer 2 accounts and boasts $56.8 million in liquidity.
- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
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- Coinbase’s protocol security team and over 100 external security researchers were involved with testing the upcoming layer 2 Base blockchain over the past six months.
- The project said it has now completed four out of five criteria for Base’s mainnet launch, with the remaining one being to demonstrate “testnet stability”.
- Decentralized finance (DeFi) has become one of the hottest trends in the crypto world as it’s more transparent and decentralized than traditional finance.
- Here are our top picks of DeFi projects that have a good potential growth, and some of the protocols that did not made the list, such as RING Financial.