Decentralized Exchange PancakeSwap Airdrops $367,000 In ZK Tokens

Decentralized crypto exchange PancakeSwap CAKE/USD on Friday revealed plans to distribute 2,452,128 ZK tokens to its community through an airdrop.

The announcement comes as the platform celebrates milestones on the ZKsync network ZK/USD.

At current prices, the value of the airdrop is $367,000.

The airdrop, which began on July 5 at 10:30 UTC, targets various user groups including veCAKE holders, liquidity providers, active traders, and participants in specific ZKsync-related activities.

Eligible users will have a one-month window to claim their tokens, with the opportunity closing on Aug. 5, 2024, at 10:30 UTC.

PancakeSwap’s decision to conduct this airdrop follows its achievements on the ZKsync network, where it has reportedly surpassed $3 billion in trading volume and $5 million in total value locked (TVL) since its deployment in July 2023.

The distribution criteria for the airdrop encompass three main categories:

1. veCAKE holders, rewarding long-term supporters
2. Past contributors, including active traders and liquidity providers
3. Future contributors, aimed at encouraging new user engagement

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To claim their tokens, eligible users can connect their wallets to the PancakeSwap homepage, where they will be guided through the process.

Notably, gas fees for the claim will be subsidized through ZKsync’s paymaster feature.

This airdrop represents a growing trend in the decentralized finance (DeFi) space, where platforms use token distributions to incentivize user participation and loyalty.

As the DeFi landscape continues to evolve, such initiatives are likely to play a crucial role in community building and platform growth.

The impact of airdrops and other tokenomics strategies on the broader cryptocurrency ecosystem will be a topic of discussion at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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