PancakeSwap, a popular multichain decentralized exchange, has announced a new community reward program that will distribute 2.45 million zkSync (ZK) tokens to its members. The program began on July 5th and will run for one month, ending on August 5th. This airdrop is a way for PancakeSwap to show appreciation for the community’s support of zkSync since its deployment in July 2023.
The timing of this airdrop is notable, as it coincides with allegations against zkSync’s developer, Matter Labs. Matter Labs has recently been accused of “insider minting” in relation to its Libertas Omnibus NFTs. However, the company has denied these allegations.
PancakeSwap’s decision to conduct the airdrop has raised questions about its potential impact on the market. Eligibility for the airdrop extends to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be included in the airdrop to stimulate further platform growth.
To claim their ZK tokens, users can connect their wallet to the PancakeSwap platform homepage and follow the instructions provided. Any unclaimed tokens will be redirected to PancakeSwap’s ecosystem development and community initiatives.
The ZK token has experienced price fluctuations in recent weeks. Last month, it dropped by 5% following a $113 million token airdrop, and its price has been negatively impacted since its listing on major exchanges.
This announcement of the airdrop comes after a rumored airdrop in March, which PancakeSwap later clarified as false information. Despite facing challenges, PancakeSwap has solidified its position as a leading decentralized exchange. However, its native token, CAKE, has seen a decline in price, dropping from $4 to $1.73 since February.
With the ongoing controversy surrounding zkSync and the recent volatility of the ZK token, the crypto community is eagerly watching to see if PancakeSwap’s airdrop will boost the token’s price.
