Token

PancakeSwap

Resistance

zkSync

PancakeSwap, a major decentralized exchange, has unveiled plans to distribute over 2.4 million <a href="https://coingape.com/zksync-announces-massive-zk-token-airdrop-heres-all/" target="_blank" rel="noopener">zkSync (ZK) tokens</a> to its community. This significant airdrop comes at a sensitive time for the zkSync ecosystem, coinciding with recent allegations against Matter Labs, zkSync’s developer. The airdrop aims to reward PancakeSwap’s users and increase platform engagement, but its timing has drawn attention due to the ongoing controversy surrounding zkSync. 
<h2 id="pancakeswap-s-zk-token-airdrop-amid-zksync-controversy">PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy</h2> 
PancakeSwap, a leading multichain decentralized exchange, has announced a major community reward program set to begin on July 5 at 10:30 am UTC. The initiative will distribute 2,452,128 zkSync (ZK) tokens to its community members over a one-month period, ending on August 5. This airdrop comes as a gesture of appreciation for the community’s support of <a href="https://coingape.com/price/pancakeswap/" target="_blank" rel="noopener">PancakeSwap’s</a> zkSync deployment since July 2023. The timing is notable, as it coincides with recent controversy surrounding zkSync’s developer, Matter Labs. 
<a href="https://coingape.com/matterlabs-receives-backlash-from-zksync-chinese-community-heres-all/" target="_blank" rel="noopener">Matter Labs</a> recently faced accusations of “insider minting” related to its Libertas Omnibus NFTs. These claims, initially raised by blockchain research firm SoEasy on June 17, suggested improper distribution of NFTs to ineligible insiders. However, Matter Labs has strongly denied these allegations. 
PancakeSwap’s airdrop follows significant milestones for the platform, including surpassing $3 billion in trading volume, $5 million in total value locked (TVL), and attracting over 1.9 million traders. The distribution is designed to reward both past and future contributors, as well as vote-escrowed Cake (veCAKE) holders. 
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, aiming to stimulate further platform growth. 
<img decoding="async" class="aligncenter wp-image-206110" src="https://coingape.com/wp-content/uploads/2024/07/pancake.png" alt="" width="704" height="340" srcset="https://coingape.com/wp-content/uploads/2024/07/pancake.png 1433w, https://coingape.com/wp-content/uploads/2024/07/pancake-300x145.png 300w, https://coingape.com/wp-content/uploads/2024/07/pancake-1224x590.png 1224w, https://coingape.com/wp-content/uploads/2024/07/pancake-768x370.png 768w, https://coingape.com/wp-content/uploads/2024/07/pancake-150x72.png 150w" sizes="(max-width: 704px) 100vw, 704px"> 
At the time of publication, the airdrop is available to veCAKE holders and past contributors. Eligible users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any unclaimed tokens will be redirected to support future PancakeSwap ecosystem development and community initiatives. 
This airdrop represents a significant move by PancakeSwap to reward its community and potentially boost engagement, particularly in light of the recent controversies surrounding zkSync. It also highlights the ongoing competition and innovation in the <a href="https://coingape.com/blog/applications-of-defi-and-how-they-are-shaping-the-future-of-finance/" target="_blank" rel="noopener">decentralized finance</a> space. 
Also Read: <a href="https://coingape.com/whale-continues-xrp-selling-streak-0-42-becomes-major-resistance-level/" target="_blank" rel="noopener">Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level</a> 
<h2 id="market-impact-and-zk-token-performance">Market Impact and ZK Token Performance</h2> 
The ZK token has faced significant price pressure in recent weeks. Last month, it experienced a 5% drop following a $113 million token airdrop. Since its <a href="https://coingape.com/binance-expands-support-for-wif-zk-zro-price-rally-ahead/" target="_blank" rel="noopener">listing on major exchanges</a>, numerous sell-offs have occurred, negatively impacting the token’s value. 
As of the latest report, ZK is trading at $0.1495, with a 24-hour trading volume of $346,751,351. This represents a 7.43% price decline in the last 24 hours and a 7.55% decline over the past week. With a circulating supply of 3.7 billion ZK, the token’s market capitalization stands at $546.9 million. 
The crypto community is now speculating on how PancakeSwap’s recent airdrop might affect ZK’s price, given its recent volatile performance and the ongoing controversy surrounding zkSync. 
Also Read: <a href="https://coingape.com/leading-telecom-company-gets-crypto-exchange-license/" target="_blank" rel="noopener">&nbsp;Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License</a> 
The post <a href="https://coingape.com/pancakeswap-opens-claim-for-2-4m-zk-tokens-as-zksync-denies-insider-minting/">PancakeSwap Opens Claim For 2.4M ZK Tokens As zkSync Denies Insider Minting</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

PancakeSwap Opens Claim For 2.4M ZK Tokens As zkSync Denies Insider Minting

Table of Contents

Coingape News Media

Other articles published on Jul 5, 2024

Investors Await Upcoming U.S Employment Data Amid Market Nosedive

Oil King Pepe Surges Hits $10.8 Million, Prepares to Skyrocket Another 19,000% Before KuCoin List...

Bitcoin Drops: Is It Time to Shift Focus to Altcoins?

3 tokens to turn a $100 investment into $1500 in just 2 months: Shiba Inu (SHIB), PAWFURY (PAW), ...

VanEck Sees Bitcoin Crash as a Buying Opportunity

Core Scientific Founder Encourages Bitcoin Community to See Price Drop as Opportunity

Join our free newsletter for daily crypto updates!