DeFi Giant Pancake Swap Releases 2.45 Million zkSync Token Airdrop Figures, Controversy Emerge

Bittime - PancakeSwap, a leading decentralized exchange (DEX) platform, is making headlines following its zkSync (ZK) token airdrop of 2.45 million tokens. The community rewards program, launched on July 5, aims to thank users for their support of the zkSync integration on the platform since July 2023. 

However, the timing of the airdrop coincides with allegations against zkSync developer Matter Labs, raising questions about the true motives of the airdrop.

Airdrop Rewards Loyalty, but Controversy Looms

This airdrop distributes ZK tokens to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. This strategy aims to encourage continued engagement and growth of the platform.

However, the airdrop launch comes amidst controversy surrounding Matter Labs. Allegations of “insider minting” related to their Libertas Omnibus NFT have tarnished zkSync’s reputation. While Matter Labs has denied the allegations, the timing casts a shadow of doubt over the PancakeSwap airdrop.

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Market Impact and Feasibility

The impact of the airdrop on the ZK token price is still uncertain. The past few weeks have seen price fluctuations, with a 5% drop after a separate $113 million airdrop and a general price decline since listing on exchanges. PancakeSwap is looking to stimulate further platform activity by onboarding future contributors who provide liquidity and trading on zkSync. 

Users can claim their ZK tokens by connecting their wallets to the PancakeSwap platform. Unclaimed tokens will be reallocated to future ecosystem development initiatives.

PancakeSwap CAKE Price Drops Despite Strong DEX Performance

While PancakeSwap has solidified its position as a top DEX, their native token, CAKE, has seen a significant price drop. 

Despite having a strong start to the year with a February trading volume of $15.8 billion (around Rp257,720 billion), CAKE has fallen from $4 (around Rp65,600) to $1.73 (around Rp28,212). 

This decline was further exacerbated by a recent 45% price drop in the past month alone. 

The crypto community is now watching closely to see if the PancakeSwap airdrop can reverse ZK volatility and restore confidence amid the zkSync controversy.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed your identity verification. Also, make sure you have sufficient balance by depositing some funds into your wallet. Just so you know, the minimum asset purchase on Bittime is IDR 10,000. After that, you can make crypto asset purchases in the application. 

Monitor the price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.