In the past week alone, over $8 million worth of tokens have been bridged to the network in anticipation of an airdrop, which has yet to be confirmed.
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Crypto users are bridging millions of dollars to the zkSync network, likely in anticipation of a potential token airdrop.
An airdrop is when a crypto project sends a large amount of free tokens to its community to encourage adoption.
Crypto users who regularly engage with both new and existing platforms are likely to receive airdrops at some stage – which quickly sparked a narrative of “airdrop farming” in crypto Twitter circles, as large airdrops can be worth thousands of dollars, effectively free top.
Strategies for Crypto Twitter participants to have a chance to claim the tokens (if and when they are issued) include bridging to zkSync, providing liquidity on DEXs like ZigZag, and making some trades each week.
zkSync is a zero-knowledge (ZK) rollup, a trustless protocol that uses cryptographic validity proofs to provide scalable and low-cost transactions on Ethereum. In zkSync, computation is performed off-chain and most data is also stored off-chain.
Nansen data shows that nearly $8 million worth of tokens flowed into the network in the past week.
Elsewhere, DeFiLlama data shows that the total value locked (TVL) metric for zkSync-based decentralized exchange ZigZag has surged from $1.5 million last week to over $13 million on Tuesday. All of this money flowing into ZigZag is in the tether (USDT) stablecoin, the data shows.
Such a move is likely to come after other networks are expected to airdrop tokens following the decision by layer 2 blockchain Arbitrum to issue its tokens to users last week.
“The Arbitrum airdrop has reignited interest in finding airdrops for other blockchains that have yet to launch tokens,” explained Nansen analyst Martin Lee in a note to CoinDesk. “The confirmation of the Arbitrum airdrop also means that farming activities will shift away from Arbitrum and toward other chains.”
Last week, Layer 2 network Arbitrum confirmed its long-awaited native token, ARB, to users based on their previous network activity. As CoinDesk reported, the tokens were available for claiming on March 23, but futures markets have already priced the token from $1.40 to over $9.