Image courtesy of 123rf.
ZK-powered DEX ZigZag announced 7 rounds of airdrops on Friday.
By Tim Fries
Published on February 24, 2023 08:52 AM EST
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
ZigZag, a decentralized exchange (DEX) that launched in November 2021, recently announced an airdrop plan. The exchange plans to carry out a total of 7 rounds of airdrops, through which it will distribute 35,000,000 ZZ tokens to around 110,000 addresses.
ZigZag to Distribute 35M ZZ Tokens Across 7 Airdrops
DEX ZigZag announced the airdrop plan on Friday, consisting of 7 rounds of airdrops and 110,000 addresses. ZigZag plans to distribute 35,000,000 ZZ tokens across all rounds, representing around 35% of its total supply.
According to its official website, the first airdrop will be the trader airdrop, totaling 92,000 addresses, making it “one of the biggest in crypto history,” ZigZag states. The trader airdrop, which is not yet distributed, will provide investors 300 ZZ tokens each.
In addition to the trader airdrop, ZigZag announced six other airdrops, including Gitcoin donator, Atlantis LP, IDO participant, MM bot, Discord member, and POAP holder. Only the trader, Discord member, and Gitcoin donator airdrops are reportedly confirmed and now available for eligible participants.
Join our Telegram group and never miss a breaking digital asset story.
ZigZag Powered by zkRollups
The airdrop plan announcement comes around one and a half years after the DEX launched its decentralized application (dApp) on zkSync Lite. The exchange is powered by Zero-Knowledge (ZK) technology – a cryptography technique that allows parties to prove possession of specific information or knowledge without revealing that information.
This technology proved especially useful in blockchain and decentralized finance (DeFi) because it improves privacy and security. ZigZag believes that ZK represents the end-game layer 2 (L2) solution to Ethereum’s congestion and scalability issues.
Unlike many other DEXs like Uniswap that use an automated market maker (AMМ) model, ZigZag utilizes a decentralized order book model, which allows the exchange to provide decentralized trading at scale without registration, fast transaction speeds, and low slippage and fees.
The announced airdrop will distribute ZigZag’s native token, ZZ, which can be purchased on their platform, and Uniswap – which also announced a $5 million airdrop several months ago. According to the exchange’s documentation, the token has a total supply of 100 million, of which more than 60% will be allocated to the community. ZZ token is trading at $0.53, down more than 6% in the past 24 hours.
Finance is changing.
Learn how, with Five Minute Finance.
A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
Were you familiar with the ZigZag DEX before? If so, what do you think about their journey so far? Let us know in the comments below.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.