The ZK-Rollup-based AMM model layer2 dex ZKSwap was officially launched on February 14, 2021. Within one week after the launch, the Total Value Locked on ZKSwap layer2 has exceeded 120 million U.S. dollars with nearly 11,000 new Layer 2 accounts opened. Based on the ZK-Rollup technology, ZKSwap has fully implemented all Uniswap functions on Ethereum layer2 and enables ERC20 and ETH transfer and swap on layer2 in real-time with zero gas fee.
In order to optimize the economic model, increase the circulation supply, promote Ethereum users’ awareness of layer2, and attract more users to migrate to ZKSwap’s Layer2 to experience zero gas fee, real-time transfer, and AMM swap services, the ZKSwap team has decided to conduct another 1:1 airdrop to all users who hold ZKS in layer1 (exchanges or independent wallet addresses), ZKSwap layer 2 or ZKSwap Proof-of-staking contract. The tokens for this airdrop will come from the allocation for long-term incentives. The snapshot for the airdrop will be taken at 10:00 am February 25, 2021, Beijing time.
The airdrop will only be conducted for the 80 million tokens currently in circulation. The team will not hold any tokens in the first year, so the team and angel investors will not participate in the airdrop. Angel investors’ tokens will be partially unlocked simultaneously with the 80 million airdropped tokens. Most of the unlocked tokens for angel investors on February 25 will participate in long-term staking plans. On February 25, the 0.33% tokens for Advisors will also be unlocked.
The ZKSwap team will also temporarily remove the liquidity of ZKS/USDT on Uniswap and ZKSwap. Within 72 hours after the end of the airdrop, at a price greater than or equal to 50% before the removal, the team will re-add liquidity of 12 million US dollars. When re-adding liquidity, if the market price is higher than 50% of the pre-removal price, liquidity will be added according to the market price.
After the airdrop ends, the long-term ZKS liquidity mining(Proof-of-liquidity) and transaction mining(Proof-of-TransFee) will also be launched. Thank you for your understanding and support.
ZKSwap is an AMM modeled layer2 dex based on Practical ZK-Rollups — the ZKSpeed Protocol.