zkLend, a money market protocol built on Ethereum layer 2 network Starknet, is preparing to launch its native ZEND token this year to increase the utility of the platform.
In a statement dated February 7, CryptoSlateThe platform explained that tokens will be airdropped at an undisclosed time to platform users who are currently contributing to the growth and adoption of the platform.
Notably, the project has not yet revealed its eligibility criteria or taken a snapshot for the airdrop.
ambitious roadmap
The token launch is consistent with ZKLend’s ambitious 2024 roadmap, including important features such as isolated markets, transaction builder interface, vault strategy, and upgraded V2 protocol version.
““These capabilities will provide more ways for users to configure, modularize, and utilize assets with a seamless UX to deliver products that are not only innovative and creative, but also enjoyable to use,” he added.
Brian Fu, co-founder of ZKLend, expressed enthusiasm about ZKLend’s roadmap, saying it is “designed to capture and deliver the best value to users as the ecosystem grows.”
“We look forward to supporting the continued development of Starknet, including the scope of zkLend’s operations after establishing itself as Starknet’s primary money market,” Fu added.
According to data from DeFillama, ZKLend is one of the top five decentralized finance (DeFi) projects on Starknet. According to the dashboard, the total value of assets locked in the protocol stands at $6.25 million, making it also one of the most active contracts on the Starknet blockchain, boasting over 8 million transactions as of press time.
In addition to its technical achievements, the ZKLend team is actively contributing to the Starknet ecosystem. Co-founders Jonathan Lei and Jane Ma play important roles on various committees of the Layer 2 Network, including key contributors to the open source project.
Starknet is an Ethereum Layer 2 scaling solution developed by StarkWare. The network uses ZK-Rollup technology to improve Ethereum’s transaction throughput by up to 10x while significantly reducing transaction fees.
Disclaimer: CryptoSlate founders invest in zkLend.