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SyncSwap, the reference DEX for the L2 blockchains of ZKsync, Linea, and Scroll, is preparing to distribute the airdrop of its governance token.
A few days ago, the project team announced the launch of the V3 of the protocol, citing the entry of the SYNC asset into the market.
The TGE of this cryptocurrency might occur shortly after the inauguration of the ZKsync Ignite rewards campaign.
SyncSwap announces version V3 and hints at the airdrop of the SYNC token
The famous decentralized exchange SyncSwap has recently announced the V3 of the protocol, anticipating the launch of its own airdrop.
To celebrate the closing of the year 2024, in which the platform recorded record on-chain metrics, a new model of pools has been introduced
Let’s talk about Range Pools, characterized by excellent capital efficiency and customizable price ranges.
This new structure supports all types of assets with flexible LP management, allowing for a smooth and seamless user experience.
With the advent of V3, SyncSwap becomes in all respects a Hyper Model DEX, where liquidity providers can take advantage of enormous opportunities and high APR.
Range Pools will initially be operational for the ZKsync network, but will then be expanded to other chains.
Announcing the new version, SyncSwap spoke of an imminent Token Generation Event (TGE) for its SYNC token.
The platform team had previously talked about a total supply of 100 million SYNC, without however adding other details such as the contract address and the date for the TGE.
Now it seems, instead, that everything is ready for the official debut of this new cryptocurrency, which will be offered in airdrop to the loyal users of the exchange.
In particular, it is expected that all regular users of the ZKsync, Scroll, Linea, Sophon, Zircuit, and Taiko networks will be rewarded.
The SyncSwap airdrop rewards the community 100% and excludes the VC
An important factor of the SyncSwap airdrop concerns the focus on its community, responsible for the growth of the platform in 2024.
The team pointed out that the share of SYNC tokens allocated for the airdrop will be 100% directed towards the community, excluding VC investors.
This approach allows for a greater economic contribution to the users of the protocol, compared to typical situations in the world of airdrops where the majority of the rewards go to the VC.
We do not know, however, the precise date of the launch of SYNC: some users claim that it will probably be a few more months of waiting.
Recently, Hyperliquid also chose an airdrop distribution that would reward its community 100%.
In total, the L1 project had distributed 310 million HYPE tokens, equal to 31% of the supply, entirely to the users of the protocol, excluding KOLs and external investors.
In hindsight, we can say that the market rewarded Hyperliquid’s choice to focus on its own ecosystem, given that the token recorded a 10X since the listing.
We will see if SyncSwap will be able to follow in the footsteps of Hyperliquid, which has earned the title of best airdrop project for distributed value.
It will be crucial to see what percentage of the supply of the new SYNC token will be made available to users, and how much will remain in the hands of the team.
The ZKsync ecosystem prepares for the inauguration of the incentives of the Ignite campaign
While SyncSwap tests the waters in preparation for its crypto airdrop, the ZKsync ecosystem prepares for the launch of the ZKsync Ignite rewards campaign.
This is an incentive program, which will officially start on January 6, where funds of 325 million ZK, equivalent to 65 million dollars, will be made available.
Of these, 300 million will be used for DeFi rewards, while the remaining 25 million will be employed as coverage for administrative and unforeseen expenses.
The tokens will be distributed directly to the decentralized protocols of the ZKsync network, including SyncSwap, which will in turn redistribute them to the end user.
The Ignite campaign will last for the next 9 months: the main goal is to increase liquidity on the L2 blockchain and strengthen the Dapp ecosystem.
We expect that this could also provide assistance to the price action of the ZK token, which despite the inflation of rewards, will see greater use.
In particular, users will be “forced” to purchase ZK and lock it in the DeFi liquidity pools to unlock rewards, therefore a good amount of buying pressure is expected in the market.
SyncSwap will also have a big incentive from the initiative, as many capitals will flow onto the platform, bringing a boost in revenue by 2025.
This could significantly contribute to the decision of launching the SYNC token airdrop in advance.
Some on-chain data on the DEX SyncSwap
At the moment, the decentralized protocol SyncSwap has a “Total Value Locked” (TVL) of 49 million dollars, making it the second largest dApp on ZKsync.
Up to now, 3,717 Classic Pools have been created, highlighting the varied use of the application on a wide range of token combinations.
Very interesting to note how, however, from June 2024 onwards, a large part of the on-chain activity on SyncSwap has been declining.
According to the data from Dune Analytics, since June, the values of many metrics such as: Volume, Active Users, Swaps, and Active Pools have dropped drastically.
This ambiguous situation is likely due to the fact that after the launch of the ZKsync airdrop (distributed in June), users have moved towards other dApps.
From April 2023 to June 2024, for over a year the protocol was under siege, achieving great on-chain milestones, only to be abandoned afterwards.
Nowadays, we count a UAW (weekly active users) of 18,000, with approximately 72,000 tx and 20 million dollars in volume in the last 24 hours.
We will see if with the airdrop of SYNC, SyncSwap will manage to make itself more appealing to the eyes of the farmers and the LP investors..
It will be essential in this regard that SYNC is integrated with as many liquidity pools as possible.
Source: https://dune.com/x3research/SyncSwap
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