zkLend, a money market protocol built on the Ethereum layer2 network Starknet, is preparing to launch its native ZEND token this year to enhance its platform’s utility.
In a Feb. 7 statement shared with CryptoSlate, the platform explained that the token would be airdropped at an undisclosed time to the platform’s users, who are currently contributing to the platform’s growth and adoption.
Notably, the project has not disclosed the eligibility criteria or taken a snapshot for the airdrop yet.
Ambitious roadmap
The token launch aligns with ZKLend’s ambitious 2024 roadmap, including critical features like isolated markets, a transaction builder interface, vault strategies, and an upgraded V2 protocol version.
“These features will unlock more ways for users to compose, modularise, and leverage their assets with seamless UX to offer a product that is not only innovative and creative but also enjoyable to use,” the statement added.
Brian Fu, ZKLend’s co-founder, expressed enthusiasm about ZKLend’s roadmap, saying it was designed “to capture and provide the most value for our users as the ecosystem grows.”
“Having established ourselves as the native money market on Starknet, we look forward to supporting the continuous development of Starknet, including and beyond the scope of zkLend’s operations,” Fu added.
Data from DeFillama shows that ZKLend is among the top five decentralized finance (DeFi) projects on the Starknet. Per the dashboard, the total value of assets locked on the protocol stands at $6.25 million, and it is also one of the most active contracts on the Starknet blockchain, boasting over 8 million transactions as of press time.
Beyond its technical achievements, ZKLend’s team actively contributes to the Starknet ecosystem. Co-founders Jonathan Lei and Jane Ma play important roles in different committees for the layer2 network, including being core contributors to open-source projects.
Starknet is an Ethereum Layer 2 scaling solution developed by StarkWare. The network uses the ZK-Rollup technology to significantly enhance Ethereum’s transaction throughput by up to tenfold while substantially reducing transaction fees.
Disclaimer: The CryptoSlate founders are invested in zkLend.