Amid zkSync Airdrop rumors, its biggest DEX, SyncSwap gains 200% in TVL!
The total-value-locked in DeFi of the SyncSwap token, gained nearly 200% in TVL in the past week alone. The platform has touched $141 million within just 11 days of the public mainnet launch.
6 APR 2023, 3 min read
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zkSync, is the latest entrant in the space of Ethereum layer-2 scaling solutions in the market, which has been seeing incredible growth in the last couple of weeks, especially since the airdrop of Arbitrum's own native crypto token, ARB.

Read: Arbitrum Announces Airdrop & Transition to DAO

As we have covered in one of our earlier articles, the TVL in DeFi on the zkSync platform has touched $141 million as of writing - within just 11 days of the public mainnet launch.

Additional read: zkSync Era surpasses $120 million in DeFi TVL

zkSync TVL in DeFi | Source: L2BEAT

This has triggered rumors of an airdrop of zkSync's own native crypto token to run its own blockchain system and that has resulted in any of the projects running on the zkSync ecosystem. Protocols running on the zkSync ecosystem, like SyncSwap, Mute.io, SpaceFi, and GemSwap - comprise more than 95% of all the TVL on the platform.

Additionally, SyncSwap has officially announced that it will be launching its own native crypto token in the near future too, which would have the ticket $SYNC. However, the final date for the same hasn't been announced yet, so the project did go on to warn users about potential scams that might arise out of it.

From the perspective of the total-value-locked in DeFi of the SyncSwap token, according to data from DefiLlama, it has gained nearly 200% in TVL in the past week alone.

SyncSwap TVL | Source: DefiLlama

SyncSwap's TVL has gone from $10.5 million on March 30 all the way to $29.5 million as of writing, scripting almost 3x spike in the assets locked on the protocol. This would give the decentralized exchange a lot of leeway and liquidity for running the protocol and providing its services to users coming onto its platform.

SyncSwap has also launched its bridge facilities to enable users on other platforms to hop onto theirs and bridge their assets seamlessly. This is a major step forward when it comes to the interoperability of blockchain protocols and having a truly cross-chain future.

So with all these developments underway on the largest protocol on the zkSync layer-2 project, we could see a cascading effect of positive news coming out of the project in the near future as more and more developers turn to this zero-knowledge rollup to build their products on, and which effectively will attract more and more users onto the platform.

Read more: Top DeFi Projects 2023

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