zkLend’s ZEND will become the first Starknet native DeFi token to be listed on two CEX platforms

2024-03-14 16:22

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March 14th - zkLend, as a pioneering decentralized money market protocol native to Starknet, continues to demonstrate its role as the leading DeFi in the Starknet ecosystem through its simultaneous launch on ByBit and KuCoin (i.e. ZEND token) The strength of the protocol, this is also the first Starknet native DeFi protocol token listed on CEX.

The launch follows the debut of the STRK token and coincides with the launch of zkLend’s innovative “STRK: STARFALL” deposit campaign, which not only significantly enhances It has increased zkLend and Starknet network TVL (increased by 3 times and 6 times respectively), and also enables users to leverage STRK on zkLend to implement more complex DeFi strategies.

zkLend is currently one of the largest TVL lending projects on Starknet, with over $50 million in deposits in core tokens and STRK. The listing is also closely tied to the implementation of EIP-4844 (“blob”), an upgrade that will result in a significant reduction in gas fees for Ethereum Layer 2 (including Starknet). On the first day after the EIP-4844 upgrade was completed, data showed that gas charges for user operations on zkLend were reduced by approximately 95%, with multi-call approval and deposit transactions costing in the $0.25 range. This will further facilitate the proliferation of modular DeFi designs based on zkLend’s growing liquidity and user base.

The ZEND token is planned to be launched on the ByBit and KuCoin platforms, and the trading pair will be online at 18:00 on March 14, 2024, Beijing time.

ZEND tokens will also be airdropped to over 45,000 early users; this is part of a wider rewards program with 35% of tokens allocated to users and Stakeholders.

The remainder of the total token supply consists of:

17% of private placement and public sale investors (with 24-month unlocking period)

33% of the ecosystem (includes funds for future development, marketing, and operations)

15 % of team allocation (with 36-month unlock period)

ZEND will be a utility and governance token and provide a new milestone through Partnerships and liquidity programs to activate and attract users to continue to solidify its position as one of the major money market protocols on Starknet.

Going forward, launch users will be able to participate in Starknet’s DeFi incentive program “DeFi Spring” on zkLend to receive a portion of the $40 million STRK token incentive pool. They can also deposit ZEND into zkLend to receive incentive rewards. As co-founder Brian Fu said: “Following the announcement of the air investment eligibility check and 2024 roadmap, we are excited to launch the ZEND deposit program at launch. Introducing new native assets into the ecosystem in a safe manner will demonstrate TVL’s Advantages, and the application of cutting-edge L2 zk technology in basic financial products that cater to mass users."