Starknet-based zkLend Set to Introduce Native ZEND Token, Expands Ecosystem with Innovative Features

With Stellar Growth on Starknet, zkLend Initiates Token Airdrop and Unveils Roadmap for Enhanced User Experience

Money market protocol zkLend - operating on the Ethereum layer2 network Starknet - is gearing up to introduce its native ZEND token this year to augment the utility of its platform.

The platform revealed that the token would be airdropped to its users, who are presently contributing to the platform’s expansion and adoption, at an unspecified time. However, the project has yet to disclose the eligibility criteria or take a snapshot for the airdrop.

The launch of the token aligns with zkLend’s ambitious 2024 roadmap, which includes key features such as 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, co-founder of zkLend, expressed his excitement about zkLend’s roadmap, stating 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,” he added.

According to data from DeFillama, zkLend ranks among the top five decentralized finance (DeFi) projects on Starknet. The dashboard indicates that the total value of assets locked on the protocol is $6.25 million, and it is also one of the most active contracts on the Starknet blockchain, with over 8 million transactions recorded as of press time.

In addition to its technical accomplishments, zkLend’s team actively contributes to the Starknet ecosystem. Co-founders Jonathan Lei and Jane Ma play significant roles in various 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 employs ZK-Rollup technology to significantly increase Ethereum’s transaction throughput by up to tenfold while substantially reducing transaction fees.