Starknet-based zkLend announces ZEND token, reveals ambitious 2024 roadmap

zkLend, a cash market protocol built on the Ethereum layer2 network Starknet, is making ready to launch its native ZEND token this year to toughen its platform’s utility.

In a Feb. 7 observation shared with CryptoSlate, the platform defined that the token would be airdropped at an undisclosed time to the platform’s customers, who are within the interim contributing to the platform’s enhance and adoption.

Significantly, the project has now not disclosed the eligibility criteria or taken a snapshot for the airdrop yet.

Plucky roadmap

The token launch aligns with ZKLend’s courageous 2024 roadmap, along with serious aspects fancy isolated markets, a transaction builder interface, vault recommendations, and an upgraded V2 protocol model.

“These aspects will release extra systems for customers to form, modularise, and leverage their resources with seamless UX to present a product that is now not simplest progressive and ingenious however additionally pleasurable to exhaust,” the observation added.

Brian Fu, ZKLend’s co-founder, expressed enthusiasm about ZKLend’s roadmap, asserting it used to be designed “to grab and provide essentially the most price for our customers because the ecosystem grows.”

“Having established ourselves because the native cash market on Starknet, we take a seat up for supporting the continuous pattern of Starknet, along with and beyond the scope of zkLend’s operations,” Fu added.

Data from DeFillama exhibits that ZKLend is amongst the head five decentralized finance (DeFi) initiatives on the Starknet. Per the dashboard, the total price of resources locked on the protocol stands at $6.25 million, and it is some distance additionally one of essentially the most full of life contracts on the Starknet blockchain, boasting over 8 million transactions as of press time.

Beyond its technical achievements, ZKLend’s group actively contributes to the Starknet ecosystem. Co-founders Jonathan Lei and Jane Ma play crucial roles in masses of committees for the layer2 network, along with being core contributors to originate-provide initiatives.

Starknet is an Ethereum Layer 2 scaling solution developed by StarkWare. The network uses the ZK-Rollup technology to enormously toughen Ethereum’s transaction throughput by up to tenfold while considerably cutting again transaction expenses.

Disclaimer: The CryptoSlate founders are invested in zkLend.