Quick take:
- ZKsync has launched the Ignite program, with 300 million (approximately $60 million) set to be offered as DeFi incentives over nine months.
- The incentive is part of the company’s strategy of boosting liquidity on its Era Layer 2 network.
- The launch saw the Era Layer 2 network’s TVL spike by $85 million over the past 48 hours to $188 million on January 7.
ZKsynch has launched a $60 million decentralised finance (DeFi) incentives program to boost liquidity on its Era Layer 2 network. The company will issue 300 million tokens over multiple seasons over a nine-month period.
The first season, which received an allocation of $20 million kicked off on January 6 and will close on March 31, according to an announcement on Monday.
The program is open to DeFi users who provide liquidity across selected platforms on the ZKsync Era Network, including decentralised exchanges, lending platforms and trading platforms.
The launch appears to have caused ZKsync Era’s latest TVL spike, which rose from about $112 million on Sunday to the current level of $188 million, according to DeFiLlama data. The last time the network had a higher TVL than this was in March 2024, when it reached its current 18-month high TVL of $189 million.
Sygnum’s real-world asset liquidity fund (FIUSD) is the biggest protocol on ZKsync Era with over $44 million in TVL, followed by lending protocols Aave V3 with $39 million and Venus Core Pool with $34.76 million.
Decentralised finance exchange platforms SyncSwap, Koi Finance and ZkSwap Finance complete the top six.
Since March 2024, transaction volume on ZKsync Era has risen from about $20 billion to over $30 billion cumulatively. The company codistributed $3.6 billion tokens via an airdrop last June.
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