ZigZag, a decentralized exchange (DEX) that launched in November 2021, recently announced an airdrop plan. The exchange plans to carry out a total of 7 rounds of airdrops, through which it will distribute 35,000,000 ZZ tokens to around 110,000 addresses.

ZigZag to Distribute 35M ZZ Tokens Across 7 Airdrops

DEX ZigZag announced the airdrop plan on Friday, consisting of 7 rounds of airdrops and 110,000 addresses. ZigZag plans to distribute 35,000,000 ZZ tokens across all rounds, representing around 35% of its total supply.

According to its official website, the first airdrop will be the trader airdrop, totaling 92,000 addresses, making it “one of the biggest in crypto history,” ZigZag states. The trader airdrop, which is not yet distributed, will provide investors 300 ZZ tokens each.

In addition to the trader airdrop, ZigZag announced six other airdrops, including Gitcoin donator, Atlantis LP, IDO participant, MM bot, Discord member, and POAP holder. Only the trader, Discord member, and Gitcoin donator airdrops are reportedly confirmed and now available for eligible participants.

ZigZag Powered by zkRollups

The airdrop plan announcement comes around one and a half years after the DEX launched its decentralized application (dApp) on zkSync Lite. The exchange is powered by Zero-Knowledge (ZK) technology – a cryptography technique that allows parties to prove possession of specific information or knowledge without revealing that information.

This technology proved especially useful in blockchain and decentralized finance (DeFi) because it improves privacy and security. ZigZag believes that ZK represents the end-game layer 2 (L2) solution to Ethereum’s congestion and scalability issues.

Unlike many other DEXs like Uniswap that use an automated market maker (AM?) model, ZigZag utilizes a decentralized order book model, which allows the exchange to provide decentralized trading at scale without registration, fast transaction speeds, and low slippage and fees.

The announced airdrop will distribute ZigZag’s native token, ZZ, which can be purchased on their platform, and Uniswap – which also announced a $5 million airdrop several months ago. According to the exchange’s documentation, the token has a total supply of 100 million, of which more than 60% will be allocated to the community. ZZ token is trading at $0.53, down more than 6% in the past 24 hours.

This article originally appeared on The Tokenist

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