Lido DAO ZKSync ZK Token Airdrop Acceptance

Proposals
1

Kenneth here, Defi Protocol Relations Contributor at Lido DAO.

ZKSync has announced the launch of ZKNation, a DAO-based governance system that will drive the development of the ZKSync Protocol. As part of its path to decentralized governance, they have also announced the airdrop of the ZK token.

Part of the airdrop was allocated to protocols that have deployed and built on their ecosystem with Lido DAO receiving an amount of 8301475 ZK tokens.

There are no specified instructions for the DAO on how the airdrop should be distributed. Liquidity Observation Labs’ (LOL) intent is to best use it the way the DAO deems fit to grow Lido’s footprint and participation in the zkSync ecosystem.

How Will The Airdrop Be Utilized

Lido DAO contributors firmly believe that zkSync has a thriving Defi ecosystem that will grow even more with other protocols also being aligned to the growth of it. The DAO contributors want wstETH to play a big part in what could be the start of ZK Summer.

As such, the airdrop will be distributed for the purposes of:

  1. Increasing the liquidity of wstETH in zkSync Era Dexes, enabling a seamless experience for users to use wstETH as interchangeably as ETH

  2. Increase the number of integrations possible on zkSync Era’s Defi dApps from Lending Markets to Derivative protocols

  3. Be a part of bootstrapping and kickstarting LST/LRT-fi on zkSync’s ecosystem

Currently, Lido DAO has already established a strong footprint in the zkSync ecosystem, being the LST with the highest TVL bridged over - at an amount of around 1200 wstETH. wstETH is also widely available on various DEXes on zkSync, with sufficient liquidity for most users to swap in and out of.

Distribution of the Airdrop

As stated in a prior Lido DAO snapshot vote, LOL (Liquidity Observation Labs) will be the representative for Lido DAO in claiming and distributing the ZK airdropped to the DAO. Preliminarily, the airdrop will be proposed to be used in this manner:

  • 80% of ZK token received goes to DEXes for wstETH denominated pools (wstETH/ETH, wstETH/ZK, wstETH/LRTs etc.)
  • 20% of the ZK tokens received will go to protocols adopting and integrating wstETH such as lending markets and derivatives.

The allocation and timeframe where the airdrop is utilized will be subject to change and is up to the discretion of LOL to utilize however it deems fit.

Multi-sig Signers and Wallet Addresses

The LOL zkSync Ops wallet (4/8 multisig) will be the recipient of the ZK airdrop. This address can be found in the list of LOL multisigs in the Lido DAO documentation page. Listed below are the signers:

@smiles 0x90D07d4c4801f275217de42Dca67c552Da0295Af

@Alex_L 0xB339918e75664a07BB650513427559920C0A0F6C

@Puffy325 0x1Fa1134a8eF43F0C98C1657a95276ae611FAd619

@GrStepanov 0x8D0855047b59a5f11262f095ee724b5A59a89710

@Marin 0x04e7C0350241b818eE5c92cc260008C9898F41cf

@DeFiYaco 0x59d07dc34B135B17b87840a86BFF7302039E7EDf

@McNut 0xc7a8DE05264442A318189f2bd160d2830902C8CD

@adcv 0xcC692077C65dd464cAA7e7ae614328914f8469b3

Disclosures:
Some contributors of the DAO who are contracted with Argo Tech Consulting received a separate ZK allocation from zkSync.

13 Likes
2

Thanks for your proposal and we highly support this, as the proposed usage of the airdropped token should be aligned with the goals of both Lido and ZKsync.

4 Likes