The upcoming zkSync Era airdrop is garnering attention from many users. While this ecosystem shows promise, it’s essential to focus more on its development and potential projects being built on it.
The zkSync project is experiencing robust growth, with a current TVL (Total Value Locked) of approximately $421 million. This ecosystem is attracting more users, and in the next uptrend cycle, zkSync has the potential to become one of the top 50 projects by market capitalization. Here are the top 5 leading projects on zkSync that you might find intriguing.
TOP 5 Leading Projects on zkSync in 2023
SyncSwap – the top DEX platform on Zksync
SyncSwap is currently the leading project on zkSync, accounting for 40% of the TVL (Total Value Locked) within the zkSync ecosystem, making it the largest protocol in the ecosystem. This is a decentralized exchange (DEX) platform designed to provide a user-friendly and cost-effective solution while maintaining full security.
In addition to typical swap functions, SyncSwap offers a range of advanced features such as support for pool scaling, customizable fee structures, enhanced routing mechanisms, token governance and voting, and more.
Smart routing means that AMM pools are paired, and if there is no direct trading pair for the two types of tokens you want to trade (or if there is but it lacks liquidity), the smart routing feature can automatically select multiple routes for you, routing funds in a decentralized manner to achieve minimal slippage.
SYNC is the native token of SyncSwap, with a maximum supply of 100 million. Currently, SYNC has not been officially released, and there may be an airdrop in the future. If you want a chance to receive SYNC Airdrop, it’s advisable to actively participate in activities such as trading, adding liquidity, etc., on this platform. Typically, projects airdrop coins to users who actively engage.
Holdstation is a multi-chain Smart Contract Wallet. The project’s standout feature is its focus on enhancing the user experience when engaging in derivative transactions across a wide range of trading pairs, including Crypto, Forex, and Commodities, with leverage of up to 500x. Additionally, the integration of Account Abstraction further simplifies the user experience, making it easier than ever before.
The outstanding features of the derivative trading platform integrated into the Holdstation Wallet include:
Account Abstraction: This technology optimizes the user experience, making DeFi trading as easy as CeFi. Moreover, the Smart Contractization of Holdstation’s cryptocurrency wallet provides a banking-like feel, with features such as two-factor authentication, private key recovery, feeless transactions, and more.
Fair Price Data: Holdstation utilizes real-time price data from major exchanges, which is aggregated and averaged to provide users with the final price. This eliminates price manipulation concerns.
Tokenomics: $HOLD is the project’s governance token, while $GOLD and $uGOLD are utility tokens. Specific tokenomics details have not been disclosed yet, but the project has announced a 12% total supply allocation for a community airdrop. Users can participate in early use of Holdstation’s products for a chance to receive the airdrop. Using the Holdstation wallet will also earn users $GOLD rewards (which will be convertible into $uGOLD tokens for direct conversion to stablecoins).
ReactorFusion – Decentralized Lending Protocol on zkSync
ReactorFusion is a decentralized lending protocol on zkSync Era, a project built on the foundation of Compound Finance, offering a unique token economics model called Bribe-Reward.
Compared to agreement-based lending protocols like Sonne and Mare, ReactorFusion automates all these processes through smart contracts, and rewards are reflected in real-time liquidity.
Similar to Compound, ReactorFusion also relies on the Collateral Factor and Reserve Factor mechanisms for lending.
The Collateral Factor is the amount that can be borrowed by pledging a certain amount of assets.
The Reserve Factor refers to the project collecting interest from depositors. Assuming an asset has a borrowing rate of 5% and ReactorFusion has a reserve factor of 10%, this means that out of the 5% interest paid by borrowers, 0.5% or 5% of 10% will be allocated to ReactorFusion as a reserve.
RF is the native token of ReactorFusion. The project has recently completed its public fundraising on Velocore, but specific use cases for the RF token have not been disclosed by the project yet. For more information, you can explore the project’s official website.
Symbiosis – Multi-Chain Decentralized Liquidity Protocol on zkSync
Symbiosis is a decentralized multi-chain liquidity protocol that aggregates liquidity across DEXs on various EVM and non-EVM networks, enabling users to trade any token and transfer liquidity across different blockchains.
Symbiosis operates similarly to Multichain and THORChain, positioning itself as a competitive contender against these two protocols.
In terms of security models, Symbiosis, like Multicoin, employs a threshold signature algorithm based on multi-party secure computation. THORChain, on the other hand, relies on Tendermint and Cosmos-SDK while also utilizing a threshold signature algorithm. The security programs of all three protocols are quite similar. However, during cross-chain transactions, THORChain requires the use of its native RUNE token as a means of exchange, whereas Multichain and Symbiosis do not have this limitation, making them more versatile.
Symbiosis comprises three core components:
- Front-end: This is a web interface or mobile application that helps users access asset information, establish the best transaction paths, sign transactions, and submit transactions to the blockchain.
- Cross-Chain Liquidity Tools: These are smart contracts built on each blockchain supported by Symbiosis, running cross-chain liquidity pools and off-chain routing mechanisms.
- Relay Network: This is a decentralized P2P node network. The relay network monitors events sent by cross-chain liquidity tools on each network supported by Symbiosis, achieves consensus, and submits transactions to the corresponding blockchain.
SIS is Symbiosis’s native token, with a total supply of 100 million tokens and a current market capitalization of 8 million USD.
Tevaera – Leading Metaverse Project on zkSync
Tevaera is a metaverse project that provides its citizens (Tevans) with a virtual reality game to build a thriving community. Here, players can experience, construct, earn, and manage digital islands while engaging in NFT transactions and enjoying various fun and educational arcade games on the TevaBazaar Marketplace.
In simple terms, Teva Games offers ‘fun and fair’ multi-genre adventure games for the web and mobile devices, encouraging social connections and supporting cross-chain NFTs.
Overall, the zkSync ecosystem is thriving with numerous potential projects. The projects mentioned in this article are just a few standout examples among many others being developed on zkSync. If you are interested in this ecosystem, take the time to explore other projects to capture potential investment opportunities.