NOIDA (CoinChapter.com) — Blockchain platform ZetaChain’s upcoming airdrop has generated much hype for the platform’s native token ZETA. However, bulls have failed to capitalize on the hype to start a rally for the token.
The airdrop follows the launch of the ZetaChain mainnet beta on Feb. 1. Per ZetaChain’s announcement, the mainnet beta helps connect Bitcoin, Ethereum Mainnet, and BNB Chain. As such, the platform would help developers deploy ‘Omnichain‘ smart contracts on ZetaChain’s EVM.
Despite the mainnet launch and airdrop announcement, the price of ZetaChain’s native token remained in a downtrend. ZETA price has dropped nearly 35% from its Feb. 2 ATH of $1.93 and is currently trading near $1.23.
As the airdrop progresses, bearish pressure against the ZETA token could increase as recipients sell their ZetaChain airdrops to book profits.
ZetaChain To Airdrop Tokens To Early Adopters
The platform announced an airdrop of nearly 31.5 million ZETA tokens to its users for interacting with the testnet and early adopters.
To be eligible for the airdrop, users needed to have interacted with the ZetaChain testnet. Moreover, the participants would need to accumulate 50,000 cumulative ZETA points. Moreover, ZetaChain also set aside ZETA tokens to reward users who invited others to the blockchain platform.
Additionally, ZetaChain launched airdrop campaigns and programs for the community, such as wallet partner campaigns with rewards and social quest campaigns. Overall, the ZetaChain team set aside 10% of the total token supply for airdrop rewards.
Furthermore, some other projects on the ZetaChain blockchain also announced airdrops for users eligible for the airdrop.
Additionally, community members who consistently contributed to the growth and development of ZetaChain during its test net phases also received a ZETA airdrop.
Apart from the eligibility, users can also complete various activities to gain ZETA points and become eligible for the airdrop. For instance, transferring BNB from the BNB chain to the ZetaChain rewards about 2,500 points.
Moreover, adding BNB or other eligible tokens to the liquidity pool also awards points.
What Is ZetaChain
ZetaChain claims to be an omnichain protocol that aims to help enable seamless transactions and interactions across different blockchain networks. ZetaChain addresses the interoperability challenge without the need for bridges or wrapped tokens.
The platform facilitates smart contracts that operate across blockchains, helping create decentralized applications that are not bound by network limitations.
At its core, ZetaChain leverages an EVM-compatible layer one chain. However, ZetaChain helps connect smart contract-enabled blockchains like Ethereum with non-smart contract blockchains like Bitcoin.
As a result, ZetaChain helps developers and users benefit from a universal blockchain experience. With its mainnet now live, ZetaChain is aggressively working on expanding its ecosystem.
ZETA, the reward of the ZetaChain airdrop, is the platform’s native token, with a total supply of 2.1 billion tokens. The protocol’s treasury, core contributors, and advisors control 62.5% of the entire token supply, which could be troublesome in the future. Users should buy the ZETA token after doing proper research.
