zkSync, the Ethereum zero-knowledge (ZK) layer-2 scaling solution, has introduced its native token, zkSync (ZK), and is gearing up for a significant airdrop of nearly 3.68 billion tokens in the upcoming week. The announcement, made on June 11, outlines the plan to distribute 17.5% of the total token supply of 21 billion to approximately 695,232 eligible wallets.
The remaining tokens will be allocated for various initiatives, the project's team, investors, and a designated "token assembly." Trading on pre-market perpetual exchanges Aevo and PancakeSwap saw ZK reaching up to $0.71, indicating a potential market capitalization of around $14.91 billion.
Of the tokens designated for the airdrop, approximately 3.27 billion (89% of the total) will be distributed to users of the network, with the remainder reserved for native projects and communities.
Eligibility for participation in the airdrop requires wallets to have engaged with either the zkSync Era or zkSync Lite networks prior to the March 24 snapshot date, set at midnight UTC.
Source: zkSync
To prevent Sybil attacks, zkSync has outlined seven specific criteria for eligibility, including interactions with smart contracts, trading ERC-20 tokens, and providing liquidity to decentralized finance (DeFi) protocols, among others. Each wallet eligible for the airdrop will receive a capped allocation of up to 100,000 tokens.
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ZK Token Distribution: Community Airdrops and Development Plans
In addition to the primary airdrop, a small portion of the total token supply, less than 0.5%, will be distributed to various entities. This includes players of Crypto: The Game, holders of specific non-fungible token (NFT) collections such as Pudgy Penguins and Milady Maker, and recipients of Degen (DEGEN) and Bonsai Token (BONSAI) airdrops. These additional distributions aim to enhance community engagement and widen participation in the zkSync ecosystem.
The remaining portion of the ZK token's total supply, amounting to approximately one-third, is earmarked for distribution between investors and the zkSync development team at Matter Labs. Matter Labs faced criticism in May when it attempted to trademark "ZK," a move that was later retracted following community backlash. These tokens are scheduled to vest gradually over a period of three years, spanning from June 2025 to 2028.
In a statement shared with Cointelegraph, zkSync emphasized the significance of allocating a greater portion of tokens to the airdrop recipients compared to the Matter Labs team and investors, framing it as more than just a symbolic gesture for the community. The airdrop is set to commence next week and will continue until January 3, 2025, enabling holders to promptly engage in the governance of the protocols.
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