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zkSync Token (ZK) Launches Amid Network Issues and Community Concerns

Algoine News
Summary:
The zkSync token (ZK) debuted on exchanges on June 17, with a total supply of 21 billion ZK and a market capitalization of $971 million. Prior to its launch, zkSync reported network issues, which it resolved by improving remote procedure call (RPC) capabilities. Malicious DApps impersonating zkSync surged following ZK token airdrop eligibility announcement for over 695,000 wallets. Amidst concerns of the token distribution process, the zkSync team pledged to address these matters for a transparent process.
The highly awaited zkSync token (ZK) made its debut in exchanges on June 17. As per CoinMarketCap, the total supply of ZK stands at 21 billion, with a market capitalization hovering around $971 million. Upon its launch on various exchanges including Binance, Bybit, Gate.io, KuCoin among others, the token's value touched a high of $0.30, but has since slipped to around $0.25. Prior to the token launching, zkSync revealed a substantial network load and decreased performance on some remote procedure call (RPC) services. RPCs serve as a communication link between nodes and execute network operations, encompassing transaction sending or data querying. zkSync assured its community that they were increasing RPC capabilities and will keep them updated regarding the progression. Following the disclosure that over 695,000 wallets qualified for the recent ZK token airdrop, a significant surge in malicious DApps impersonating zkSync was observed. As per Ido Ben-Natan, CEO of Web3 security platform Blockaid, these fraudulent DApps were utilizing drainer SDKs to dodge detection and target users. The swindlers were seen exploiting Twitter comment sections to reach their prospective victims. zkSync is set to distribute 10.5 million ZK tokens to qualified users from June 17 to July 16 as part of its token distribution program. However, certain community members voiced worries regarding the filtering method used for Sybil farms. In response, the zkSync team has promised to address these concerns to ensure a fair and transparent token distribution process.

Published At

6/17/2024 5:08:13 PM

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