zkSync Unveils Its ZK Token with Airdrop Event Set for the Upcoming Week
Summary:
zkSync, Ethereum's ZK layer 2 scaling solution, recently unveiled its token, zkSync (ZK), with almost 3.68 billion set for distribution in an upcoming airdrop. Beginning next week and ending in January, eligible wallets that have interacted with zkSync networks will receive a share of the tokens. A maximum of 100,000 ZK tokens will be allocated to each wallet, with the total market cap estimated at $14.91 billion. In addition to users, the airdrop will target several initiatives, the team, investors, and token assembly. An almost even split of ZK tokens is also planned between investors and Matter Labs's development team.
zkSync, the Ethereum-based ZK layer 2 scaling solution, has announced the release of its zkSync (ZK) token, intending to distribute almost 3.68 billion of these in an upcoming airdrop. The airdrop, set to commence the following week, will distribute 17.5% of the token's total circulation of 21 billion across 695,232 verified wallets. The allocation for the rest of the tokens is reserved for several initiatives, the team, investors, and a 'token assembly.' In pre-market perpetual exchanges Aevo and PancakeSwap, ZK's trading reached up to $0.71 per token, resulting in a total market cap of approximately $14.91 billion.
Roughly 89% of the ZKs slated for the airdrop, or around 3.27 billion tokens, will be given out to the users of the platform, with the rest going to supportive projects and communities. Eligible wallets for the drop must have engaged with the zkSync Era or zkSync Lite networks prior to the midnight UTC snapshot on March 24.
ZkSync outlined seven qualifying conditions aimed at preventing Sybil attacks, including a wallet interacting with ten smart contracts, trading ten ERC-20 tokens, or depositing liquidity into a decentralized finance (DeFi) protocol, among others. Each eligible wallet for the airdrop is limited to a maximum of 100,000 tokens. The airdrop also includes less than 0.5% of the total quantity, which will be distributed among players of Crypto: The Game, holders of the non-fungible token (NFT) collections Pudgy Penguins and Milady Maker, and recipients of the DEGEN and BONSAI airdrops.
ZK tokens accounting for one-third of the total supply will be almost evenly split among investors and the developing team at Matter Labs. This decision comes after the controversy caused last month by Matter Labs' attempt to trademark "ZK", a move which has since been reversed. The ZK tokens are programmed to be released gradually over the course of three years, from 2025 to 2028.
ZkSync expressed that distributing more ZK tokens in an airdrop than to the Matter Labs team and investors goes beyond mere symbolism. The airdrop begins next week and will continue until January 3 next year, and the new token owners can immediately take part in governing the protocol.
Published At
6/11/2024 10:00:00 AM
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