Nansen Reports 41% of Top ZK Airdrop Receivers Sold Tokens

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As a researcher with experience in blockchain and cryptocurrency markets, I find the massive sell-off of ZK tokens by top wallets following the airdrop concerning. The data from Nansen revealing that approximately 41% of tracked addresses sold all their airdropped tokens, while 29.2% sold at least some, indicates a significant lack of long-term commitment to this project.

As an analyst, I’ve observed that approximately half of the major crypto wallets which received the newly issued zkSync (ZK) tokens on June 17 have already sold their entire allotment. This mass selling has contributed to a substantial 34.5% price decrease in ZK tokens since its launch.

Based on Nansen’s blockchain analysis, around 41% of monitored addresses disposed of all their distributed ZK tokens, and about 29.2% sold a portion. In aggregate, over 486 million ZK tokens were offloaded this week. Additionally, more than 30% of the top-tier wallets have kept their obtained ZK tokens.

Approximately 1.4% of the 695,232 wallets that qualified for the recent ZK airdrop of 3.7 billion tokens received addresses in the top 10,000 ranking.

As a crypto investor, I’ve been closely following the developments with zkSync and was excited when I heard about the recent token distribution event by the zkSync Association, which is a nonprofit established by Matter Labs just last week. I logged in to X on June 17, eagerly anticipating my chance to claim some tokens. To my surprise, within mere hours of the event commencement, an astounding 45% of the tokens had already been claimed! This sudden influx led to some initial network hiccups due to the immense load placed on the system.

I was taken aback to discover that over 225,000 unique cryptocurrency wallets have successfully claimed more than 45% of the total ZK token supply within just two hours. Quite an astonishing turnout!

— ZK Nation (@TheZKNation) June 17, 2024

Approximately 491,000 wallets have currently claimed around 75% of the distributed ZK tokens, based on the latest figures from Matter Labs, as reported by their data scientist, Landon Gingerich.

After its debut, the ZK token has experienced a significant decline, dropping by approximately 34.5%. Its highest recorded price was $0.32, but it has since fallen to around $0.20, according to CoinGecko. The token boasts a total supply of 21 billion units, resulting in a fully diluted market value surpassing $4.4 billion.

Despite making up just 17.5% of its entire circulating stock, this asset boasts a market value of approximately $772 million. This figure represents a decline from its all-time high of around $1.1 billion that was reached soon following its introduction.

Approximately half of the total token supply, representing an extra 49.1%, is earmarked for various ecosystem initiatives. Among these, 17.2% will go to investors, while 16.1% is reserved for zkSync developer Matter Labs.

Currently, 78.5% of the one-time token airdrop has been successfully claimed by users, as indicated on the Dune Analytics dashboard. Yet, the 11% set aside for contributors remains uncLAIMABLE until the date of June 24th.

As a researcher studying the recent cryptocurrency market trends, I’ve noticed a notable decrease in holdings by top wallets following the criticism of zkSync’s airdrop distribution. The criticism centered around the perceived leniency of zkSync’s anti-Sybil measures, which some believed allowed entities with multiple wallets to manipulate and exploit the airdrop process.

In response, the project modified a document on June 15th, detailing how overly vigorous Sybil filtering might inadvertently exclude authentic users. Consequently, they opted for an “original airdrop scheme” to incentivize a greater pool of organic participants.

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2024-06-18 19:01