As a researcher with a background in blockchain technology and decentralized finance (DeFi), I’m keeping a close eye on the developments surrounding zkSync. The recent announcement from the team about plans to hand over governance to the community next month, potentially accompanied by a token airdrop, is an exciting development.
Next month, zkSync announced their intention to transfer governance to the community, potentially indicating an upcoming token distribution.
Ethereum-based zero-knowledge (ZK) solution zkSync hinted at a token distribution after developers ship the protocol’s upcoming v24 release expected by the end of June. The project taps ZK cryptographic technology to scale Ethereum’s (ETH) blockchain, and offer users affordable transactions on the world’s second-largest decentralized network.
Following the implementation of proto-danksharding during the Dencun upgrade, Ethereum gas fees have significantly decreased. As evidenced by data from L2Fees, it now only costs under a dollar to transfer ETH or exchange tokens using the zkSync layer-2 rollup.
zkSync governance token anticipated since March 2023
Since March 2023, there have been expectations among users that an airdrop would occur, following the protocol’s enabling of fund transfers to the network. As reported by DefiLlama, approximately $141.9 million has been invested in the zkSync Era contract during the past year. While specifics about the token supply remain undisclosed, this significant investment indicates substantial community allocations and incentives.
Matter Labs, the team behind zkSync, a development in the field of Ethereum rollup technology, has secured approximately $458 million in funding from esteemed venture capitalists such as Blockchain Capital, Dragonfly Capital, and Lightspeed Venture Partners.
Should Matter Labs reveal a new token through zk rollup next month, they will join the ranks of Ethereum initiatives, such as EigenLayer, Ethena, and Wormhole, that have previously distributed tokens to their investors. Keeping an eye on the token distribution process is also advisable for participants, as projects like LayerZero work to prevent Sybil addresses and instead prioritize long-term users in rewards.
As a dedicated crypto investor, I can assure you that zkSync remains steadfast in its pledge to uphold decentralization. Following the introduction of EIP4844 support in March, our team has been fully engaged in this endeavor. The upcoming v24 release marks the last planned protocol upgrade before we transition network governance to the community’s hands. The remaining steps include:
— zkSync (∎, ∆) (@zksync) May 17, 2024
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2024-05-17 20:50