As an experienced crypto investor, I’m always on the lookout for promising projects with strong potential for growth. The recent announcement of Ethereum’s zkSync introducing its token, ZK, and planning an airdrop has certainly piqued my interest.
As a analyst, I’m excited to share that Ethereum‘s zero-knowledge layer 2 solution, zkSync, is set to distribute its native token, zkSync (ZK), through an upcoming airdrop. Approximately 3.68 billion tokens are slated for distribution next week.
On June 11, it was revealed that out of the entire minted amount of 21 billion tokens, approximately 3.685 billion tokens (or 17.5%) will be allocated to around 695,232 qualified wallets. The rest of the tokens, amounting to roughly 17.315 billion tokens, are designated for diverse projects, the development team, investors, and a “token community” or “governance body” referred to as a “token assembly.”
Introducing the ZK Token
Checker →
Announcement →
Docs →It’s time to put the ZK token into the hands of the community. It’s your turn to govern ZKsync’s future.
— ZK Nation (@TheZKNation) June 11, 2024
On the prep markets of Aevo and PancakeSwap, ZK’s price peaked at $0.71. This indicates a market capitalization of around $14.91 billion.
As an analyst, I’d rephrase it as follows: Approximately 3.27 billion tokens, representing 89% of the total airdrop allocation, will be allocated to network users. The remaining tokens will be distributed among native projects and communities. Eligible wallets for the airdrop needed to have engaged with zkSync Era or zkSync Lite networks prior to March 24 for snapshot consideration.
To thwart Sybil attacks, zkSync implemented seven prerequisites for eligibility. Among these were engaging with ten distinct smart contracts, exchanging ten different ERC-20 tokens, or contributing liquidity to a Decentralized Finance (DeFi) platform. Each wallet is limited to receiving a maximum of 100,000 tokens through the airdrop.
As an analyst, I’d rephrase it as follows: I’ve discovered that only a tiny fraction, specifically less than 0.5%, of the overall supply will be distributed through various channels. These channels include players of Crypto: the Game, owners of Pudgy Penguins and Milady Maker NFT collections, as well as recipients of DEGEN and BONSAI airdrops.
Approximately one-third of the entire allotment is designated for both investors and the zkSync development team, Matter Labs. Recently, there was controversy surrounding this team’s plan to trademark “ZK,” which they subsequently dropped. The distribution of these tokens will be phased out over a three-year period, starting from June 2025 and ending in 2028.
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2024-06-11 14:44