As a researcher with experience in the blockchain and cryptocurrency space, I’m closely following the developments surrounding ZKsync and its recently launched ZK token. The token’s official launch on multiple exchanges on June 17 was an exciting moment for the community, but it came with its fair share of challenges.
On June 17, the formally introduced ZK token by ZKsync became available for trading on various exchanges. The token experienced noticeable price changes throughout the day as ZKsync worked to resolve network complications.
The current value of ZK token hovers around $0.22, while its total market worth amounts to approximately $971 million.
ZK Token Is Live
The ZK token made its debut on various exchanges, namely Binance, Gate.io, Bybit, and Kucoin. At its peak, the token’s value touched $0.30. However, there has been a significant decrease in value since then. As per CoinGecko’s data, the trading volume for ZK token has amounted to approximately $855 million since its launch. The distribution phase of ZKsync’s token program is scheduled from June 17 to July 16, during which around 10.5 million ZK tokens will be allocated to eligible recipients.
The ZKsync team has acknowledged issues raised by the community regarding the approach taken to identify and exclude Sybil farms. They are committed to resolving these concerns and implementing a trustworthy and open distribution mechanism for all members.
ZKsync Facing Network Load, RPC Issues
Prior to the introduction of the ZK token, ZKsync announced via X that their network was undergoing heavy traffic and exhibited subpar performance in certain RPC services. RPCs serve as a communication channel between nodes and execute various network functions such as data queries and transaction processing. The developers assured users they were working on expanding RPC capacity and would keep the community informed of any progress.
As an analyst, I’d rephrase that statement as follows: “Currently, our network is dealing with a significant amount of traffic. Consequently, some Remote Procedure Call (RPC) services might perform slower than usual. Rest assured, our team is actively working to enhance the RPC capacities to improve their performance. We will keep you informed of any updates.”
Uptick In Impersonators
After the announcement from ZKsync that approximately 695,000 wallets qualified for their ZK token distribution, there has been a noticeable increase in deceitful dApps (decentralized applications) pretending to be ZKsync. This was brought to light by various accounts on platform X, such as Blockaid, who shared this warning.
“Have you looked forward to receiving $ZK from @zksync’s airdrop? Scammers have as well! According to Blockaid, there has been a significant surge in fraudulent dApps masquerading as ZkSync’s eligibility checker, with a fivefold increase since its launch.”
Ido Ben-Natan, CEO of Blockaid, revealed that deceitful decentralized applications (dApps) masquerading as ZKsync had employed drainer Software Development Kits (SDKs), enabling them to approach unsuspecting users undetected.
Scammers are exploiting Twitter’s comment sections, particularly those under recent posts by account @ZK, to connect with their intended victims. A quick glance at the reply sections of these tweets reveals numerous suspicious accounts disseminating links to potentially harmful Decentralized Applications (DApps) that have been verified by Twitter.
Recent Airdrops
The ZKsync token distribution, akin to those initiated by StarkNet and EigenLayer previously, has stirred controversy among recipients. Despite anticipation for substantial token allocations, many were disappointed with the quantities received. Furthermore, EigenLayer restricted access to its airdrop for users residing in the US and certain other countries, leading to widespread frustration within the community. In contrast, Matter Labs CEO Alex Gluchowski reassured ZKsync prospective token holders that careful consideration was given to the distribution process.
As a thorough analyst, I’ve given considerable thought to the planning of our airdrop. I understand that not everyone will be satisfied with the outcome, but I’ve carefully considered alternative options for those who might feel disappointed.
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2024-06-18 16:11