TL;DR
- Massive Airdrop Event: ZKSync is set to distribute 17.5% of its ZK token supply, amounting to nearly 3.7 billion tokens, in a significant airdrop to 695,232 wallets, marking one of the largest token giveaways in the Layer 2 space.
- Valuation and Market Impact: The airdrop’s pre-market valuation is over $2.5 billion, with individual ZK tokens priced at around $0.66 to $0.70. This valuation is nearly threefold the total value locked in ZKSync.
- Eligibility Controversy and Allocation: While the airdrop aims for equitable distribution with a cap to limit “crypto whale” dominance, some community members have expressed dissatisfaction over eligibility criteria.
ZKSync, the Ethereum layer-2 scaling solution, has announced a significant airdrop event, distributing 17.5% of its ZK token supply to the community. This move will engage and empower its users in the protocol’s ongoing development.
Introducing the ZK Token
Checker → https://t.co/O2UonCvfzi
Announcement → https://t.co/hjgI14PHoi
Docs → https://t.co/taWBoCnfbcIt’s time to put the ZK token into the hands of the community. It’s your turn to govern ZKsync’s future. pic.twitter.com/VD3fZgH5bf
— ZK Nation (@TheZKNation) June 11, 2024
The ZK token serves multiple functions within the ZKSync ecosystem, including network fee payments and granting voting rights for protocol upgrades. The airdrop aims to distribute tokens to 695,232 wallets, making it one of the largest token distributions among major rollups.
The upcoming ZK token airdrop by ZKSync is poised to be the most substantial token giveaway in the Layer 2 sector, with an impressive allocation of approximately 3.7 billion tokens to its user base.
The pre-market valuation on Aevo, a perpetuals exchange, pegs the ZK token at $0.66, which brings the airdrop’s fully diluted value (FDV) to over $2.5 billion. Meanwhile, trading activity on PancakeSwap suggests an average token price of about $0.70.
To put the magnitude of this airdrop into perspective, its valuation is nearly triple the total value currently locked within the ZKSync Era. The ZK token’s current market capitalization is estimated at $14.9 billion.
Controversy Over Eligibility
Despite the excitement, the airdrop has not been without controversy. Some community members have voiced frustrations over eligibility issues, feeling excluded despite active participation. ZKSync has implemented a cap to prevent large stakeholders from dominating the airdrop, ensuring a fairer distribution among the community.
Airdrop Allocation and Eligibility
The allocation of tokens is carefully structured, with 89% reserved for users who meet certain activity criteria on ZKSync, and 11% for those who have contributed to the ecosystem’s growth. The claim period for eligible community members opens next week and will run until January 3, 2025.
ZKSync’s Growth and Future Prospects
Matter Labs, the creator of ZKSync, has based the airdrop eligibility on a snapshot taken on March 24, coinciding with the first anniversary of the zkSync Era mainnet launch.
The zkSync Era has seen its total value locked peak at $990 million this March, positioning it as the 8th largest L2 by total value locked. The ZKSync airdrop represents a pivotal moment for the platform, marking a new chapter in its journey toward a more decentralized and community-driven future.
