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Home»TRADING NEWS»What you need to know
TRADING NEWS

What you need to know

By Crypto FlexsJune 11, 20243 Mins Read
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What you need to know
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ZKSync announced that it will distribute 17.5% of the ZK token supply through airdrop. This is a pivotal step in engaging the community in the further development of the protocol.

ZKSync, an Ethereum layer 2 scaling solution, uses zero-knowledge (ZK) proofs to improve scalability and reduce transaction costs.

Users complain that they are not eligible for ZK airdrops.

ZK tokens facilitate payment of network fees and allow community voting on protocol upgrades. It also allows token holders to participate directly in the ZKsync governance system.

This system is very important as it allows for protocol enhancements such as staking and other features, and highlights the role of the community in driving the evolution of ZKsync.

“The 17.5% airdrop to 695,232 wallets is the largest token distribution to users during a major rollup. Airdropped tokens have no vesting or lock-up periods and are fully liquid from day one. This amount is higher than the fixed allocations of the Matter Labs team (16.1%) and investors (17.2%),” ZKSync’s community blog noted.

Read more: Best airdrops of 2024

ZK token distribution. Source: ZKNation

The strategy behind the deployment aims to empower real, active users within the ZKsync community. Unlike typical airdrops that prioritize wallet count, ZKsync’s approach focuses on rewarding people for interacting with the platform.

This includes trading and participating in ZKsync’s new decentralized application (dApp) and DeFi protocol.

However, the airdrop caused controversy. Some users claim they don’t qualify despite only using one wallet.

“How am I not qualified? It really brings tears to my eyes.. I only used one wallet, checked out, and used a different protocol. Oh, I’m so disappointed.” said Ahrlien, ZKSync community member.

To counter the dominance of large stakeholders, or “crypto whales,” ZKSync implemented a limit that limits allocations to a maximum of 100,000 tokens per address. This cap ensures a more equitable distribution, allowing a wider segment of the community to benefit from and contribute to ZKsync’s growth.

Airdrop eligibility is divided into two categories: 89% of tokens are reserved for users who meet certain activity thresholds in ZKsync. The remaining 11% is allocated to contributors who support the ecosystem through development, advocacy, or education.

Read more: What is zkSync?

Community members can check their eligibility now. The billing period begins next week and extends until January 3, 2025. There are also special provisions for GitHub developers and discussion assistants related to ZKSync.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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