Layer 2 Blockchain According to the ZKsync Association, it has launched its much-anticipated ZK token airdrop, with 45% of the tokens claimed within the first two hours. Created by Matter Labs, this non-profit organization oversees the airdrop process.
“It’s Monday. Do you have any work?” The ZK Nation According to CoinGecko, ZK tokens opened at $0.31 but have since declined 21% to trade at $0.24. The market capitalization is approximately $908 million based on circulating supply, with approximately 3.7 billion tokens available for distribution. The fully diluted market capitalization would be $5.1 billion.
ZK tokens are listed on cryptocurrency exchanges Binance, Bybit, and KuCoin. Binance initially delayed the listing due to technical issues with the node, but assured users that the issue was being resolved urgently and that deposits would be credited once block heights caught up.
In a statement to CoinDesk, Matter Labs detailed its plans to distribute tokens through the ZKsync Association. Despite some users’ complaints about the airdrop design, the team defended its “unconventional design.”
According to the distribution plan, 89% of the airdrops can be claimed by ZKsync users who transact on the blockchain and meet an unspecified activity threshold. The remaining tokens will be allocated to ecosystem contributors, including:
- ZKsync Native Project: 5.8%
- On-chain community: 2.8%
- Builder: 2.4%
Additionally, Matter Labs employees will receive 16.1% of ZK tokens and investors will receive 17.2%, both of which will be locked for one year and then unlocked over three years. The remaining token supply is split between ZKsync’s token assembly for governance purposes (29.3%) and ecosystem initiatives (19.9%).
Featured Image: Freepik
Please see disclaimer