Official announcements from exchanges or ZKsync

ZKsync Airdrops 3.675B ZK Tokens Amid Controversy, $900M Market Cap, Technical Issues

Jun 17, 2024, 08:02 AM

The ZKsync Association has announced a significant airdrop of 3.675 billion ZK tokens to early users and contributors of its Ethereum Layer 2 network, ZKsync. However, the airdrop has sparked controversy and criticism. Reports indicate that 12,892 wallets received airdrops without any prior transactions on the network, with some wallets receiving as much as 81,852 ZK tokens, worth approximately $33,500 at pre-market rates. Concerns have been raised about the eligibility criteria and anti-Sybil measures, with accusations that the airdrop mechanism is confusing and may be manipulated. Additionally, the team behind ZKsync has been criticized for distributing tokens to protocols with no traction and giving none to actual contributors like KyberNetwork. The airdrop has also faced technical issues, with degraded performance as users rushed to claim their tokens. Despite these issues, ZK tokens are now trading on major exchanges like Bybit and Binance, with a current price of $0.292 and a market cap of over $900 million. The fully diluted valuation (FDV) is $6.13 billion, and 17.5% of the total supply was allocated to the airdrop. Notably, 45% of the airdropped tokens were claimed within two hours, and 43% of the top 10,000 recipients have not sold their tokens. All team and investor tokens are under lockup.