The ZKsync team recently initiated the airdrop of their ZK token, with 45% of the tokens already claimed by users. The ZKsync Association, a non-profit organization established by Matter Labs, is overseeing the airdrop process. Surprisingly, within just two hours, nearly half of the tokens were claimed by eager users.
Despite the quick uptake, the value of the ZK token has experienced a slight decline since its initial opening price of $0.31. Currently, the token is trading at $0.24, marking a 21% decrease. However, the market capitalization of the ZK token is still impressive, standing at around $908 million based on the circulating supply. The total number of eligible tokens for distribution is approximately 3.7 billion, indicating significant interest in the project.
Several major cryptocurrency exchanges, including Binance, Bybit, and KuCoin, have already listed the ZK token. Binance, in particular, faced some technical difficulties with their node, causing a temporary delay in the token’s listing. However, the exchange assured users that the issue was being addressed promptly to ensure a smooth trading experience.
The distribution plan for the ZK tokens has garnered mixed reactions from the community, with some expressing dissatisfaction with its unconventional design. Despite this, the ZKsync team clarified that 89% of the airdrop is reserved for ZKsync users who have engaged with the blockchain platform. Additionally, a portion of the tokens will be allocated to ecosystem contributors, such as native projects, on-chain communities, and builders.
It’s worth noting that a percentage of the ZK tokens will be allocated to employees and investors, with a lock-up period of one year. Following this period, the tokens will be gradually released over three years. Furthermore, a significant portion of the token supply will be directed towards ZKsync’s Token Assembly for governance purposes, as well as Ecosystem Initiatives to support the growth and development of the project.
Overall, the ZKsync airdrop has generated substantial interest within the cryptocurrency community, with the ZK token’s market cap nearing $900 million. As the distribution process continues and more users participate, the value and utility of the ZK token are expected to evolve, shaping the future of the ZKsync ecosystem.