Ethereum’s zero-knowledge layer 2 solution, zkSync, has introduced its token, zkSync (ZK), and plans to airdrop nearly 3.68 billion tokens next week.
As announced on June 11, 17.5% of the total supply of 21 billion tokens will be distributed to 695,232 eligible wallets. The remaining tokens will be reserved for various initiatives, the development team, investors, and a “token assembly.”
On pre-market platforms like Aevo and PancakeSwap, ZK has traded as high as $0.71, suggesting a market capitalization of approximately $14.91 billion.
About 3.27 billion tokens, or 89% of the airdrop allocation, will go to network users, while the rest will be distributed to native projects and communities. Wallets eligible for the airdrop had to interact with zkSync Era or zkSync Lite networks before the March 24 snapshot date.
To prevent Sybil attacks, zkSync established seven eligibility criteria. These included interacting with ten smart contracts, trading ten ERC-20 tokens, or depositing liquidity into a DeFi protocol, among others. Each wallet’s airdrop is capped at 100,000 tokens.
Additionally, less than 0.5% of the total supply will be airdropped to the players of Crypto: the Game, and holders of the Pudgy Penguins and Milady Maker NFT collections, along with DEGEN and BONSAI aridrop recipients.
One-third of the total supply will be split almost evenly between investors and the zkSync development team, Matter Labs. This team faced criticism last month for attempting to trademark “ZK,” a move they later abandoned. These tokens will unlock over three years, from June 2025 to 2028.
Also Read: ZKNation Launches Governance Hub for ZKsync Protocol
