Tech
ZKsync Airdrop of “ZK” Token Brings Initial Market Cap to Approximately $800 Million
Layer 2 blockchain ZKsync has kicked off the highly anticipated airdrop of its ZK token, with 45% of tokens already claimed, shared team on Monday.
The ZKsync Association, a nonprofit created and launched last week by the development company behind ZKsync, Matter Labs, is responsible for the airdrop requests. The team tweeted that 45% of tokens were claimed by users in less than two hours.
“It’s Monday, don’t you have work?” she wrote the ZK Nation X account.
The ZK token opened at $0.31 and has since fallen about 31%, trading at $0.22 as of this writing, according to at CoinGecko. The market capitalization is approximately $800 million, based on circulating supply, with approximately 3.7 billion tokens eligible for distribution. On a fully diluted basis, the market cap would be $4.5 billion.
Binance cryptocurrency exchange, Bybit and KuCoin have currently listed the ZK token, even though Binance had done so previously announced which reportedly postponed the listing on its platform after experiencing technical problems with its node.
“Our technical team is resolving the issue urgently and it will be recovered before the start of trading. Deposits will be credited once the block height is reached,” Binance wrote on X.
Last week, the Matter Labs team shared with CoinDesk how the ZKsync Association intends to distribute the tokens.
Some users were upset with the airdrop’s design, which guided the team recognize theirs “unconventional design.”
According to their plans, 89% of the airdrop can be claimed by ZKsync users, which includes anyone who has transacted on the ZKsync blockchain and has reached an unspecified activity threshold. The remaining tokens go to ecosystem contributors, including: native ZKsync projects (5.8%), on-chain communities (2.8%), and builders (2.4%).
Matter Labs also shared that employees will receive 16.1% of ZK tokens and investors 17.2%, which will be locked for one year and then released over three years.
The remainder of the token supply will be split and go to ZKsync’s Token Assembly (29.3%), which will use it for new governance purposes, and the rest to Ecosystem Initiatives (19.9%).