ZKsync Launches ZK Token Airdrop; Major Exchanges List New Crypto

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The Essentials in Brief

The Layer-2 blockchain ZKsync has started the airdrop of its ZK tokens, with already 45% of the tokens claimed in less than two hours. The initial value of the token was $0.31, but has since fallen by about 31% and is currently trading at $0.22. This puts the market capitalization at nearly $800 million. Cryptocurrency exchanges such as Binance, Bybit, and KuCoin have already listed the ZK token, although Binance initially postponed the listing due to technical issues.

Details on the ZKsync Airdrop

The airdrop of the ZK tokens by the ZKsync Association, a non-profit organization founded by Matter Labs, has caused quite a stir. More than 225,000 addresses claimed over 45% of the airdropped token supply in less than two hours. The high demand and rapid claiming underscore the strong interest of the community in this project.

The token price experienced a decline after the airdrop, which is not uncommon for such events. Currently, the price is at $0.22, indicating some volatility that should be observed in the coming weeks.

Distribution and Future Plans

The ZKsync Association has released detailed plans for the distribution of the tokens. A large portion of the tokens, namely 89%, is intended for ZKsync users who were active on the blockchain and reached a not further specified activity threshold. The rest is distributed among ecosystem contributors, including native ZKsync projects, on-chain communities, and developers. Matter Labs also announced that employees will receive 16.1% and investors 17.2% of the ZK tokens, which will be locked for one year and then released over three years.

A significant portion of the token supply will be used for new governance purposes and ecosystem initiatives, indicating that the ZKsync Association has long-term plans for the development and support of the ecosystem.

Our Assessment

The airdrop of the ZK tokens marks a significant milestone for ZKsync and its ecosystem. The high demand and rapid claiming of the tokens show the great interest and trust of the community in the project. Despite the initial price drop, the airdrop offers a unique opportunity for users to become part of a growing ecosystem. It remains to be seen how the price will develop in the coming weeks, but the long-term prospects for ZKsync and the ZK token seem promising.

Sources: CoinDesk, CoinGecko

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