Bittime - zkSync's airdrop has recently turned heads as it distributed 3.7 billiontokensto over 600,000 eligible addresses. However, this airdrop did not run smoothly as expected. Why? Read this article to the end to find out!
zkSync Airdrop Doesn't Run Smoothly
The zkSync airdrop is considered not to have gone as expected because almost half of the main recipients of the zkSync airdrop have sold all the tokens they received.
About 41% of the top 10,000 addresses that received the airdrop have sold their entire allocation of ZK tokens. Additionally, 29.2% of those addresses have sold some of their tokens.
Overall, more than 486 million ZK tokens were sold in the short time following distribution. Only 30% of primary recipients still retain their tokens. This caused the price of ZK tokens to fall sharply.
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Impact of Sales on ZK Token Price
This massive sale had a significant impact on the price of the ZK token. Data from CoinGecko shows that the price of ZK fell by 34.5% in 24 hours, from a high of $0.32 to around $0.20.
This decline caused ZK's market capitalization to fall from over $1.1 billion to around $772 million. Although the total supply of ZK tokens stands at 21 billion, only 17.5% of the total supply is currently circulating in the market.
Problems and Criticism of zkSync Airdrop Criteria
The launch of this airdrop also did not escape criticism. Many consider zkSync's anti-Sybil measures to be too lenient, allowing multiple entities to take advantage of airdrops using multiple wallets.
This criticism came after zkSync defended the airdrop criteria on the grounds that too aggressive Sybil filtering could lead to errors.
In response, zkSync chose a unique airdrop design aimed at rewarding the highest number of organic users.
Reaction and Response from Industry
The reaction to this massive sell-off shows dissatisfaction among the crypto community. Many question the validity and fairness of this token distribution.
In response to criticism and emerging issues, zkSync updated their documents on June 15, stating that they are trying to avoid accidentally filtering out real users.
This approach aims to ensure that the airdrop reaches users who are truly active and engaged in the zkSync ecosystem.
However, the heavy selling by major addresses shows that there are still gaps in this approach that need to be addressed.
Also Read How to Buy Crypto:
Conclusion
The recent zkSync airdrop has faced major challenges with massive selling by major addresses causing the price of ZK tokens to plummet.
Although zkSync has attempted to create a fair airdrop design, criticism of anti-Sybil measures shows that there is still room for improvement.
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How to Buy Crypto with Bittime
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
zkSync Airdrop Distribution Reaps Controversy, What's Up?
zkSync Airdrop Claims Have Been Opened, Here's the Guide and Details!
High Enthusiasm, 45% of zkSync Airdrop Has Been Claimed in Just 2 Hours!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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