Bittime - The crypto world is once again enlivened with good news. ZKsync, a layer-2 network based on Ethereum blockchain technology, announced their ZK token airdrop plan. This is the news that ZKsync users have been waiting for, especially since the token distribution scheme is considered very pro-user.
21 Billion ZK Tokens to be Distributed
According to a plan released by Matter Labs, the main developer behind ZKsync, on Tuesday (11/6/2024), as much as 17.5% of the total supply of 21 billion ZK tokens will be distributed to users starting "next week".
This amount is equivalent to 3.7 billion tokens, which Matter Labs claims is "the largest token distribution to users among other layer-2 networks".
The total value of this airdrop, based on the estimated initial price of ZK on the Aevo crypto exchange ($0.66 or around IDR 10,560), is estimated to reach more than $2.5 billion (around IDR 40 trillion). This figure is almost three times the current total value locked (TVL) of ZKsync which is $815 million (around Rp13.04 trillion).
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89% Create ZKsync Users
Interestingly, 89% of ZK's total airdrops are allocated exclusively to ZKsync users. This means that anyone who has transacted on ZKsync and meets certain activity thresholds (details of these thresholds have not yet been announced) are eligible to receive tokens. The remaining 11% is allocated to ecosystem contributors, including zkSync native projects (5.8%), on-chain communities (2.8%), and developers (2.4%).
In addition to the good news, Matter Labs' move to register the trademark "ZK" — which stands for "zero-knowledge" cryptography, ZKsync's core technology — has drawn controversy.
The reason is, this technology is also used by various other blockchain projects. After receiving criticism from the crypto community, Matter Labs finally withdrew the trademark registration.
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Will not be dominated by whales
To prevent the accumulation of large amounts of tokens by a few parties ("whales" in crypto terms), Matter Labs limits the number of tokens each user can receive to a maximum of 100,000 tokens.
Meanwhile, the Matter Labs team itself will receive 16.1% of ZK tokens, and Matter Labs investors 17.2%. However, the allocation will be locked for one year and then opened in stages over the next three years.
The remaining token supply will be allocated to ZKsync's new "Token Assembly" (29.3%) as part of their new governance plan, and various Ecosystem Initiatives (19.9%).
Conclusion
With a more user-centric token distribution scheme, ZKsync wants to give the community more control in determining the future direction of the protocol's development. This is certainly good news for ZKsync users who have contributed to the growth of the network.
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Monitor the 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:
How to Get a zkSync Airdrop, Here's the Trick to Make Money!
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell and buy any crypto asset. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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