HomeBinance UpdatesZKsync's 'ZK' Token Airdrop Boosts Initial Market Cap to Nearly $800 Million

ZKsync’s ‘ZK’ Token Airdrop Boosts Initial Market Cap to Nearly $800 Million

ZKsync Launches Highly Anticipated Airdrop of ZK Token, 45% Already Claimed

The highly anticipated airdrop of the ZK token by layer-2 blockchain ZKsync has officially begun, with 45% of the tokens already claimed in just under two hours, the team announced on Monday.

The ZKsync Association, a non-profit organization created by Matter Labs, the development firm behind ZKsync, is overseeing the airdrop claims. The team revealed that users wasted no time in claiming their share of the tokens, with 45% already distributed.

Despite the initial excitement, the ZK token has seen a slight dip in value since its opening at $0.31, currently trading at $0.22, according to CoinGecko. The market capitalization is estimated to be around $800 million based on the circulating supply, with a total of 3.7 billion tokens eligible for distribution. On a fully diluted basis, the market cap could reach $4.5 billion.

Several major cryptocurrency exchanges, including Binance, Bybit, and KuCoin, have listed the ZK token. Binance, however, faced technical issues with their node, causing a delay in the listing on their platform. The exchange assured users that the problem was being addressed and deposits would be credited once resolved.

In a recent interview with CoinDesk, the Matter Labs team outlined their distribution plans for the ZK token. The airdrop is designed to reward ZKsync users, with 89% of the tokens allocated for them based on their activity on the blockchain. The remaining tokens will be distributed to ecosystem contributors, employees, investors, and governance purposes.

Despite some criticism of the airdrop design, the ZKsync team remains committed to their unconventional approach. With a significant portion of the tokens already claimed, the ZKsync Association is poised to make a mark in the blockchain space with its innovative token distribution model.

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