ZkSync says 695K wallets eligible for next week’s ZK token airdrop

cyptouser5 days agoCryptocurrencies News11

Ethereum zero-knowledge (ZK) layer 2 scaler zkSync has launched its self-titled token, zkSync (ZK), and plans to airdrop nearly 3.68 billion of them “next week.”

The project said on June 11 that starting next week, it will airdrop 17.5% of the token’s total supply of 21 billion to the 695,232 eligible wallets — with the rest set aside for initiatives, its team, investors and a “token assembly.”

ZK traded up to $0.71 on pre-market perpetual exchanges Aevo and PancakeSwap — meaning its market capitalization would be around $14.91 billion.

The total ZK token distribution. Source: zkSync

Around 3.27 billion tokens — or 89% of the ZK set for the airdrop — will be handed to the network’s users, with the remainder allocated to native projects and communities.

The wallets getting a slice of the drop must have interacted with the zkSync Era or zkSync Lite networks before the March 24, midnight UTC snapshot date.

ZKsync’s list of seven eligible criteria — which it said was meant to protect against Sybil attacks — included a wallet interacting with ten smart contracts, trading ten ERC-20 tokens, or depositing liquidity into a decentralized finance (DeFi) protocol among others.

ZK token eligibility criteria, with each wallet needing to have one point to make the airdto Source: zkSync

The airdrop to each wallet is capped at 100,000 tokens.

It added less than 0.5% of the total supply would also be dropped to Crypto: The Game players, holders of the Pudgy Penguins and Milady Maker nonfungible token (NFT) collections along with DEGEN and BONSAI airdrop recipients.

Community airdrop more than “symbolic”

The remaining one-third of the ZK token’s total supply is set for a near-even split between investors and the zkSync development team Matter Labs — which copped wide backlash last month for trying to trademark “ZK,” which it dropped.

Related: Pessimistic proofs: ZK tech’s next step or mere cynicism?

The tokens are slated to unlock over three years, between June 2025 to 2028.

“Awarding more tokens in the airdrop than to the Matter Labs team and investors is more than a symbolic decision for the community,” zkSync wrote in a press release shared with Cointelegraph.

The airdrop starts next week and runs until Jan. 3 next year with holders able to immediately take part in the protocols governance.

Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable

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