ZKsync Layer-2 Blockchain Launches ZK Token Airdrop, 45% Claimed in First Two Hours

The layer-2 blockchain  has launched its much-anticipated airdrop of the ZK token, with 45% of the tokens claimed within the first two hours

Layer-2 blockchain Zksync has commenced its highly anticipated airdrop of the ZK token, with nearly half of the tokens claimed within the first two hours, the Zksync Association announced on Monday.

The association, a non-profit organization created by Matter Labs, is handling the airdrop distribution. “It's a Monday, don't you have work?” the ZK Nation X account tweeted, commenting on the rapid claim rate.

The ZK token opened trading at $0.31 but has since fallen by 21% to trade at $0.24, according to CoinGecko. At that price, the market capitalization is roughly $908 million based on the circulating supply, with about 3.7 billion tokens eligible for distribution. The fully diluted market cap would be $5.1 billion.

The ZK token is listed on cryptocurrency exchanges Binance, Bybit, and KuCoin. Binance had initially postponed the listing due to technical issues with their node but assured users that the issue was being fixed urgently and that deposits would be credited once the block height catches up.

Matter Labs, in a statement to CoinDesk, outlined the token distribution plans through the Zksync Association, following some user dissatisfaction with the airdrop's design, which the team defended as having an “unconventional design.”

As per the distribution plan, 89% of the airdrop is claimable by Zksync users who transacted on the blockchain and met an unspecified activity threshold. The remaining tokens are allocated to ecosystem contributors, including:

Further, Matter Labs employees will receive 16.1% of the ZK tokens, and investors will get 17.2%, both of which will be locked for a year and then released over three years. The rest of the token supply will be divided between Zksync's Token Assembly (29.3%) for governance purposes and Ecosystem Initiatives (19.9%).

News source：https://www.kdj.com/cryptocurrencies-news/articles/zksync-layer-blockchain-launches-zk-token-airdrop-claimed-hours.html

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