Introduction of zkSync Token and Token Allocation
zkSync, Ethereum's zero-knowledge layer 2 solution, has unveiled its token, ZK, and is set to distribute almost 3.68 billion tokens in the upcoming week. The token announcement on June 11 stated that 17.5% of the 21 billion total token supply will be allocated to 695,232 eligible wallets. The remaining tokens will be designated for different projects, the development team, investors, and a 'token assembly.'
On platforms like Aevo and PancakeSwap, the ZK token has reached a trading value of up to $0.71, suggesting a market capitalization of around $14.91 billion.
Approximately 89% of the airdrop allocation, totaling about 3.27 billion tokens, will be distributed to network users, while the remaining portion will be shared with native projects and communities. To qualify for the airdrop, wallets had to engage with zkSync Era or zkSync Lite networks before the snapshot date of March 24.
To ensure security against Sybil attacks, zkSync enforced seven eligibility criteria, such as interacting with specific smart contracts, trading ERC-20 tokens, or providing liquidity to a DeFi protocol. Each eligible wallet's airdrop is limited to 100,000 tokens.
Furthermore, less than 0.5% of the total token supply will be air-dropped to players of Crypto: the Game, holders of Pudgy Penguins and Milady Maker NFT collections, DEGEN, and BONSAI airdrop recipients.
A substantial portion of the total token supply, approximately one-third, will be evenly divided between investors and the zkSync development team, Matter Labs. The team faced some backlash last month for their attempt to trademark 'ZK,' a decision they later retracted. The distribution of these tokens will occur gradually over a period spanning from June 2025 to 2028.
