The ZkSync token is finally making some moves and has been included in the cryptocurrency watchlist for the coming week.
An An will launch ZkSync ($ZK) at 16:00 (GMT+8) on June 17, 2024, and open ZK withdrawals at 16:00 (GMT+8) on June 18, 2024!
Despite the strong dissatisfaction in the community after the airdrop, ZkSync seems to have been gradually launched on major exchanges (CEX) starting this afternoon. This is understandable because ZkSync is currently an outstanding Layer2 project with a financing amount of nearly $500 million, and is backed by leading investment funds such as A16z, Union, and Blockchain Capital.
Sure enough, as the world's largest exchange, Binance once again demonstrated its responsibility. ZK's successive listing on OY and Binance has certain advantages:
For an introduction to ZK, please read this article: Frequent coin issuance! Will ZK, which is about to be launched by OUYI, become the next 100-fold coin?
ZkSync has several significant advantages in the Ethereum ecosystem:
High throughput: Thousands of off-chain transactions can be processed per second.
Low Fees: Transaction costs are significantly lower compared to the main Ethereum blockchain.
Instant Transactions: Provides near-instant transaction confirmation.
High security: zk-SNARKs technology is used to ensure the security and privacy of transactions.
Ethereum Compatibility: Fully compatible with existing Ethereum smart contracts and infrastructure.
How are ZkSync tokens distributed?
The total supply of ZK tokens is 21 billion, and the specific distribution is as follows:
Community allocation: 66.7%
Ecosystem incentives: 19.9% (distributed by the ZkSync Foundation)
Investor allocation: 17.2%
Team allocation: 16.1%
Token Assembly：29.3%
Among them, the tokens allocated to investors and teams will be locked in the first year and then gradually unlocked over a three-year period from June 2025 to June 2028.
ZkSync said that about 67% of ZK tokens will be allocated to the community. Among them, 17.5% of the total supply will be allocated through a one-time airdrop, and the remaining community tokens will be gradually distributed through the ecosystem plan managed by the ZkSync Foundation and ZK Nation governance process to support the growing ecosystem.
In view of the community's continued concerns about the ZK token airdrop distribution, Binance decided to distribute 10,500,000 ZK tokens to up to 52,500 users who meet all of the following conditions, equivalent to 200 ZK per user. This not only allows the ZK token to be launched smoothly, but also appeases users and recovers part of the gas fee.
Binance is conducting an airdrop for ZkSync. Eligible users should apply now!
How to apply?
Deposit at least 0.02 ETH from a whitelisted address on the ZkSync ERA network to Binance.com. (Please note: the amount of ETH you deposit does not affect the number of ZK tokens you will receive.)
Only ETH deposited directly from the following ZkSync active user whitelist will be considered valid.
Binance will use the ZkSync active user whitelist as a reference for distribution. ZK tokens will be distributed on a first-come, first-served basis to users who meet all of the above criteria.
Binance will distribute 200 ZK tokens to each Binance User ID (UID).
Why is ZkSync so infuriating?
ZkSync announced an airdrop and opened airdrop inquiries. After 4 years of interaction, this moment finally came. However, compared with previous Layer 2 projects such as Optimism and Arbitrum, the proportion of addresses eligible for airdrops in ZkSync is significantly lower. There are 6,826,968 addresses on the ZkSync chain, and only 695,232 eligible addresses, accounting for about 10%. According to community statistics, 9,203 addresses received 23.9% of the total airdrops.
Judging from the airdrop details, although the rules are not "strict", they seem "unconventional" compared to conventional standards, which has aroused strong doubts in the community about the existence of insider trading in ZkSync.
In response to these questions, ZkSync published an article on June 14, 2024 to provide a comprehensive response: Even if all seven criteria are met, you may not be eligible for a distribution if your average holding amount over a period of time is small or you are not eligible for any other bonus multipliers.
The ZkSync airdrop problem has gone beyond the scope of uneven distribution. There is obvious insider trading, with solid evidence and no cover-up. An address without any transfer or interaction records on the chain can blatantly receive airdrops. The project's actions are disappointing.
There are 12,892 addresses with no transfer records, which received a total of 105 million ZK airdrops; there are 1,003 addresses with only 1 transfer record, which received a total of 6.6277 million ZK airdrops.
9% of the addresses received 62.3% of the airdrops, and the chips are highly concentrated.
ZkSync's silence continues to fuel the community's resistance. Today, the community called on major exchanges not to list ZK (ZkSync) tokens and asked for the ZK name to be returned to Polyhedra. However, the possibility that ZkSync will listen to the community's call and revise the airdrop rules and scope is almost zero.
Although the voices for boycotting ZK from the top trading platforms are getting louder, it still did not stop Binance's listing plan.
ZkSync launch forecast
Although the ZK airdrop has sparked widespread controversy in the community, the listing is still moving forward. What do you think the price will do?
Currently, $ZK is being traded over the counter, with an average price between $0.3-0.5, and a total supply of 21 billion. Despite the mixed reviews of the airdrop, ZkSync is still one of the Layer2 projects with great potential. Due to its large amount of capital mobilization, in the context of financial games, funds do not want to lose money, and the airdrop amount is close to expectations, there may be a lot of market activity after the launch of ZkSync, driving up prices.
I personally think that the reference price of ZkSync is 0.2-0.4 USD. This is a reasonable price range for everyone.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
