Key Points:

ZkSync token generation will be launched soon, with an airdrop anticipated around June 13.

21 billion tokens are set for release, though ticker issues with ZK may arise due to a prior claim by Polyhedra Network.

Layer 2 network ZkSync is gearing up for the ZkSync token generation event (TGE) this week, as reported by The Block.

ZkSync Token Generation Event Readies For Its Launch and Airdrop

Following the ZkSync token generation, a token launch and airdrop are on the horizon within the next month, with an expected airdrop date around June 13, preceding Blast's token airdrop scheduled for June 26.

The total supply of ZkSync tokens will amount to 21 billion, according to the same sources. While ZkSync aims to adopt the ticker symbol ZK for its token, complications have arisen due to the prior claim of this ticker by Polyhedra Network. Nevertheless, ZkSync may still opt for ZK, especially considering that Polyhedra's token is yet to be listed on Binance.

Regarding decentralization, Matter Labs, the driving force behind ZkSync, is currently navigating the process, although concrete plans have yet to be finalized. The company has teased a token launch and airdrop by the end of June, with plans to expedite the protocol's decentralization through an impending upgrade.

Funding and Support for ZkSync's Development

ZkSync, a member of the zk-Rollup family, tackles scalability and transaction fee issues plaguing the Ethereum network. Since the launch of its Era mainnet in March 2023, ZkSync has committed to token issuance within a year.

This commitment, coupled with an airdrop policy, attracted considerable attention from cryptocurrency investors, resulting in a peak Total Value Locked (TVL) of nearly $200 million, which has since been tapered to $141 million. Presently, ZkSync occupies the eighth position among Ethereum layer-2 solutions by TVL.

Matter Labs has received substantial backing from prominent investors, including Andreessen Horowitz (a16z), Dragonfly Capital, and Blockchain Capital, raising $258 million in funding and establishing a $200 million ecosystem development fund.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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In a move that's sending ripples through the cryptocurrency world, a crypto whale has acquired an eye-popping 592 billion PEPE tokens, valued at approximately $8.2 million. This significant purchase occurred during a notable price surge over the past three days, capturing the attention of crypto enthusiasts and sparking widespread speculation.

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