On June 17, 2024, Zksync, a layer 2 blockchain platform, attracted huge attention from investors, traders and retail users after it was listed on several popular exchanges such as Binance, Bybit, KuCoin and many other platforms.
In addition to listing on leading exchanges, ZKsync has initiated the long-awaited airdrop of its ZK token. In just two hours, 45% of the tokens were claimed, according to officials. Airdrop Hunter is claiming 3.01 million ZK tokens.
Following this airdrop announcement, analytics company Lookonchain published a post highlighting that someone received a massive airdrop of 3.01 million ZK tokens worth $753k through 85 wallets. This person later transferred a whopping 2.71 million ZK tokens worth $678 thousand to Binance. In addition, Lookonchain also reported that this airdrop hunter has sold the remaining 300 thousand ZK tokens.
The ZK token debuted at $0.31, but its value has since dropped 20% and is now around $0.2.
However, the current market capitalization of the token is approximately $862 million, calculated based on a circulating supply of 3.7 billion tokens available for distribution. If all tokens were issued, the market capitalization would be $4.9 billion.
The token distribution plan was presented by the Matter Labs team last week. Of the total supply, 89% is distributed among ZKsync users who made transactions on the platform and met certain activity criteria. The remaining 11% is distributed among ecosystem participants.
Additionally, Matter Labs reported that 16.1% of tokens are reserved for employees and 17.2% are reserved for investors. Both of these pools will be locked for a year and then released over the next three years.