The ZKL token was listed on such popular centralized crypto exchanges (CEX) as Bybit, Hashkey, BitGet, KuCoin and Gate.io. However, something did not go according to plan, and after a short time, cryptocurrency quotes dropped by more than 35%
zkLink is a layer 3 (L3) project based on the Ethereum blockchain, which launched its native ZKL token on some major CEXs. Meanwhile, segment leaders Binance, Coinbase and Kraken did not include the new asset in their listing.
ZKL crashed after listing
Literally a few minutes after entering popular cryptocurrency exchanges, the rate of the ZKL token dropped significantly. Instantly, it lost almost half of its value - about 45%. Then the cryptocurrency managed to correct slightly.
The sales pressure played a cruel joke on the token. The market generally reacted poorly to the launch of ZKL, although this asset plays a key role in the zkLink ecosystem and has several real-world use cases.
The idea behind zkLink
zkLink is an L3 protocol in the Ethereum ecosystem. Among his goals: the introduction of aggregated rollups and third-level solutions. These initiatives aim to improve blockchain functionality and make Web3 applications easier to use.
The launch of its own token was supposed to be a key stage in the development of the project. So, according to the plan, the ZKL token is designed to perform the following functions:
-- Subsidize gas costs on the zkLink Nova network.
-- Fund zkLink X's App Rollup infrastructure service.
-- Give hodlers control rights—that is, allow them to influence the future development of the project.
Vince Young, CEO of zkLink, told BeInCrypto a little more about the new token:
“Operationally, ZKL tokens are the lifeblood of the zkLink ecosystem. They are also awarded as grants to DApp teams accepted into our Ecosystem Developer Program.”
Unlike ZKL, listing was not a problem for another token, Banana Gun (BANANA). After entering Binance, the price of the asset jumped by more than 50%.