Ethereum scaling solution zkSync has encountered several issues during the highly anticipated and controversial ZK token airdrop.

Team wrote on X on Monday morning:

“The network is currently under high load. Some RPC services may experience reduced performance.”

At the time of writing, the team has not yet said whether the issues have been resolved or not.

But despite the ongoing problems, ZK Nation — the community established to manage the token and ecosystem — said 45% of the airdrop tokens were claimed by more than 225,000 wallets.

Team ZK Nation spent much of the weekend responding to angry community members on X and updating the FAQ document on how to use Sybil detection to determine eligibility.

Sybil attacks occur when a single user creates and controls large numbers of accounts or wallets and uses them to exert outsized influence. But a group of vocal users say the Sybil detection feature still lets sophisticated wallets slip through.

ZK Nation has defended the way the feature performs its testing, saying it is wary of being too strict at the risk of excluding real users.

The Sybil Wallet is highly sophisticated, “accounting for funds from multiple separate exchange addresses, never interacting with each other, using random amounts of money, and using software to randomize human behavior patterns on a daily basis, even performing project-specific activities (e.g., using the zkSync payment manager),” ZK Nation writes in the FAQ section.

This first airdrop ends on January 3, 2025, will distribute tokens to zkSync Era users, ZK Quest participants, security researchers, moderators, GitHub developers, DEGEN airdrop recipients and BONSAI, Crypto The Game participant and Pudgy Penguin NFT holder, Milady Maker.

The second wave begins next week, on June 24, and will expand the airdrop to the original zkSync project as well as external contributors and guilds related to the protocol.

According to ZK Nation, while GitHub contributors can check eligibility using their username for the developer platform, they will need to link their username to a cryptocurrency wallet address before claim ZK tokens.

Listing of ZK tokens on Binance

Meanwhile, Binance has warned it is dealing with its own problems as it races to open trading for ZK.

“Our technology team is working on an urgent fix and will be restored before trading begins. Deposits will be credited when block height catches up,” the exchange wrote on X.

Binance later said the listing of ZK would be postponed until technological issues were resolved. But ZK is already trading on other exchanges and the price has dropped 23% to $0.245 since going live.

Source: Binance

The token's market capitalization currently stands at over $907 million, with a fully diluted value of approximately $5.18 billion. The maximum supply of the ZKsync token is 21 billion, with a current circulating supply of over 3.6 billion.

The company said the plan allows users to deposit ZK into their wallets “in preparation for trading.” Initially, the exchange will list trading pairs for ZK with Bitcoin (BTC), Tether (USDT), First Digital USD (FDUSD) and Turkish Lyra (TRY).

Binance explains in its blog post that TRY actually refers to fiat currency and not Try.Finance's TRY token.

The company will also give away up to 10.5 million ZK tokens to up to 52,000 users through the Binance ZK Token Distribution Program, aiming to address “ongoing concerns from the community regarding the distribution of ZK tokens.” .

Binance specifically gives away tokens to wallets that are not eligible to receive ZK tokens but have completed at least 50 transactions on zkSync Era L2—excluding self-transfers.

The ZK token airdrop program has faced criticism from the community for not putting in place enough measures to prevent the Sybil attack.



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