ZKsync Airdrop of 'ZK' Token Places Initial Market Cap Near $900 Million
Layer 2 blockchain ZKsync has begun its long-awaited airdrop of its ZK token, with 45% of the tokens already claimed.
The ZKsync Association, a nonprofit created and launched last week by the development firm behind ZKsync, Matter Labs, is handling the airdrop claims. The team tweeted that users claimed 45% of the tokens in less than two hours.
The ZK token opened at $0.31 and is down approximately 26% since then, trading at $0.23, according to CoinGecko. The market capitalization amounts to around $843 million, based on circulating supply, with around 4.873 million tokens eligible for distribution. On a fully diluted basis, the market capitalization would be $4,819 million.
Cryptocurrency exchanges Binance, Bybit, and KuCoin have currently listed the ZK token, even though Binance had previously announced that it would postpone listing on its platform after experiencing technical issues with its node.
“Our technical team is urgently fixing it and we will recover it before operations begin. Deposits will be credited once the block height is reached,” Binance wrote on X.
