Zksync airdrop rules trigger "inhuman" abuse and boycott
Major exchanges have listed Zksync tokens $ZK
$ZK Market Forecast
Zksync is a Layer 2 expansion solution based on ZK-Rollup technology, designed to improve the scalability and transaction speed of the Ethereum network. By packaging a large number of transactions into a single transaction and processing it off-chain, Zksync can significantly reduce transaction fees and increase processing speed. Its core technology ZK-Rollup ensures the integrity and security of transactions through zero-knowledge proof (ZKP) without trusting any third party. It has always attracted attention due to its advantages such as high throughput, low transaction fees, and security.
However, the recent airdrop incident has pushed it to the forefront. The dissatisfaction of the community, the joint boycott of major Vs, and the continuous defense of the Zksync team have made this incident a hot topic in the cryptocurrency field, and also made Zksync a veritable "black fried chicken" in the current circle.
Zksync airdrop rules trigger "inhuman" abuse
Zksync originally planned to give back to its early supporters and attract new users through a large-scale airdrop event. (For details, please refer to: 3.6 billion ZKsync TOKEN airdrop started (with details included)!) However, this plan has caused huge controversy in an unexpected way. There are many questionable aspects in the design and execution of the airdrop event.
First, the unfair distribution of airdrops has severely hit the confidence of the community. Many early supporters received far fewer tokens than expected in this airdrop. Netizens exclaimed that they had spent days and nights consuming GAS, but in the end they were told that they were not eligible, while some users who did not make any substantial contributions to the project received large airdrops. This distribution method has caused strong dissatisfaction in the community. Many people believe that the Zksync team has not fulfilled their promises, and even suspect that there is a black box operation.
Secondly, transparency issues during the airdrop process also exacerbated community distrust. The Zksync team lacked openness and transparency in the airdrop rules and distribution criteria, and many users were confused and disappointed with the final result. Community members expressed their dissatisfaction with the Zksync team on social media and demanded an open and transparent explanation.
In addition, technical problems occurred during the airdrop process. Many users encountered various obstacles when receiving tokens, including delayed token issuance, smart contract vulnerabilities, etc. As well as the ecological project RUG, this not only exposed the shortcomings of the Zksync technical team, but also cast doubt on its future technical reliability.
A series of airdrop controversies have caused strong dissatisfaction in the community, and many community members have expressed their anger and disappointment on social media. Some people bluntly criticized the Zksync team for being "unhuman", believing that they turned a deaf ear to the interests of community supporters during the airdrop process.
Some big names in the cryptocurrency field have also joined the boycott. They publicly questioned Zksync's airdrop policy on platforms such as Twitter and called on other users to boycott Zksync tokens. The influence of these big names cannot be underestimated, and their voices spread quickly, triggering wider discussion and attention.
Faced with the strong reaction from the community and the joint boycott by big Vs, the Zksync team did not choose to back down, but instead continued to defend. The team spokesperson repeatedly explained the design intention and actual implementation of the airdrop in public, trying to calm the community's dissatisfaction. However, these defenses failed to completely eliminate the community's doubts, but instead intensified the confrontation between the two sides to some extent.
The Zksync team said that the original intention of the airdrop design was to fairly distribute tokens, attract more new users, and give back to early supporters. They admitted that there were indeed some problems in the actual operation process and promised to make adjustments and improvements. However, many community members believe that these explanations are not enough to compensate for their losses and cannot restore their trust in the Zksync team.
Major exchanges have listed Zksync tokens $ZK
Despite the community's complaints about Zksync, major exchanges launched it on June 17th $ZK
The most outrageous operation belongs to Brother Sun. Brother Sun tweeted "I heard that ZK is not a human being, we should boycott it", and then he launched it on HTX and Pai on the launch day. Even when Biance postponed the launch twice, Brother Sun opened the trading on time at 16:00 (UTC+8) on the 17th, and both the traffic and the handling fee were not reduced! As expected, you can only say that Brother Sun is "bad", but you can't say that Brother Sun is not good. Brother Sun is definitely not ambiguous about making money.
The actions of various exchanges are obviously based on the huge traffic and potential profits behind it. In the face of profits, the exchanges vote with their feet and choose to go with traffic and fees. It is worth noting that OKX has not yet launched $ZK.
Retail investors and the community were ultimately defeated by the “inhuman” Zksync.
Yes, $ZK is online. However, taking Binance as an example, it first released the listing announcement and $ZK distribution (airdrop) plan at 10:00 am on June 17 (UTC+8), and finally postponed the launch at 16:00 to 18:00.
The Binance ZK token distribution plan is as follows
Planned date: 10:00 on June 17, 2024 to 07:59 on July 17, 2024 (GMT+8)
In light of community concerns regarding the ZK token airdrop distribution, Binance will distribute 10,500,000 ZK tokens to up to 52,500 Binance users who meet all of the following criteria:
How to claim ZK tokens from Binance
Eligible users must deposit at least 0.02 ETH from a whitelisted address on the ZKSync ERA network to Binance.com; (Please note: the amount of ETH a user deposits does not affect the number of ZK tokens distributed)
Only ETH deposited directly from the following ZKsync active user whitelist will be considered valid. Binance will also use these addresses as a reference for distribution: https://www.binance.com/zh-CN/support/announcement
Binance will use the ZKsync active user whitelist as a reference for distribution. ZK tokens will be distributed on a first-come, first-served basis to users who meet all of the above conditions;
Binance will distribute 200 ZK tokens to each Binance User ID (UID), and each UID can only claim ZK tokens once from its main account.
As soon as this announcement came out, some netizens exclaimed; "Issuing airdrops through exchanges is currently the most perfect anti-Witch solution. It has set a precedent, and future projects can refer to this standard. 200ZK per address, and swiping 1,000 addresses, even if they meet the conditions, still requires finding 1,000 KYCs, which is not easy."
Next is Binance’s two postponements
The two postponements attracted suspicion and abuse from many netizens, and the mood of the community was once again pushed up:
Netizen 1: The zk network is too congested and transfers have failed. I guess this is the reason for the postponement of the listing.
Netizen 2: ZK is congested, TX swallowed the money, and there is no place to complain
Netizen 3: Zeroing is a respect for blockchain, not zeroing is a shame for blockchain. Go to hell fucking zksync
Netizen 4: The coins from the insider trading haven't arrived yet, wait for the leader to let him run first
Netizen 5: If zk doesn't die, everyone here is responsible. I will just run away and never take over.
Netizen 6: I am dying of laughter. If you can’t get in, then don’t get in first. What’s your skill level? You don’t even understand how to use an airdrop.
At this point, the "unruly" $ZK started trading, but the results were not impressive. I don't know whether it was yesterday's market that brought down $ZK, or $ZK that harmed the market. Its opening price was 0.095$, and the highest price was 0.2950$, with the highest increase of only 310%. Such performance of Binance's new coin listing is really regrettable.
As of press time, according to CMC data, $ZK is currently priced at around $0.2, with a circulation of 3.67 billion and a fully diluted market value of $4.25 billion.
$ZK Market Forecast
$ZK is online, and the farce of Zksync has come to a temporary end. It has to be said that a good hand of cards was played badly. Although Zksync has been controversial, there are still many people paying attention to it in the secondary market, and even many angry netizens said that they would short it to the end. The editor hereby reminds everyone to pay attention to market risks and protect personal assets! Based on the comprehensive situation of Zksync tokens, the editor has compiled some information for your reference in the future market.
Short-term forecast
In the short term, the price of ZK tokens may continue to fluctuate. As more exchanges are listed and market heat increases, the price may climb again. However, considering the airdrop storm and community dissatisfaction, selling pressure still exists and the price may also fall sharply.
Medium-term forecast
In the medium term, the price trend of ZK tokens will depend on whether the Zksync team can effectively solve the current problems. If the team can improve transparency, allocate resources fairly, and improve technology, the price is expected to rise steadily. On the contrary, if the controversy continues to ferment, the price may remain at a lower level or even fall further.
Long-term forecast
In the long term, Zksync’s technical potential and market demand will be key factors in determining its price. If Zksync can make a major breakthrough in the field of Layer 2 expansion and gain support from more users and developers, its token price is expected to achieve significant growth. On the contrary, if technological development stagnates or market competition intensifies, the price may gradually be surpassed by other projects.
Reference Model
Comparison with competitors. Currently, the main L2s include:
$ARB $2.5 billion MC $8.6 billion FDV (29% circulation) $OP $2.1 billion MC $8.8b FDV (24% circulation) $STRK $1.1 billion MC $8.6 billion FDV (12.7% circulation)
Bull market hypothesis
1. Achieving a similar MC historical high level seen in the main L2, which may occur at the peak of the bull market,
2.FDV is about 20 billion USD. MC range is 3-5 billion USD. Price will be between 0.8$ - 1.4$.
3. Private investors lock up for 1 year and get 16 times return, and unlock in 4 years
Current comparison hypothesis
1. Achieve FDV similar to existing L2
2. Possible scenario FDV range under current market conditions is approximately $8.5 billion to $8.8 billion.
3. Price: around $0.4
4. 6.8x return for private investors
4. Bear Market Hypothesis
1. Reach 2-3x FDV, $2.5 billion to $3.75 billion (likely protected by market makers)
2.0.11-0.17 USD, do not sell your airdrop below this level
5. Personal thoughts: I don’t think ZK L2s will be the protagonist of the 2024 bull market, and I will sell my ZK within the basic range. The reference model is partly from blogger X @defi_mochi
Conclusion
The launch process of Zksync was full of controversy and twists and turns. The strong opposition from the community and the joint boycott of big Vs failed to stop its progress. Major exchanges have launched ZK tokens one after another, and the power of capital is fully demonstrated in this game. For ordinary investors, facing the complex situation of the market, raising vigilance and rational investment is the best way to protect themselves.
Promise me, as a leek, you must protect yourself🫂
The article is for sharing and communication only and does not constitute investment advice.
What do you think of Zksync's operation and performance? What do you think of the future of $ZK? Welcome to discuss in the comment section 🎙️
#币安上线ZK #ZKsync空投争议 #zkSync #3friends #币安新币
