ZkSync (ZK) Drops 20% Amid Binance Listing And New Token Distribution Program 🚨
ZkSync, the Ethereum Zero-Knowledge Layer-2 scaling solution, has been in the spotlight for its new token. Last week, the project’s announcement of its ZK token airdrop was met with backlash from investors and the crypto community. 🚀
ZkSync’s Airdrop Drama 😲
1️⃣ June 11: ZK Nation announced the upcoming launch and airdrop of zkSync’s token. Over 3.6 billion ZK tokens could be claimed by 695,000 eligible addresses.
2️⃣ Backlash: Many long-term users were unhappy with the token allocation. Some received fewer tokens than expected, while others were ineligible despite meeting the criteria.
3️⃣ Project Exclusion: Top-ranking projects like Element and zkApes formed a coalition after not being included in the airdrop despite significant contributions to the network.
4️⃣ Sybil Concerns: Users worried about the lack of anti-Sybil filtering. Reports suggest 80 million ZK tokens went to 47,000 Sybil addresses.
Binance’s New Token Distribution 🌟
1️⃣ June 17: Binance announced it would list ZK and offer a new token distribution program to address user concerns.
2️⃣ Distribution Program: Binance will distribute 10.5 million ZK tokens to up to 52,000 users who meet specific criteria, such as initiating at least 50 transactions on ZkSync Era between February 2023 and March 2024.
ZK Token Performance 📉
Initial Price: The ZK token started trading at $0.3 and briefly reached $0.32.
Current Price: It retraced to $0.24, a 21% drop from its launch price.
Market Cap: $900 million with a fully diluted value (FDV) of $5.1 billion.
Some users think customer dissatisfaction contributed to the price drop. However, many remain optimistic, seeing ZK as an undervalued opportunity in the long term. 💪
Stay tuned for more crypto insights! 👍
Disclaimer: This is not financial advice. Always do your own research before investing.
