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Key points
ZKsync is a layer 2 solution for scaling Ethereum. It reduces transaction costs and processing time through zero-knowledge rollups (ZK-rollups) and zero-knowledge proofs (ZKP).
During the airdrop, the ZKsync team distributed 17.5% of the total ZK supply to users and active members of the ZKsync ecosystem.
Compared to optimistic rollups, ZKsync offers increased security and faster settlements thanks to ZKP technology.
Introduction
One of the key problems of blockchain is scalability, that is, the ability of networks to adapt to a growing number of simultaneous transactions. Typically, the more transactions added to the queue, the slower the network is and the more expensive the transactions are.
Zero knowledge solutions can cope with this problem. In this article we will look at one of them. Learn more about ZKsync: how it works, how it differs from optimistic rollups, and what its advantages are. We will also discuss the use and distribution of ZK tokens through airdrops.
What is ZKsync?
ZKsync is a layer two solution for scaling Ethereum. It reduces transaction costs and increases transaction speed by processing outside of the Ethereum main network. For this, rollups with zero knowledge are used (ZK-rollups). They combine multiple transactions and process them off-chain.
Think of Level 2 solutions as an extra lane added to a congested highway. With more space available for cars (transactions), there is less congestion on the main highway (Ethereum). In this case, the additional bandwidth came from off-chain transaction processing. ZKsync does this using ZK rollups.
How does ZKsync work?
1. Transaction aggregation
It all starts with the ZK rollup collecting and combining off-chain transactions into batches. ZKsync processes them together rather than individually to reduce the load on the Ethereum main network.
Imagine a post office that doesn't mail each letter separately, but groups letters together and then delivers them all at once. This process turns out to be more efficient.
2. Application of zero-knowledge proofs
ZKsync then creates zero-knowledge proofs (ZKP) to verify the batches. ZKPs confirm the validity of transactions in batches while maintaining data confidentiality.
ZKP allows you to prove that you know secret information without sharing it directly. For example, if Alice wants to prove that she knows the password to a secret club, she can answer questions that only someone familiar with the password would know. At the same time, Alice does not reveal the password itself.
3. Sending proof to Ethereum
Finally, the ZKPs are sent to the mainnet Ethereum where they are carefully verified. After this, the Ethereum network accepts confirmed ZKP, meaning transactions are officially recorded and confirmed on the blockchain.
ZK token
ZK tokens provide voting rights and allow you to participate in the governance of ZKsync. Voting rights can be activated during the delegation process. Let's look at how it works:
To vote using ZK tokens, you need to delegate them to the ZKsync address. It may belong to you or someone else.
The person who controls this address becomes a delegate who can vote on governance proposals.
Delegation does not change the owner of the token, but it does give the chosen address voting rights.
The token owner can change the delegation at any time. The delegation lasts until it is changed or the tokens are transferred.
Delegation cannot be split between multiple addresses. All voting rights stored in one wallet are delegated to one address.
The ZK token was listed on Binance with the Seed tag on June 17, 2024. Find out more in the official listing announcement.
Airdrop ZKsync
During the airdrop of ZK tokens, the project team distributed 17.5% of the total supply to qualified wallets. Airdrop tokens were divided between users and active participants.
Airdrop based on usage
To qualify for an airdrop as a user, you had to use the bridge to transfer funds to ZKsync Era and meet at least one of seven conditions:
Interact with at least 10 smart contracts on ZKsync that are not associated with tokens.
Use paymasters for at least 5 transactions in ZKsync Era. Paymasters are special accounts for covering transaction costs for other accounts. This can make certain transactions free for end users.
Trade at least 10 individual ERC-20 tokens on the decentralized exchanges (DEX) of ZKsync Era.
Provide any amount of liquidity to tracked DEXs and lending/lending protocols in ZKsync Era.
Hold at least one non-fungible token (NFT) of Libertas Omnibus during the snapshot.Ā
Actively use ZKsync Lite for more than 3 months before the launch of the ZKsync Era mainnet.
Donate Gitcoin via Rounds on ZKsync Lite.
ZKsync airdrop distribution
According to ZKsync, the allocations were based on a cost scaling formula that consisted of several steps:
1. First, the daily balance of cryptoassets stored at the address was determined. This took into account both the wallet balance and the cryptocurrency sent to decentralized finance protocols (DeFi).Ā Ā
2. Crypto assets in DeFi protocols were valued at 2 times their nominal value. For example, if you deposited $100 worth of cryptocurrency into the DeFi protocol, it would count as $200 in the formula.
3. Daily balances were summed and divided by the snapshot period (366 days) to calculate the time-weighted average balance.
Imagine that Alice sent $200 worth of crypto assets to ZKsync Era 30 days before the snapshot and immediately transferred 1/4 of that amount ($50) to the DeFi protocol. The remaining $150 was kept in her wallet until the photo was taken. Let's calculate its time-weighted average balance (TWAB):
TWAB = (($150 * 30 days) + ($50 * 2 * 30 days)) / 366 days = $20.50
Each address can receive additional multipliers based on specific actions that indicate genuine user behavior or contribution to ZKsync. These multipliers were added to the distributions. We list some actions for which multipliers could be added:
1. Hold at least one of the following ZKsync native NFT collections while snapping: Dudiez, Hue, Moody Mights, Webears, ZKPENGZ, zkSkulls, and zkVeggies.Ā Ā Ā Ā
2. Retain at least 50% of the ARB/OP/ENS airdrop for more than 90 days after receipt.
Airdrop based on contributionĀ
The ZK token airdrop also included distributions to various members of the ZKsync ecosystem. Let's look at the recipients of the airdrop based on the contribution:
1. ZKsync Native Projects: 215,250,000 ZK tokens have been allocated directly to the backers and treasuries of native projects in the ZKsync Era, including DeFi protocols, games, ZK networks, NFT collections, infrastructure and more.
2. Developers: 86,895,375 tokens distributed to individuals, developers, researchers, communities and companies who have contributed to the ZKsync ecosystem through development, guidance or education.
GitHub Developers: Developers who had at least 25 commits in their respective repositories by March 24, 2024.
Protocol Guild members: Ethereum researchers and developers.
ZK-quest participants: participants of the ZK-quest for developers at Istanbul Devconnect 2023 and/or ETH Denver 2024.
And many others.
3. On-chain communities. 102,375,000 tokens were allocated to a small group of experimental on-chain communities to explore ways to use tokens and NFTs. These communities include:
Recipients of the 1st season of the DEGEN token airdrop.
Recipients of the 1st season of BONSAI token airdrop.
Participants from seasons 1 and 2 of Crypto The Game (CTG) and the CTG team.
Pudgy Penguin and Milady Maker holders.Ā Ā Ā
How to get ZKsync airdrop?
Beware of fake sites and phishing attacks. Make sure you are using the official website or channel.Ā
To check eligibility and receive ZK tokens, follow these steps:
1. Go to the official airdrop website and check if you can participate. Enter your wallet address or GitHub username and click Check.
2. Click Connect wallet and follow the instructions to connect your cryptocurrency wallet.
3. Then you need to delegate the voting rights of your ZK tokens. It can be delegated to yourself or to any community member.
4. Finally, click Claim your tokens and follow the instructions. If an error occurs, click Claim your tokens again.
How to get ZKsync airdrop on Binance?
To receive ZK tokens on Binance, eligible users must deposit at least 0.02 ETH from a ZKsync Era network whitelisted address into their Binance account. Only deposits from addresses included in the white lists of active ZKsync users are taken into account.
Whitelisted address packages:
ZK tokens will be distributed on a first-come, first-served basis to eligible users. Each user can only claim ZK tokens once (i.e. one claim per Binance user ID). One user can receive no more than 200 ZK tokens. Even if a user deposits 0.02 ETH from multiple addresses to one Binance user ID, they can only claim the airdrop once, up to a maximum of 200 ZK tokens.
The first ZK airdrop on Binance will begin on June 25, 2024. Please review the official announcement for more details about the ZK Token Distribution Program.
Sybil attacks and community criticism
The ZKsync airdrop caused controversy among the cryptocurrency community due to concerns about execution and fairness.
The ZKsync airdrop has been criticized for lacking effective measures against Sybil attacks. Many users claimed that the access criteria could be easily tricked and multiple wallets created to obtain more tokens.
In response, the ZKsync developers explained that they deliberately decided not to use overly strict Sybil attack detection so as not to accidentally exclude many real users. To detect potential Sybil attacks, the project team implemented cost scaling and multipliers, but prioritized real users.
Some argued that ZK tokens were distributed unfairly. Critics said the maximum limit of 100,000 ZK tokens per address was too low as it unfairly reduced rewards for users who actively participated in the ZKsync ecosystem. Some claim that they have not received anything even though they met the criteria and have been using ZKsync for several years.
To address these issues, the ZKsync team has clarified its distribution strategy and emphasized that the focus is on rewarding active members. According to ZKsync, 89% of tokens were issued to users who actively interacted with ZKsync Era.
Comparison of ZKsync and optimistic rollups
Security Mechanism
Optimistic rollups assume that all transactions are valid. They use a method in which nodes are paid to verify transactions after they have been processed. If nodes detect any problems, they report them and transactions are corrected. The problem with this approach is that it relies on people who can easily make mistakes.
ZKsync provides transaction security using ZKP. This approach may be more accurate than optimistic rollups.
Calculation time
Optimistic rollups have a 7-day contest period. It is necessary because optimistic rollups initially assume that all transactions are valid. Transactions are only corrected if someone challenges their validity. Transactions are not completed until the end of this period, which slows down settlement times.
ZKsync verifies transactions using ZKP. Transactions are completed immediately after verification by nodes. With this approach, there is no need for a dispute period and settlements occur faster.
Benefits of ZKsync
Scalability
ZKsync improves the scalability of Ethereum by processing transactions outside the main Ethereum network using ZK rollups. They reduce transaction fees and speed up transaction times. As a result, ZKsync allows Ethereum to support more users and decentralized applications (DApp).
EVM Compatible
EVM compatibility means that developers who have already built DApps for the Ethereum Virtual Machine (EVM) can port them to ZKsync with minimal changes. This reduces barriers for projects and makes it easier to implement ZKsync solutions.Ā
Finally
ZKsync is a layer 2 scaling solution that can improve transaction speeds and reduce costs on the Ethereum network. To achieve this, ZKsync uses zero-knowledge rollups (ZK-rollups) and zero-knowledge proofs (ZKP). Compared to optimistic rollups, ZKsync offers increased security and faster settlements. And EVM compatibility allows developers to easily explore and implement scaling solutions.
Recommended reading
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