ZK token started trading at $0.25
The native token of L2 network ZKsync (ZK) has flooded a number of major crypto exchanges including Binance, Bybit and Gate.io and KuCoin. At the time of writing, the coin is trading at around $0.25.
According to CoinGecko, ZK's market capitalization has surpassed $910 million with an FDV of about $5.2 billion.
About six hours after the launch, the coin's trading volume reached $470 million.
The total issue of the project will amount to 21 billion ZK, but so far only 3.675 billion coins are in circulation. Most of it was distributed during airdrop for the community, which allocated 17.5% of the tokens.
The rest of ZK will be unlocked over time through the ZKsync Foundation's ecosystem initiatives and through the ZK Nation governance model. Investors will receive 17.2% and the Matter Labs development team will receive 16.1%.
The ZK Airdrop drew mostly negative reactions from online participants, as only 13% of wallets were allowed to participate in the giveaway. At the same time, the majority turned out to be "sybils".
Traditionally, the distribution of coins was accompanied by an invasion of scammers. According to Blockaid analysts, the number of malicious decentralized applications increased "five times" after the launch of the airdrop checker.
Typically, criminals created fake accounts on X and spread phishing or other scamware in comments under official posts by the ZKsync team.
