ZKsync’s Billion-Dollar Airdrop: Are You One of the 695,232 Recipients?

TLDR

• ZKsync, an Ethereum layer-2 network, will airdrop 17.5% of its 21 billion ZK token supply to 695,232 eligible wallets next week.
• Eligibility and allocations were based on a snapshot of activity on ZKsync Era and ZKsync Lite taken on March 24, 2024.
• The airdrop is designed to prioritize the community, with 67.5% of tokens allocated to ecosystem initiatives and the airdrop.
• Matter Labs team and investors will receive 16.1% and 17.2% of the token supply respectively, with a 4-year vesting period.
• The ZK token is currently valued at $0.66 on pre-market exchanges, potentially valuing the airdrop at over $2.5 billion.

ZKsync, a prominent Ethereum layer-2 scaling solution, is set to distribute 3.675 billion of its native ZK tokens to early users and adopters next week.

The one-time airdrop, which accounts for 17.5% of the total 21 billion token supply, aims to reward the ZKsync community for their participation and support.

Eligibility for the airdrop was determined by a snapshot of user activity on ZKsync Era and ZKsync Lite, taken on March 24, 2024.

To qualify, users needed to meet specific criteria, such as interacting with a minimum of 10 smart contracts, depositing liquidity into DeFi protocols, or trading a variety of ERC-20 tokens. The ZKsync team has identified 695,232 wallets that meet these requirements and will be part of the airdrop.

The ZKsync Association has allocated the majority of the token supply (67.5%) to the community and ecosystem initiatives, demonstrating their commitment to decentralization and community governance.

The remaining tokens will be distributed to the Matter Labs team (16.1%) and investors (17.2%), with a 4-year vesting period to ensure long-term alignment with the project’s goals.

According to Alex Gluchowski, founder and CEO of Matter Labs, the airdrop has been designed to prioritize “real people” and limit the influence of “whales.” The maximum allocation per wallet will be capped at 100,000 ZK tokens, ensuring a more equitable distribution among participants.

Pre-market valuations on exchanges like Aevo and PancakeSwap have priced the ZK token at around $0.66, potentially putting the total value of the airdrop at over $2.5 billion. This valuation is particularly significant, as it represents nearly three times ZKsync Era’s current total value locked (TVL) of $815 million.

The ZKsync airdrop comes amidst a wave of similar events in the Ethereum layer-2 ecosystem, with projects like StarkNet and EigenLayer also recently distributing tokens to their users.

However, some of these airdrops have faced criticism for their allocation methods and regional restrictions. ZKsync has aimed to address these concerns by prioritizing fairness and inclusivity in its approach.

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