The ewly launched ZK token trades at a greater than $900M TVL after struggling a 20% drawdown.
ZkSync’s airdrop has ignited a flurry of exercise simply hours after going stay.
On June 17, ZkSync Period, a prime 10 Layer 2 community by whole worth locked (TVL), tweeted that its community was struggling degraded efficiency after launching claims for its long-awaited ZK token.
ZkSync mentioned a few of its RPC providers might expertise degraded efficiency on account of the community dealing with intense load as customers rushed to assert their tokens, including that groups are working to extend RPC capacities.
The challenge additionally famous that 45% of the tokens allotted to its airdrop had already been claimed inside two hours.
“Greater than 45% of the airdropped ZK token provide has been claimed by over 225,000 addresses in lower than 2 hours,” ZkSync’s ZK Nation Z account posted. “It is a Monday, do not you may have work?”
ZkSync’s airdrop was among the many most highly-anticipated token era occasions. Matter Labs, the crew behind ZkSync, grew to become the primary crew to ship a zk-EVM — a Layer 2 community leveraging zero-knowledge proofs and providing Ethereum Digital Machine (EVM)-compatibility — with the launch of ZkSync Period in March 2023.
The deployment got here simply sooner or later after Arbitrum, the highest L2 by TVL, launched its token, fanning the flames of airdrop hypothesis. Airdrop hunters have helped to propel Period to turn out to be a number one L2, with the community at present rating ninth by TVL with $776.4 million and ninth by throughput with 6.9 transactions per second (TPS) over the previous 24 hours.
Matter Labs additionally launched the ZkSync Lite Layer 2 community in June 2020, which focuses on offering quick and low-cost token transfers. Lite at present ranks twenty third amongst L2s by TVL $86 million, down from an all-time excessive of $177 million in April 2022, and thirty second by throughput with simply 0.25 TPS.
Regardless of ZkSync Lite’s prolonged tenure, solely Lite customers who additionally transferred belongings to ZkSync Period had been eligible for the ZK token drop.
In accordance with ZkSync’s airdrop FAQ web page, customers wanted to satisfy no less than one eligibility standards along with transferring belongings on the Period as a way to qualify for the drop. The standards embrace buying and selling no less than 10 completely different tokens on Period-based DEXes, interacting with no less than 10 non-token good contracts, holding no less than one Libertas Omnibus NFT, being lively on Lite for no less than three months previous to Period’s launch, and donating to no less than one Gitcoin funding spherical hosted in ZkSync Lite.
ZkSync introduced that it might airdrop 17.5% of the token’s provide to roughly 695,000 wallets final week. Wallets would obtain no less than 450 tokens and 100,000 at most. Wallets qualifying for much less than 450 tokens would see their allocation recycled again into the airdrop pool.
ZK is at present buying and selling at a $927 million market cap after sinking 20% since launch, in keeping with CoinGecko. Its capitalization additionally equates to a fully-diluted valuation of almost $5.3 billion.
