ZKsync Airdrop of ‘ZK’ Token Puts Initial Market Cap Near $900M

Last week, the ZKsync Association, which was recently established as a non-profit by Matter Labs, the development firm behind ZKsync, has been managing the airdrop claims. In an exciting turn of events, they announced that over 45% of the tokens were successfully claimed by users within just two hours.

“It’s a Monday, don’t you have work?” the ZK Nation X account wrote.

At the market opening, ZK token was priced at $0.31. Since then, it has experienced a decrease of approximately 21%, and is now being traded at $0.24 as per current market reports from CoinGecko. The market value of this cryptocurrency is estimated to be around $908 million, considering the circulating supply. However, if we take into account the total number of tokens that could potentially be distributed (roughly 3.7 billion), then the fully diluted market cap would amount to a significant $5.1 billion.

The tokens for ZK are now available on cryptocurrency platforms Binance, Bybit, and KuCoin. However, Binance previously announced a delay in listing this token due to technical difficulties encountered with their node.

The technical team at Binance is working diligently to resolve the issue as soon as possible. Trading should be back up and running before markets open, and deposited funds will be credited once the necessary blockchain height is reached.

Last week, the Matter Labs team revealed to CoinDesk their plans for distributing the ZKsync Association’s tokens.

Some users expressed dissatisfaction with the unorthodox design of the airdrop, prompting the team to recognize and address this feedback.

As an analyst, I’ve reviewed the distribution plan for the airdrop. Based on this plan, approximately 89% of the total tokens are set aside for ZKsync users who have carried out transactions on their blockchain and exceeded a specified threshold of activity. The remaining portion is allocated to various contributors within the ZKsync ecosystem: 5.8% goes towards native projects, 2.8% is designated for on-chain communities, and 2.4% is intended for builders.

Matter Labs announced that the allocation of ZK tokens for employees amounts to 16.1%, while investors receive 17.2%. These tokens will be kept in a locked state for a year before being released gradually over a three-year period.

The remaining token allotment will be divided: 29.3% will be assigned to ZKsync’s Token Assembly for implementing new governance functions, while the remaining 19.9% will be earmarked for Ecosystem Initiatives.