zkSync, a leading Ethereum Layer 2 scaling solution by Matter Labs, has announced a groundbreaking initiative set to take place next week—an airdrop of ZK tokens totaling nearly 3.68 billion. This move comes amidst a wave of positive developments in the crypto space in 2024.
The distribution plan for the airdrop reveals that 89% of the ZK tokens will be distributed to zkSync users who have met specific activity criteria, while the remaining 11% will go to contributors such as native projects, on-chain communities, and builders.
In conjunction with the airdrop announcement, zkSync has introduced “ZK Nation,” a new governance framework designed to empower the community in driving the development of the protocol. This framework comprises the Token Assembly, the Security Council, and the Guardians, aimed at overseeing governance, security, and overall protocol growth.
Market valuations from Aevo and PancakeSwap suggest that the ZK token is currently valued between $0.66 and $0.71, with a projected market cap of around $14.91 billion and a fully diluted value exceeding $2.5 billion. This valuation significantly surpasses zkSync Era’s current total value locked (TVL) of $815 million.
Furthermore, zkSync recently implemented its latest software upgrade, v24, on the mainnet on June 7. This upgrade is intended to bolster the security and functionality of the Ethereum Layer 2 scaling solution, marking a crucial milestone for the protocol.
With these developments, zkSync is attracting considerable attention in the market and positioning itself as a key player in the Ethereum scaling and privacy landscape.