Get Ready for the Biggest Token Drop Yet
Layer 2 Network ZKSync is gearing up for a monumental airdrop that promises to shake the crypto world.
According to Matter Labs, the development firm behind ZKSync, 17.5% of ZKSync`s 21 billion total token supply will be airdropped to users beginning “next week.”
Furthermore, this distribution will make it the largest token airdrop among major layer-2 networks.
The Promises of A Momentous Airdrop
ZKSync, known for its fast and cost-effective Ethereum transactions, plans to distribute nearly 3.7 billion tokens to its users.
Pre-market prices from Aevo, a crypto perpetuals exchange, value ZK at $0.66 per token, placing the airdrop’s fully diluted value (FDV) above $2.5 billion.
Also, the amount is nearly triple ZKSync Era’s current total value locked (TVL) of $815 million.
Distribution Criteria
According to the plan, 89% of the airdrop will be distributed among ZKSync`s users who reach certain activity thresholds while using the network:
10 smart-contract interactions,
10 ERC-20 token trades, or the depositing of some liquidity into a DeFi protocol.
The remaining 11% will be allocated to contributors in its ecosystem native projects, on-chain communities, and builders.
In the same way, this method of distribution will ensure fairness among its ecosystem, community and contributors
Fix for Whale Devouring
In a bid to forestall potential whale viewers from hogging the airdrop, Matter Labs, the project behind the initiative, has put a hard cap of 100,000 on the number of ZK tokens any user can redeem.
On this premise, the team behind the project emphasizes that such a limit will benefit those users who are involved in the growth of the ZKSync ecosystem in other ways.
The Debate and Resolution
The airdrop news comes amid an ongoing controversy about Matter Labs’ plan to trademark the term “ZK.” Creating a controversy within the crypto community, in addition after the situation blew up, Matter Labs withdrew its trademark application.
CEO Alex Gluchowski said its goal was to protect people from similarly named projects, but that it`s goal is not to be manipulative.
Air Drop Comparison with Others
This airdrop is a continuation of other large airdrops like StarkNet and EigenLayer, which were previously controversial regarding allocation and area accessibility for airdrops.
Gluchowski said this time around, the airdrop for ZKSync is made with community interest in mind, at the same time being compliant with international regulations.
Looking Ahead
Matter Labs further announced that 16.1% of ZK tokens will be allocated to employees, with 17.2% to investors.
These ZK tokens will be durably locked for one year and then gradationally unlocked over three years. All other tokens will be for ZKSync’s new “Token Assembly” and also support multiple initiatives in the ecosystem.
As we gear up for this big event in the crypto space, world-class airdrops are expected to be a big buzz. We will not only see action happening with ZKSync but a new standard in the industry for sure.
