Members of the ZKsync community will start receiving their 3.675 billion ZK tokens next week, according to the ZKsync Association.
Tuesday marked the beginning of the airdrop, which will continue until January 3, 2025. It accounts for 17.5% of the entire supply of ZK tokens, which is 21 billion tokens. On June 24th, contributors will be able to get their tokens.
The ZKsync protocol allows token holders to participate in governance by voting on protocol changes and paying network fees with their claimed ZK tokens.
According to L2Beat, ZKsync has over $750 million worth of assets on the network, making it the third-largest zero-knowledge proof-based solution for scaling Ethereum Layer 2.
In a blog post, ZKsync announced that different ecosystem efforts would get 49.1% of the total token supply. In addition, 16.1% will go to Matter Labs, the firm producing ZKsync, and 17.2% would be allocated for investors. There will be a one-year lock on these team tokens, and they will open one by one between June 2025 and June 2028.
“This choice to provide additional tokens in the airdrop to the community goes beyond just being symbolic,” the press release said. With the upcoming introduction of the ZKsync governance system, the community will own the biggest amount of liquid tokens, allowing them to oversee protocol governance updates.
According to the data collected on ZKsync Era and ZKsync Lite as of March 24, 2024, a grand total of 695,232 wallets are qualified for the airdrop. Users will make up 89% of the distribution, while donors will account for 11%. At this time, ZKsync has set a limit of 100,000 tokens per address.
When deciding how to allocate tokens, ZKsync uses a points system. Smart contract interaction, DeFi protocol liquidity provision, and ERC-20 token trading were among the actions that earned points.
Contributions to Gitcoin rounds and other ZKsync Lite activities also awarded points. To keep each wallet’s allotment at least 917 ZK, we will return those that contain less than 450 ZK tokens to the pool.
At its height in March, ZKsync’s total value locked (TVL) was $930 million. L2 beat reports, however, that the TVL has dropped to $750 million.
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