ZkSync’s Airdrop Drama
On June 11, ZK Nation the upcoming launch and airdrop of zkSync’s token. Over 3.6 billion ZK tokens could be claimed by 695,000 eligible addresses on Monday.Similarly, various top-ranking projects built on zkSync announced they were forming a coalition after not being included in the airdrop. Element and zkApes revealed that they are not getting any tokens despite generating up to $20 million in gas fees for the network.
The backlash intensified when users expressed concerns about the lack of anti-Synil filtering. The project stated in the airdrop announcement their decision not to use anti-Sybil criteria. ZkSync’s team explained it was considered an “incomplete approach.”Per the post, the team chose an “alternative path” to benefit organic users. As explained, an aggressive Sybil filtering would eliminate “naive Sybils” while mistakenly flagging real users. Additionally, the filtering would miss most bots and professional Sybil accounts.
Binance Offers New Token Distribution
On Sunday, Binance announced it would list ZK on June 17. The exchange also revealed it would offer a ZK token distribution program “in light of the ongoing concerns.” According to the , Binance will distribute 10.5 million ZK tokens to up to 52,000 users who meet the criteria. The requirements include users who initiated at least 50 transactions on ZkSync Era between February 2023 and March 2024 and conducted transactions in seven distinctive months. Additionally, the claim address must not been eligible for the ZK Nation airdrop.The ZK token started trading for $0.3 and reached the $0.32 mark, according to CoinGecko data. In the following hours, the price has retraced to the $0.24 price range, a 21% drop from its launch price. However, the token’s market capitalization sits at $900 billion and its fully diluted value (FDV) is at $5.1 billion.
The initial performance has received mixed reactions from the community. Some users highlighted how customer dissatisfaction could be partially responsible for the price drop. “Projects often forget that customer satisfaction is crucial for their product or innovation to succeed,” one X user.Ultimately, many users remain unfazed by the price drop due to the general market performance and the airdrop receivers selling their tokens. Customers seemingly ZK to be undervalued and an “excellent opportunity in the long term.”