By
Mayowa Adebajo
June 27th, 2024
There are two main groups eligible to receive the ZK token: users who engaged in transactions on ZKsync and met specific activity requirements, and users who contributed to the ecosystem through development, advocacy, or education efforts.
zkSync has announced a major airdrop for next week, with 695,232 wallets eligible to receive the new ZK token. This significant event is part of zkSync’s strategy to decentralize governance and empower its community. The airdrop will start next week and is set to run until January 3 next year.
Empowering zkSync’s Community with ZK Tokens
The ZK token will enable holders to vote on protocol upgrades and cover network fees, marking a huge stride towards decentralization.
In a blog post published on ZK Nation, zkSync broke down the details of their token distribution. About 67% of the total supply is allocated to the community. 17.5% will be distributed through a one-time airdrop. The remainder will be distributed over time to support various ecosystem initiatives.
The allocation strategy includes 17.2% for investors and 16.1% for the Matter Labs team. This allocation will be vested for one year and gradually unlocked over the next three years.
zkSync’s Airdrop Eligibility Criteria
zkSync has outlined specific eligibility criteria to determine users who qualify for the airdrop. Wallets must have interacted with the zkSync Era or zkSync Lite networks before the March 24 snapshot date to be considered eligible.
There are two main groups eligible to receive the ZK token: users who engaged in transactions on ZKsync and met specific activity requirements, and users who contributed to the ecosystem through development, advocacy, or education efforts.
The airdrop will also incorporate multipliers linked to actions that indicate genuine human interaction. These activities include owning zkSync-native NFTs and ERC20 tokens, utilizing smart contract wallets, and engaging in past airdrops within Ethereum communities.
To ensure fairness, each address is limited to a maximum allocation of 100,000 ZK tokens, while the minimum allocation is set at 450 ZK tokens. This method aims to prevent large allocations to few users while fairly rewarding active community members.
The community allocation will not be vested, meaning users will be able to trade their tokens as soon as ZK is listed for trading. At the time of writing, ZK is trading at around $0.35 on pre-market perpetual exchange Aevo. Analysts estimate a potential market capitalization of over $10 billion.
ZK Airdrop More than Symbolic
Most recent protocol airdrops have faced backlash from the community for their distribution strategy. zkSync aims to take a different approach. The Ethereum Layer 2 has allocated more tokens to the community than to the Matter Labs team and investors, signifying a meaningful step towards community empowerment.
Many cryptocurrency enthusiasts on social media platforms like Twitter have applauded this move, despite many users missing out on the airdrop. As the eagerly anticipated “Mother of All Airdrops” draws near, community members are buzzing with excitement and anticipation.