.jpg)
ZkSync, the Ethereum Zero-Knowledge Layer-2 scaling solution, has been in the spotlight for its new token. Last week, the project’s announcement of dropping the ZK token was met with backlash from investors and the cryptocurrency community.
Related reading
Following the backlash, cryptocurrency exchange Binance announced it would list ZK and offered a new distribution program to address users’ concerns. Since its launch, the price of ZK has fallen by more than 20%.
ZkSync’s Airdrop drama
On June 11, ZK Nation Announce Upcoming launch and airdrop of zkSync code. More than 3.6 billion ZK tokens could be claimed through 695,000 eligible addresses on Monday.
However, the distribution left many long-term users dissatisfied with the token allocation they received. Many investors expressed disappointment after receiving a lower allocation from users with lower volume or transactions. Other customers shared that they did not qualify for an airdrop despite meeting the criteria.
Likewise, various high-profile projects building zkSync announced that they are forming a coalition after not being included in the airdrop. Element and zkApes revealed that they did not receive any tokens despite generating up to $20 million in gas fees for the network.
The backlash intensified when users expressed concerns about Synil’s lack of anti-filtering. The project stated in the airdrop announcement their decision not to use anti-Sybil standards. The ZkSync team explained that it is considered an “incomplete approach.”
Online reports Claim That 80 million ZK tokens will be distributed to 47,000 Sybil addresses.
Over the weekend, ZK Nation addressed the criticism and user concerns. the team He replied Some of the most frequently asked questions, including excluding zkSync-based projects, user eligibility, and Sybil detection.
According to the post, the team chose an “alternative path” to benefit organic users. As shown, strong Sybil filtering would eliminate “naive Sybils” while mistakenly indicating that they are real Users. In addition, the liquidation process will lose most bots and professional Sybil accounts.
As a result, Sybil’s airdrop detection has been configured to “reduce the false positive rate.” The team explained that “a greater number of Sybil accounts passing through the filter” was a “conscious trade-off.”
Binance introduces a new token distribution
Binance announced on Sunday that it will list ZK on June 17. The exchange also revealed that it will introduce a ZK token distribution program “in light of ongoing concerns.”
According to the mailBinance 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 made transactions in seven distinct months. Additionally, the claim address must not be eligible for ZK Nation airdrop.
The ZK token started trading at $0.3 and reached the $0.32 mark, according to CoinGecko data. In the following hours, the price rebounded to the $0.24 price range, by 21%. He falls From its launch price. However, the currency has a market capitalization of $900 billion and its fully diluted value (FDV) of $5.1 billion.
The initial performance received mixed feedback from the community. Some users highlighted how customer dissatisfaction could be partly responsible for lower prices. “Enterprises often forget that customer satisfaction is critical to the success of their products or innovations,” He said One X user.
Related reading
In the end, many users are still unfazed by the price drop due to the overall market performance and airdrop receivers selling their tokens. Customers it seems It is considered ZK is undervalued and an “excellent long-term opportunity.”
Featured image from Unsplash.com, chart from TradingView.com
