The ZKsync airdrop launched with significant fanfare, quickly seeing over 2.62 billion ZK tokens claimed, translating to approximately $630 million in value. Within the first ten hours, data from Dune Analytics revealed this remarkable uptake. Despite the enthusiasm, there remain 1.05 billion tokens, worth close to $253 million, waiting to be claimed.

• Over 2.62 billion ZK tokens claimed, worth around $630 million, in just ten hours since the airdrop campaign launched on June 17, 2024. 37% of top recipients sold their entire allocations, while 33.4% retained their full allocations.

• ZK token price dropped 27%, currently trading at 22.8 cents with a market cap of $868 million.

• 17.5% of the total ZK supply was allocated to the airdrop, making it one of the largest in history. However, high demand led to network delays and transaction congestion on ZKsync.

ZKsync is a Layer 2 scaling solution for Ethereum designed to improve scalability and reduce transaction costs. By leveraging zkRollup technology, ZKsync enables faster and cheaper transactions while maintaining the security of the Ethereum network. The ZK token is central to the ZKsync ecosystem, serving as a governance token and a means to incentivize community participation and development.

Read more: What Is ZKsync (ZK): Ethereum’s ZK-Rollup Scaling Solution? 

The ZKsync airdrop is a landmark event, distributing 17.5% of the total ZK token supply to early users and contributors. This distribution aims to reward the community and encourage further engagement with the ZKsync platform. The airdrop is part of a broader strategy to decentralize network governance and foster a robust and active user base.

Eligibility for the ZKsync airdrop is divided into two main categories:

1. Users (89%): Individuals who have actively transacted on ZKsync Era and Lite and meet specific activity thresholds.

2. Contributors (11%): Developers, researchers, and advocates who have significantly contributed to the ZKsync ecosystem through development, education, or other forms of participation.

To participate in the ZKsync airdrop, users and contributors needed to be active within the ZKsync ecosystem till March 24, 2024. This activity could include transacting on ZKsync Era, holding ZKsync-native tokens, or contributing to ZKsync-related projects and initiatives. Claiming ZK tokens is a straightforward process:

1. Visit the Claim Site: Go to claim.zknation.io.

2. Check Eligibility: Enter your ZKsync address to verify eligibility.

3. Connect Wallet: Connect your wallet to the interface. You can use MetaMask or other EVM-compatible crypto wallets. 

4. Accept Terms: Agree to the airdrop terms and conditions.

5. Delegate Votes: Delegate your votes to participate in ZKsync governance.

6. Claim Tokens: Approve the transaction and wait for the tokens to arrive in your wallet.

When to Claim Your ZK Airdrop Tokens: The airdrop campaign runs from June 17, 2024, until January 3, 2025. Eligible users have this entire period to claim their tokens. Contributors can begin claiming their tokens starting June 24, 2024.

The initial market response to the ZKsync airdrop was significant. Over 2.62 billion tokens were claimed quickly, demonstrating strong community interest. However, the token price experienced a 27% drop from its opening price of 30 cents, now trading at 22.8 cents. Despite this decline, the ZK token maintains a market cap of $868 million, indicating robust market interest and potential for future growth.

ZK/USDT price chart | Source: KuCoin

Analysis of the top 10,000 addresses that received the airdrop revealed diverse behaviors. About 37% sold their entire allocations, while 33.4% retained their full airdrop, reflecting varied levels of confidence and investment strategies among recipients. Significant holders like 0x663 and 0xb78, who collectively offloaded over 4.9 million tokens, exemplify the sell-off trend among some users.

The airdrop event was not without its challenges. High demand led to network congestion, causing delays for users attempting to claim their tokens. Some users reported waiting over 20 minutes to receive their allocations. Additionally, Binance faced issues with its node operator, resulting in suspended ZK withdrawals and delays in deposits. Despite these technical challenges, the airdrop is still considered a success, with a substantial number of tokens claimed and distributed.

The ZKsync airdrop marks a significant milestone in the crypto community, offering substantial rewards to early adopters and contributors. Despite some challenges, the event has successfully engaged the community and distributed a significant portion of the ZK token supply. As ZKsync continues to develop and expand its ecosystem, the airdrop serves as a foundation for future growth and community involvement.

1. How do I check if I'm eligible for the zkSync airdrop? 

You can check your eligibility by visiting the official ZKsync airdrop claim page and entering your zkSync address. The site will verify if you meet the criteria based on your activity within the zkSync ecosystem.

2. What issues have users faced during the zkSync airdrop? 

Users have reported network congestion and delays in claiming their tokens, with some transactions taking over 20 minutes to complete. Additionally, Binance faced node operator issues, resulting in suspended ZK withdrawals and delayed deposits.

3. What should I do if I face issues while claiming my ZK tokens? 

If you encounter issues, ensure you are following the correct steps outlined on the claim site. For persistent problems, you can reach out to zkSync’s support through their official channels for assistance.

4. Can I sell my ZK tokens immediately after claiming them? 

Yes, you can sell your ZK tokens after claiming them. However, it's recommended to consider the market conditions and potential benefits of holding or using the tokens within the zkSync ecosystem.

5. What are the benefits of holding ZK tokens? 

Holding ZK tokens allows you to participate in zkSync’s governance, potentially earn rewards from future airdrops, and support the growth of the zkSync ecosystem. Your involvement helps shape the future development of the platform.