Matter Labs, the development team behind the ZKsync Era layer-2 network, has unveiled the details of its highly anticipated ZK token airdrop. The airdrop claim is expected to begin on June 17th at 07:00 UTC.,  which will distribute 17.5% of the total 21 billion ZK tokens to eligible participants, making it the largest airdrop in the layer-2 history.  

 

• Matter Labs is set to distribute 17.5% of the total 21 billion ZK tokens, making it one of the largest airdrops in the cryptocurrency space.

• Over 695,000 wallets that have interacted with the ZKsync network are eligible to receive tokens, rewarding active participation and early adoption.

• With pre-market prices valuing ZK at $0.66, the estimated total value of the airdrop exceeds $2.5 billion, showcasing the significant financial impact of this distribution.

• To ensure fairness, each eligible wallet is capped at a maximum of 100,000 tokens, preventing large-scale investors, or "whales," from dominating the airdrop.

• The majority of the airdropped tokens will go to active users and contributors within the ZKsync ecosystem, emphasizing the importance of community engagement and support.

ZKsync Era is an Ethereum layer-2 network that uses zero-knowledge (ZK) cryptography to achieve scalability and security. By performing computations off-chain and only recording proofs on-chain, ZKsync ensures high throughput and low fees while maintaining the security of the Ethereum mainnet.

 

Read more: What Is ZKsync (ZK): Ethereum's ZK-Rollup Layer-2 Scaling Solution?

 

ZKsync TVL | Source: L2Beat 

 

ZKsync is the eighth largest Ethereum layer-2 network with a total value locked (TVL) of over $757 million. The ZK token has several utilities within the ZKsync ecosystem:

 

• Transaction Fees: Users can pay transaction fees on the ZKsync network using ZK tokens.

• Staking and Rewards: ZK tokens can be staked to earn rewards and participate in the network's security.

• Governance: Token holders can participate in governance decisions, including protocol upgrades and other key decisions.

As a popular Layer-2 network platform, zkSync has joined the KuCoin pre-market, providing users with early access to trade and invest in this Ethereum scaling solution.

 

The airdrop claim is expected to begin on June 17th, according to the Matter Labs. This airdrop is poised to be the largest distribution of tokens to users among major layer-2 networks. Approximately 3.7 billion ZK tokens will be distributed to users.

 

Pre-market prices from the Aevo exchange value ZK at $0.66, placing the airdrop's fully diluted value (FDV) above $2.5 billion. This valuation is nearly three times ZKsync Era's current TVL of $757 million.

 

ZK Airdrop Distribution Breakdown

    Source: https://blog.zknation.io/zk-token/

Under the distribution plan, 89% of the airdrop will go to ZKsync users, while 11% will go to ecosystem contributors. This includes:

 

• ZKsync Native Projects: 5.8%

• On-chain Communities: 2.8%

• Builders: 2.4%

Matter Labs has also implemented a cap, limiting any single address to a maximum of 100,000 tokens. This ensures fair distribution and rewards community members who actively contribute to ZKsync.

 

To claim your ZK tokens, follow these steps:

 

1. Visit the ZKsync Airdrop Page: Connect your wallet or submit your GitHub username to check eligibility.

2. Check Eligibility: Eligibility is based on a snapshot of activity taken on March 24, 2024.

3. Claim Tokens: If eligible, claim your tokens starting next week until January 3, 2025.

4. Earn Additional Tokens: Users who contribute further can earn more tokens.

 

Fairness and Community Focus

A 17.5% airdrop to 695,232 wallets is the largest among major rollups, even more than allocations to the Matter Labs team (16.1%) and investors (17.2%). These tokens are fully liquid from day one. This ensures that the community holds the largest supply of tokens, allowing them significant influence in the upcoming ZKsync governance system to direct protocol upgrades.

 

Matter Labs emphasizes fairness in its distribution strategy. By capping the amount any given address can receive, the airdrop fairly rewards community members and avoids "whale" dominance.

 

Governance and Ecosystem Initiatives

The remaining supply will be allocated as follows:

 

• Token Assembly: 29.3% for governance.

• Ecosystem Initiatives: 19.9% for supporting ecosystem growth.

This strategic allocation aims to empower the community and ensure a decentralized governance model.

 

The airdrop announcement comes amid controversy. Matter Labs faced backlash for attempting to trademark the term "ZK." After criticism, they withdrew their application.

 

Matter Labs CEO, Alex Gluchowski, defended their actions, citing the need to protect users from similarly named projects. Despite the controversy, Matter Labs listened to the community and withdrew their trademark application.

 

ZK Airdrop Politics

This airdrop follows a series of other notable airdrops, such as those by StarkNet and EigenLayer. Some users expressed disappointment over their token allocations. Matter Labs has taken steps to ensure a fair and thoughtful design for their airdrop.

 

Gluchowski emphasized the importance of prioritizing the community in their distribution plan. Certain jurisdictions are excluded due to legal restrictions. Gluchowski did not specify which countries are excluded but assured compliance with relevant laws.

 

ZKsync's inclusion in Binance’s MVB Accelerator Program underscores its potential. This program recognizes innovative projects with significant growth prospects.

 

Upcoming Roadmap

• Token Listing: Preparing for the official listing.

• Platform Expansion: Plans to introduce new trading features and expand offerings.

ZKsync’s strategic integration with Ethereum and its innovative use of ZK technology position it for significant growth. As the platform continues to develop further, it promises to deliver a seamless and accessible trading experience for users worldwide.

 

Matter Labs' ZKsync airdrop is set to make history with its unprecedented token distribution. ZKsync aims to empower its users and foster a thriving ecosystem by prioritizing community engagement and fair distribution. Stay tuned for more updates as ZKsync continues to innovate in the cryptocurrency space. Always perform your own research and participate based on your risk tolerance.