zkSync hints at June token airdrop

zkSync tweeted plans to hand over management to the community next month, suggesting that a token airdrop is imminent.

Ethereum-based zero-knowledge (ZK) solution zkSync has hinted at a token distribution after developers shipped the v24 version of the protocol, expected by the end of June. The project leverages ZK cryptocurrency technology to scale Ethereum (ETH) blockchain and offer users affordable transactions on the world’s second largest decentralized network.

With the introduction of proto-danksharding via the Dencun upgrade, Ethereum gas fees have become even cheaper. Data from L2Fees shows that it costs less than a dollar to send ETH or swap tokens on the zkSync layer-2 aggregation.

Ethereum layer-2 transaction fees | Source: L2Fees zkSync governance token expected to be issued since March 2023

Users have been expecting an airdrop since at least March 2023, when the protocol allowed users to connect funds to the network. Investors and traders invested over $141.9 million into the zkSync Era contract last year, according to DefiLlama. While details regarding the token offering are not available, the funding suggests a large amount of community allocation and incentive.

zkSync Era TVL | Source: DefiLlama

zkSync developer Matter Labs has raised approximately $458 million from venture firms including Blockchain Capital, Dragonfly Capital and Lightspeed Venture Partners.

If the ZK rollup announces a token next month, it will join other Ethereum projects that are distributing tokens to investors, such as Matter Labs, EigenLayer, Ethena, and Wormhole. Participants can also follow how the airdrop is executed, as projects like Sybil-fighting LayerZero aim to reward long-term users.

zkSync firmly defends its commitment to decentralization.

This has been our sole focus since the introduction of EIP4844 support in March. The upcoming release of V24 is the last planned protocol upgrade required before handing over network management to the community. Remainder…

— zkSync (∎, ∆) (@zksync) May 17, 2024