The highly anticipated zkSync token (ZK) was officially released on exchanges on June 17th. According to CoinMarketCap, the token has a total supply of 21 billion ZK and a market capitalization of approximately $971 million. It debuted on platforms such as Binance, Bybit, Gate.io, and KuCoin, initially reaching a peak of $0.30 before settling around $0.25.
Prior to the token launch, zkSync reported experiencing high network load and performance degradation in some remote procedure call (RPC) services. RPCs are responsible for communication between nodes and executing network operations like transactions and data queries. The team assured users that they were working on enhancing RPC capacities and urged them to stay tuned for updates.
After announcing that over 695,000 wallets were eligible for the recent ZK token airdrop, there was a noticeable increase in malicious decentralized applications (DApps) impersonating zkSync. Ido Ben-Natan, CEO of Web3 security platform Blockaid, revealed that these nefarious DApps were utilizing drainer SDKs to evade detection and target users.
ZkSync’s token distribution program, scheduled to run from June 17th to July 16th, aims to distribute 10.5 million ZK tokens to eligible users. However, concerns were raised within the community regarding the methods used to filter out Sybil farms. The zkSync team assured users that they would address these concerns to ensure a fair and transparent distribution process for the community.