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An “airdrop hunter” secured $753,000 worth of the new ZKsync token (ZK) via 85 wallets, according to the crypto tracker Lookonchain.
Lookonchain notes the trader proceeded to deposit 2.71 million ZK worth $678,000 into Binance and sold 300,000 ZK for 20 Ethereum (ETH) worth $69,000 via the decentralized exchange (DEX) SyncSwap.
ZKsync is a layer-2 Ethereum scaling protocol. The project launched the ZK token’s first airdrop on Monday, with a plan to distribute 17.5% of the asset’s overall supply to 695,232 wallets.
The ZKsync Association noted on Monday that more than 45% of the airdropped ZK token supply had been claimed by over 225,000 addresses in less than two hours, leading to degraded network performance.
The association says two-thirds of the overall token supply will go to the community and one-third will go to the project’s team and investors.
“The ZK token is a protocol token that allows token holders to introduce and vote on protocol upgrades and pay for network fees using ZKsync’s native account abstraction. Through governance-driven protocol upgrades, the community can evolve ZK to introduce staking and other functions.
As more ZK chains launch, the token can become a vital tool for coordinating technical innovation. While ZKsync Era is the first ZK chain, Lens Network, Cronos zkEVM, GRVT, and a number of others will make their debut over the coming months.”
ZK is already the 97th-ranked crypto asset, with a market capitalization of more than $796 million at time of writing. The asset kicked off trading around $0.28 but has since dropped to $0.217.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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