The zkSync token (ZK) officially launched on multiple exchanges on June 17. The token, with a total supply of 21 billion and a market capitalization of roughly $971 million, initially reached a high of $0.30 but has since stabilized around $0.25.
Before the launch, zkSync’s network experienced high load and degraded performance in some remote procedure call (RPC) services. RPCs are crucial for network operations, including sending transactions and querying data. The zkSync team announced they were working on increasing RPC capacities to manage the load.
Following the announcement that over 695,000 wallets were eligible for the ZK token airdrop, there was a notable increase in malicious decentralized applications (DApps) impersonating zkSync. Ido Ben-Natan, CEO of Web3 security platform Blockaid, noted that these malicious DApps were using drainer SDKs to avoid detection and target users. Scammers used Twitter comment sections to distribute links to these malicious DApps, often exploiting verified accounts to gain credibility.
The token distribution program, running from June 17 to July 16, aims to distribute 10.5 million ZK tokens to eligible users. However, concerns were raised about the methodology used to filter Sybil farms. The zkSync team has committed to addressing these concerns to ensure a fair and transparent distribution process.
