Nearly Half of Top zkSync Airdrop Wallets Sell All Tokens
Almost half of the top wallets that received the new zkSync (ZK) token on June 17 have already sold their entire allocation from the airdrop, leading to a 34.5% drop in the ZK price since its launch. Data from blockchain analytics firm Nansen indicates that 41% of tracked addresses sold all their airdropped tokens, while 29.2% sold at least some. In total, over 486 million ZK tokens were sold by these groups. Only about 30% of the top receiving wallets have retained their ZK tokens.
The data analyzed covered the top 10,000 addresses that received the ZK airdrop, representing just 1.4% of the 695,232 wallets eligible for the airdrop of 3.7 billion ZK tokens.
The zkSync Association, established by Matter Labs, reported that 45% of the tokens were claimed within two hours of the airdrop, causing initial network issues. As of the latest update, over 491,000 wallets have claimed nearly 75% of the airdropped ZK tokens.
The ZK token’s price, which peaked at $0.32 shortly after launch, has since fallen to around $0.20. With a total supply of 21 billion tokens and a fully diluted value of over $4.4 billion, the current market capitalization stands at around $772 million, down from a peak of over $1.1 billion.
This significant sell-off by top wallets follows criticism of zkSync’s airdrop criteria. Some argued the anti-Sybil measures were too lax, potentially allowing entities to use multiple wallets to game the airdrop. In response, zkSync updated its documentation on June 15, stating that aggressive Sybil filtering could have falsely flagged legitimate users. Instead, they opted for an airdrop design intended to reward the highest number of genuine users.
