Zksync Announces That Early Users Will Get 3.6 Billion Tokens via Airdrop

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The ZKsync Society is getting ready to give out 3 billion-plus ZK tokens to its early adopters starting the following week. This airdrop will run through the third of January 2025, accounting for 17.5 percent of the 21 billion ZK token supply overall. On June 24, eligible contributors can begin retrieving their tokens.

These ZK tokens will be very important to managing the ZKsync protocol once they are claimed. The decentralized decision-making process of the protocol will be facilitated by the ability of token holders to vote on protocol improvements and use their tokens to pay network fees.

A Significant Entity in Ethereum Layer 2 Scaling is ZKsync

According to L2Beat, ZKsync has over $750 million in assets and is now the third-largest Ethereum Layer 2 scaling solution based on zero-knowledge proofs. This establishes ZKsync as a major contributor to improving the scalability and transaction efficiency of Ethereum.

In-depth Token Distribution

The distribution of the entire supply of ZK tokens is deliberate. 49.1% of the tokens will fund different ecosystem projects, promoting expansion and development inside the ZKsync network, according to a blog post by ZKsync. Additionally, Matter Labs, the business that created ZKsync, will earn 16.1% of the tokens, with 17.2% reserved for investors. After a year of lockup, the tokens allotted to Matter Labs will progressively be released between June 2025 and June 2028.

ZKsync emphasized in their news release the airdrop’s community-focused methodology. It was intentional to give the community more tokens than the Matter Labs team and investors in order to strengthen the community. With this distribution, the community will control most of the liquid tokens when the ZKsync governance mechanism emerges in the upcoming weeks, giving them the ability to effectively direct protocol governance.

Setting Out the Airdrop

As of March 24, 2024, 695,232 wallets are eligible for the airdrop based on their usage of ZKsync Lite and Era. Tokens will be distributed in two ways: 89% will go to users and 11% will go to contributors.

ZKsync has set a 100,000 token maximum allocation limit for any one address to ensure fairness. A points system will be used to determine the distribution; points were given for doing things like trading ERC-20 tokens, supplying liquidity to DeFi protocols, and interacting with smart contracts. Point acquisition was additionally aided by ZKsync Lite actions such as Gitcoin around donations.

Allocations for wallets holding less than 450 ZK tokens will be recycled back into the pool, guaranteeing a minimum payout of 917 ZK per wallet. The goal of this tactic is to increase the value and influence of the tokens given to engaged community members.

ZKsync’s Historical and Current Value

ZKsync’s total value locked (TVL) reached a peak of $930 million in March. But according to new data from L2Beat, there has been a decline, and the TVL is now $750 million. The dynamic character of the DeFi ecosystem and the larger cryptocurrency market is reflected in this variation.

Introducing zkVerify: Optimizing Proof Verification

A verification network with zero knowledge proof was created to streamline settlement procedures. By separating proof verification from Layer 1 blockchains, our modular settlement layer approach lowers security expenses. The cost of evidence verification for zkrollups on Ethereum exceeded $47 million in 2023.

By reducing these expenses by more than 90%, zkVerify hopes to increase the scalability and uptake of decentralized applications. With zkVerify, consumers and developers can save a lot of money by switching between several blockchain topologies, starting with Ethereum and Bitcoin.

Key Features and Benefits of zkVerify

Fast Modularized Process: By offloading the computationally intensive proof verification process, zkVerify allows blockchain networks to focus on their primary functions, enhancing overall efficiency.

Cost-Effective Proof Verification: The substantial reduction in verification costs could have saved ZK Rollups over $42.8 million in 2023.

Easy Integration: zkVerify seamlessly integrates with existing blockchain ecosystems and multiple SNARK proving schemes, offering a developer-friendly environment.

How zkVerify Enhances Blockchain Efficiency

zkVerify transforms the way zk-rollups and appchains verify transactions by providing a modular blockchain system. This system optimizes the verification process and reduces associated costs, addressing the inefficiencies of traditional blockchain systems where proof verifications are performed on the same chain as transactions. This often leads to increased costs and higher transaction fees.

The modular approach of zkVerify separates proof verification from execution and settlement layers, allowing zk-rollups and appchains to handle more transactions at lower costs. This innovation promises substantial savings for end-users and paves the way for broader adoption and scalability of decentralized applications.

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