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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