ZkSync,
the
Ethereum
Zero-Knowledge
Layer-2
scaling
solution,
has
been
in
the
spotlight
for
its
new
token.
Last
week,
the
project’s
announcement
of
its
ZK
token
airdrop
was
met
with
backlash
from
investors
and
the
crypto
community.
Related
Reading
Following
the
backlash,
crypto
exchange
Binance
announced
it
would
list
ZK
and
offered
a
new
distribution
program
to
address
users’
concerns.
Since
its
launch,
ZK
has
dropped
over
20%.
ZkSync’s
Airdrop
Drama
On
June
11,
ZK
Nation
announced
the
upcoming
launch
and
airdrop
of
zkSync’s
token.
Over
3.6
billion
ZK
tokens
could
be
claimed
by
695,000
eligible
addresses
on
Monday.
However,
the
distribution
left
many
long-term
users
discontent
with
the
token
allocation
they
received.
Several
investors
expressed
disappointment
after
receiving
a
lower
allocation
than
users
with
less
volume
or
transactions.
Other
customers
shared
that
they
were
not
eligible
for
the
airdrop
despite
meeting
the
criteria.
Similarly,
various
top-ranking
projects
built
on
zkSync
announced
they
were
forming
a
coalition
after
not
being
included
in
the
airdrop.
Element
and
zkApes
revealed
that
they
are
not
getting
any
tokens
despite
generating
up
to
$20
million
in
gas
fees
for
the
network.
The
backlash
intensified
when
users
expressed
concerns
about
the
lack
of
anti-Synil
filtering.
The
project
stated
in
the
airdrop
announcement
their
decision
not
to
use
anti-Sybil
criteria.
ZkSync’s
team
explained
it
was
considered
an
“incomplete
approach.”
Online
reports
claim
that
80
million
ZK
tokens
are
going
into
the
hands
of
47,000
Sybil
addresses.
Over
the
weekend,
ZK
Nation
addressed
the
criticism
and
users’
concerns.
The
team
answered
some
of
the
most
frequently
asked
questions,
including
the
zkSync-built
projects
exclusion,
user
eligibility,
and
Sybil
detection.
Per
the
post,
the
team
chose
an
“alternative
path”
to
benefit
organic
users.
As
explained,
an
aggressive
Sybil
filtering
would
eliminate
“naive
Sybils”
while
mistakenly
flagging
real
users.
Additionally,
the
filtering
would
miss
most
bots
and
professional
Sybil
accounts.
As
a
result,
the
airdrop’s
Sybil
detection
was
configured
“to
lower
the
rate
of
false
positives.”
The
team
explained
that
a
“larger
number
of
Sybil
accounts
passing
through
the
filter”
was
“a
conscious
trade-off.”
Binance
Offers
New
Token
Distribution
On
Sunday,
Binance
announced
it
would
list
ZK
on
June
17.
The
exchange
also
revealed
it
would
offer
a
ZK
token
distribution
program
“in
light
of
the
ongoing
concerns.”
According
to
the
post,
Binance
will
distribute
10.5
million
ZK
tokens
to
up
to
52,000
users
who
meet
the
criteria.
The
requirements
include
users
who
initiated
at
least
50
transactions
on
ZkSync
Era
between
February
2023
and
March
2024
and
conducted
transactions
in
seven
distinctive
months.
Additionally,
the
claim
address
must
not
been
eligible
for
the
ZK
Nation
airdrop.
The
ZK
token
started
trading
for
$0.3
and
reached
the
$0.32
mark,
according
to
CoinGecko
data.
In
the
following
hours,
the
price
has
retraced
to
the
$0.24
price
range,
a
21%
drop
from
its
launch
price.
However,
the
token’s
market
capitalization
sits
at
$900
billion
and
its
fully
diluted
value
(FDV)
is
at
$5.1
billion.
The
initial
performance
has
received
mixed
reactions
from
the
community.
Some
users
highlighted
how
customer
dissatisfaction
could
be
partially
responsible
for
the
price
drop.
“Projects
often
forget
that
customer
satisfaction
is
crucial
for
their
product
or
innovation
to
succeed,”
said
one
X
user.
Related
Reading
Ultimately,
many
users
remain
unfazed
by
the
price
drop
due
to
the
general
market
performance
and
the
airdrop
receivers
selling
their
tokens.
Customers
seemingly
consider
ZK
to
be
undervalued
and
an
“excellent
opportunity
in
the
long
term.”
is
trading
at
$3,524
in
the
five-day
chart.
Source:
ETHUSDT
on
TradingView
Featured
Image
from
Unsplash.com,
Chart
from
TradingView.com
Go to Source
Author: Rubmar Garcia
