A self-proclaimed “airdrop hunter” managed to acquire $753,000 worth of the latest ZKsync token (ZK) through 85 wallets, as reported by the cryptocurrency tracker Lookonchain. The trader then proceeded to transfer 2.71 million ZK valued at $678,000 to Binance and sold 300,000 ZK for 20 Ethereum (ETH) valued at $69,000 through the decentralized exchange (DEX) SyncSwap.
ZKsync is a layer-2 Ethereum scaling protocol that recently initiated the first airdrop of the ZK token on Monday, aiming to distribute 17.5% of the total supply to 695,232 wallets. The ZKsync Association revealed that within two hours, over 225,000 addresses had claimed more than 45% of the airdropped ZK token supply, resulting in degraded network performance.
The association stated that two-thirds of the token supply will be allocated to the community, while one-third will go to the project’s team and investors. The ZK token serves as a protocol token enabling holders to propose and vote on protocol upgrades and cover network fees using ZKsync’s native account abstraction. Through governance-led protocol enhancements, the community can enhance ZK to incorporate staking and other functionalities.
With the launch of additional ZK chains in the pipeline, the token is poised to become a crucial tool for facilitating technical innovation. While ZKsync Era marks the debut of the first ZK chain, Lens Network, Cronos zkEVM, GRVT, and several others are set to launch in the upcoming months.
Currently ranked 97th in the cryptocurrency market, ZK boasts a market capitalization exceeding $796 million. Although the asset initially traded at around $0.28, it has since dropped to $0.217.
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