{"id":398812,"date":"2024-06-12T08:30:29","date_gmt":"2024-06-12T03:00:29","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=398812"},"modified":"2024-06-11T16:43:50","modified_gmt":"2024-06-11T11:13:50","slug":"zksyncs-token-launch-sparks-debate-heres-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/zksyncs-token-launch-sparks-debate-heres-all-you-need-to-know\/","title":{"rendered":"zkSync&#8217;s token launch sparks debate: Here&#8217;s all you need to know"},"content":{"rendered":"<ul>\n<li><em>The project disclosed 17.5% of the total 21 billion supply would go its early users.<\/em><\/li>\n<li><em>However, the TVL dropped to $133 million amid debate about fairness with the distribution.<\/em><\/li>\n<\/ul>\n<p>Layer-2 scaling solution for <a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a>, ZKSync, has announced the date for its token launch.\u00a0 According to the announcement, the ZK token would launch on the 17th of June.<\/p>\n<p>However, the disclosure seemed to have caused controversy especially, among early users of the protocol. zkSync began development on its Mainnet in 2023.<\/p>\n<p>The fundamentals of the project attracted a lot of users to the network. There was also speculation that the project would reward its community with the ZK token which ZKSync seemed to have fulfilled.<\/p>\n<h2><strong>Not everyone is happy<\/strong><\/h2>\n<p>In the <a href=\"https:\/\/blog.zknation.io\/zk-token\/\" target=\"_blank\" rel=\"noopener\">announcement<\/a> \u00a0dated 11th of June, the protocol said &#8220;ZK is the Endgame.&#8221; It also gave information about the token distribution. From the information AMBCrypto got,\u00a0 17.5% of the total 21 billion supply would go to its community.<\/p>\n<p>In addition, the team and investors would get 16.1% and 17.2% respectively. Others were dedicated to the token assembly and ecosystem initiatives.<\/p>\n<figure id=\"attachment_398824\" aria-describedby=\"caption-attachment-398824\" style=\"width: 1894px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution.png\"><img decoding=\"async\" class=\"wp-image-398824 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution.png\" alt=\"ZK Sync token aidrop\" width=\"1894\" height=\"1285\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution.png 1894w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution-300x204.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution-1024x695.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution-768x521.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution-1536x1042.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-token-distribution-1200x814.png 1200w\" sizes=\"(max-width: 1894px) 100vw, 1894px\" \/><\/a><figcaption id=\"caption-attachment-398824\" class=\"wp-caption-text\">Source: ZK Nation<\/figcaption><\/figure>\n<p>With respect to this, the project disclosed that,<\/p>\n<blockquote><p>&#8220;17.5% of the overall supply will be distributed through a one-time airdrop. The rest will be distributed over time, through ecosystem initiatives, managed by the ZKsync Foundation, and the <u>ZK Nation<\/u> governance process, to support a growing ecosystem as new users come onchain.&#8221;<\/p><\/blockquote>\n<p>However, the development did not go down well with some of the early users. At press time, AMBCrypto found series of comments noting that the distribution was unfair.<\/p>\n<p>On X, a certain user with the handle &#8220;Caneleo&#8221; <a href=\"https:\/\/x.com\/Caneleo55\/status\/1800441569234796704\" target=\"_blank\" rel=\"noopener\">mentioned<\/a> that the maximum allocation should have been 20,000 tokens. According to him, this would have allowed ZK to reach some wallets that were considered ineligible.<\/p>\n<h2><strong>TVL tanks, but will ZK launch at $1?<\/strong><\/h2>\n<p>At the same time, ZKSync explained how it arrived at the distribution. It noted that 89% of the 17.5% were allocated to those who transacted a substantial figure on the network.<\/p>\n<p>The remaining 11% went to developers, researchers, and the likes. Nonetheless, the clarification did not change the opinions of some of the ineligible users.<\/p>\n<p>Furthermore, the Total Value Locked (TVL) of ZKSync had begun to <a href=\"https:\/\/defillama.com\/chain\/zkSync%20Era\" target=\"_blank\" rel=\"noopener\">tank<\/a> at press time.\u00a0 The TVL measures the value of assets locked or staked in a protocol.<\/p>\n<p>A few weeks back, the TVL of ZKSync Era was almost $200 million. This surge was caused by the trust that participants had in the protocol that it would yield a good return.<\/p>\n<figure id=\"attachment_398827\" aria-describedby=\"caption-attachment-398827\" style=\"width: 1976px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl.png\"><img decoding=\"async\" class=\"size-full wp-image-398827\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl.png\" alt=\"ZKSync total value locked drops\" width=\"1976\" height=\"664\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl.png 1976w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl-300x101.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl-1024x344.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl-768x258.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl-1536x516.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/zksync-tvl-1200x403.png 1200w\" sizes=\"(max-width: 1976px) 100vw, 1976px\" \/><\/a><figcaption id=\"caption-attachment-398827\" class=\"wp-caption-text\">Source: DeFiLlama<\/figcaption><\/figure>\n<p>However, at press time, the value was down to $133.03 million. The recent decrease implied that users were increasingly withdrawing their assets from the protocol.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">ZK&#8217;s market cap in ETH terms<\/a><\/p>\n<hr \/>\n<p style=\"text-align: left;\">Should this continue, the TVL might drop as low as $100 million. In the meantime, there have been predictions about the ZK token with some saying it could hit $1 at launch.<\/p>\n<p style=\"text-align: left;\">However, <a href=\"https:\/\/pro.whales.market\/pre\/zkSync\/ZK\" target=\"_blank\" rel=\"noopener\">details from Whales Market<\/a>, a pre-listing platform, showed the price trading at $0.34 as of this writing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The long-awaited announcement comes with controversy but ZKSync holds its own.<\/p>\n","protected":false},"author":72,"featured_media":398830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,66,3,4,20],"tags":[6427],"class_list":["post-398812","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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