The highly anticipated zkSync token (ZK) made its official debut on exchanges on June 17th. With a total supply of 21 billion ZK and a market capitalization of approximately $971 million, the token quickly gained traction on platforms such as Binance, Bybit, Gate.io, and KuCoin. Initially reaching a high of $0.30, the token has since settled around $0.25.
Just before the token launch, zkSync experienced network congestion and decreased performance in some remote procedure call (RPC) services. The team assured users that they were working on increasing RPC capacities to address the issue.
Following the announcement that over 695,000 wallets were eligible for the recent ZK token airdrop, there was a rise in malicious decentralized applications (DApps) impersonating zkSync. CEO of Web3 security platform Blockaid, Ido Ben-Natan, explained that these DApps were using drainer SDKs to evade detection and target users.
ZkSync’s token distribution program, scheduled to run from June 17th to July 16th, aims to distribute 10.5 million ZK tokens to eligible users. However, concerns were raised within the community regarding the methodology used to filter out Sybil farms. The zkSync team assured the community that they would address these concerns to ensure a fair and transparent distribution process.
In other news, Elon Musk promises a ban on Apple, Greenpeace calls for Bitcoin’s transition to Proof of Stake (PoS), and more in Hodler’s Digest from June 9th to June 15th.