zkSync hints at June token airdrop

zkSync tweeted about plans to hand over governance to the community next month, suggesting that a token airdrop is imminent.

Ethereum-based zero-knowledge (ZK) solution zkSync hinted at a token distribution after developers ship the protocol’s upcoming v24 release expected by the end of June. The project taps ZK cryptographic technology to scale Ethereum’s (ETH) blockchain, and offer users affordable transactions on the world’s second-largest decentralized network.

With the deployment of proto-danksharding through the Dencun upgrade, Ethereum gas fees have became even cheaper. Data from L2Fees shows that it costs less than a dollar to send ETH or swap tokens on the the zkSync layer-2 rollup.

zkSync governance token anticipated since March 2023

Users have anticipated an airdrop since at least March 2023, when the protocol allowed users to bridge funds to the network. According to DefiLlama, investors and traders have deposited over $141.9 million into the zkSync Era contract over the past year. Although details on the token supply are unavailable, the funding suggests sizable community allocations and incentives.

zkSync developer Matter Labs has raised around $458 million from venture firms like Blockchain Capital, Dragonfly Capital, and Lightspeed Venture Partners.

If the zk rollup unveils a token next month, Matter Labs would join other Ethereum projects that have distributed tokens to investors such as EigenLayer, Ethena, and Wormhole. Participants may also track how the airdrop is conducted, as projects like LayerZero combating Sybil addresses to reward long-term users.