ZkSync to Airdrop 17.5% of Token Supply

Ethereum Layer 2 ZkSync will distribute 17.5% of its ZK token supply through an airdrop for early adopters, which can be claimed on June 17.

The ZK token is one of the most highly anticipated token generation events (TGE) in DeFi, and 3,675,000,000 ZK tokens will be distributed amongst 695,232 wallets considered eligible on the snapshot date of March 24.

The allocation per wallet is based on a variety of factors, such as unique contract interactions, total time with funds on ZkSync, and multipliers for holding ecosystem assets such as NFTs or native tokens.

ZkSync’s 17.5% distribution is larger than most other Layer 2 (L2) networks. Arbitrum’s airdrop in March 2023 distributed 11.62% of the ARB supply amongst 625,143 wallets and was well received by market participants.

ZkSync is an Ethereum Layer 2 scaling solution built by Matter Labs that uses zero-knowledge (ZK) rollups, which offer increased transaction throughput and reduced transaction costs while inheriting the security of Ethereum.

ZkSync Era is the 8th largest L2 with $758 million in total value locked, according to L2beat.

Despite the relatively generous allocation of tokens, the ZkSync airdrop has been met with some backlash. Many users have taken to social media claiming that the airdrop does not penalize sybil farming — the practice of using multiple wallets to game airdrops — and that real users missed out as a result.

Crypto investor Adam Cochran posted, “Those criteria are easy to not hit as a real user, and easy to hit as a farmer, and had no anti-sybil program…Projects really need to put more thought into this stuff if they don’t want turbo-dumping mercenaries.”