zkSync Token Hits the Market and Faces Challenges
zkSync (ZK) token was officially launched on various exchange platforms on June 17th after a highly anticipated airdrop.
Although this marked an important milestone for the project, the launch was not without its challenges. From price fluctuations and network overload issues to scam attempts, the zkSync team must navigate skillfully to meet the expectations of its community and investors.
To check your eligibility and claim your ZK tokens, visit HERE, or the official ZK Nation website:
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Token Details and Price Fluctuations
The zkSync token has a total supply of 21 billion ZK and a market capitalization of approximately $971 million at the time of writing (representing a fully diluted valuation of over $5 billion). The token was introduced on platforms such as Binance, Bybit, Gate.io, and KuCoin, initially reaching a peak of $0.30 before settling around $0.25.
Network and RPC Load Issues
Shortly before the token launch, zkSync announced that its network experienced high load, resulting in degraded performance for some Remote Procedure Calls (RPCs).
RPCs are essential for node communication and network operations, such as sending transactions or requesting data. The zkSync team explained that they are working on increasing RPC capacity and advised users to stay tuned for updates.
Increase in Identity Theft Attempts
Following the announcement that over 695,000 wallets were eligible for the recent ZK token airdrop, a significant increase in malicious decentralized applications (DApps) impersonating zkSync has been observed. These DApps used development kits to avoid detection and reach users. Scammers exploit responses to X publications to target their audience, abusing verified accounts to distribute links to malicious DApps.
Concerns About the Airdrop
The zkSync token airdrop, scheduled from June 17th to July 16th, aims to distribute 10.5 million ZK tokens to eligible users. However, the community has expressed concerns about the methodology used to filter users and Sybil farms. The zkSync team stated that they will address these concerns to ensure a fair and transparent distribution process for all community members.
