21 Billion ZkSync Tokens to Hit Market: What to Know

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As a researcher with a background in blockchain technology and decentralized finance, I’m excited to see ZkSync preparing for its token generation event (TGE) this week. The upcoming issuance of tokens and subsequent airdrop on June 8 is highly anticipated within the crypto community, especially given that the total circulating supply will be 21 billion tokens.

This week, ZkSync is gearing up for its Token Generation Event (TGE), which includes the release of its tokens and an airdrop. In total, there will be 21 billion ZkSync tokens in circulation. The symbol chosen for these tokens is “ZK,” although there were complications with Polyhedra Network regarding this decision. Decentralization efforts are being intensified, with plans to roll out an upgrade aimed at accelerating the decentralization process.

ZkSync’s TGE and Airdrop Set for June

This week, ZkSync is ready to launch its long-awaited Token Generation Event (TGE). Following the TGE, tokens will be issued and distributed, also known as an airdrop, which is predicted to take place on June 8. The total supply of ZkSync tokens will amount to 21 billion. Regarding ticker symbols, it has proved difficult for ZkSync to adopt the symbol ‘ZK’ due to Polyhedra Network previously using it. However, ZkSync may still opt for this symbol, considering that Polyhedra’s token is not available on Binance.

After the initial rollout of its Era mainnet in March 2023, the announcement of distributing tokens within a year has generated significant buzz. This initiative, coupled with the airdrop platform, has garnered considerable attention from cryptocurrency investors. The peak TVL (Total Value Locked) in ZkSync stood at approximately $200 million; however, it currently hovers around $141 million. Simultaneously, ZkSync ranks eighth among Ethereum layer-2 solutions based on the current TVL.

Matter Labs Plans Decentralization Upgrade

Matter Labs, the group responsible for ZkSync, is currently working on decentralizing the project, even though the details have yet to be finalized. The team has dropped hints about releasing a token and conducting an airdrop towards the end of June. A forthcoming update is predicted to accelerate this decentralization process. However, zkSync declared this week that decentralization has been completed, with version 24, the final protocol update, set to be released soon. This development represents the growing trend of transferring network administration responsibilities to the community and also foreshadows the upcoming token launch.

As a researcher involved with ZkSync since advocating for EIP-4844 in March, my team and I have been working towards achieving complete decentralization. With the upcoming core protocol update for version 24, we aim to make this transition the last step in transferring network sovereignty to the community. This anticipated change is expected to strengthen the protocol and attract more users and developers, fostering a vibrant ecosystem.

As a crypto investor, I’m excited to be part of the growing community around ZkSync. This promising project has attracted significant investment from prominent venture capitalists like a16z, Dragonfly Capital, and Blockchain Capital, totaling $258 million. Additionally, they have announced a $200 million ecosystem development fund. These investments have been crucial for ZkSync’s progress and evolution. Personally, I’m looking forward to witnessing the innovative projects and developers that will be supported by the ecosystem development fund at ZkSync.

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2024-05-21 21:43