ZkSync, an Ethereum Layer 2 network developed by Matter Labs, is expected to host its token generation event (TGE) this week, according to information revealed by The Block.
The token launch, including an airdrop, will follow within the next 30 days after the TGE. The token will have a total supply of 21 billion tokens.
ZkSync is currently aiming for the airdrop around June 13th, with the company stating that it will occur before Blast’s token airdrop on June 26th.
ZkSync wants to use the ticker ZK for its token, but since Polyhedra Network has already registered that ticker, it has caused some issues. They noted that ZkSync could still use the ZK ticker and emphasized that Binance has not listed Polyhedra’s token yet.
Related: Layer-2 Blast Announces Airdrop on June 26, 2024
ZkSync Token Launch
Last week, ZkSync hinted at a token launch and airdrop before the end of June, stating that they will soon roll out an upgrade to accelerate the completion of this process.
ZkSync stated last week:
The upcoming v24 release will be the final planned protocol upgrade needed before we hand over network governance to the community, with the remaining missing pieces expected to be in place by the end of June.
ZkSync’s developer, Matter Labs, is backed by prominent investors such as Andreessen Horowitz (a16z), Dragonfly Capital, Blockchain Capital, Crypto.com Capital, Placeholder Capital, and 1kx. The project has raised $258 million in total funding and also raised a $200 million ecosystem fund.
ZkSync is one of the popular Ethereum Layer 2 networks utilizing ZK-rollup technology to scale Ethereum, making the blockchain faster and cheaper to use. Transaction fees on zkSync were already low, but after the Dencun upgrade, the gas fees are only around $0.03.
