ZKSync Announces Release of Second Airdrop

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ZKsync Announces Second Airdrop

The governing DAO of ZKsync, known as ZK Nation, has officially announced its second airdrop, allocating 1.91% of the total ZK token supply.

This new airdrop primarily targets developers within the ZKsync layer-2 ecosystem, including members of the Protocol Guild, contributors to external projects, and those nominated by other projects within the ZKsync community.

Users can claim their airdropped tokens until January 3, 2025.

Post-Airdrop Challenges for ZKsync

On June 17th, ZKsync’s highly anticipated token officially launched with a market capitalization surpassing $1 billion. Simultaneously, the project distributed 3.6 billion ZK tokens through an airdrop to over 695,000 eligible wallets.

However, the period following the airdrop has been tumultuous for ZKsync. Many critics argue that the project favored internal partners and ecosystem projects over ordinary users. These controversies have significantly impacted network activity.

In the initial hours after the launch, the ZK token experienced a slight increase in price. Yet, it subsequently saw a sharp decline over the following days. This drop was largely due to sell-offs from airdrop recipients and the overall market downturn. At the time of writing, the token’s market cap has decreased to $621 million, with a fully diluted valuation (FDV) of $3.5 billion—down 40% from its debut.

In the week leading up to the token release, ZKsync Era averaged about 7,000 active wallets per day. This number surged to 18,000 addresses on June 17th, likely driven by “airdrop farmers” reactivating their wallets to claim tokens. Nonetheless, network activity has significantly dwindled post-airdrop.

According to network data, the 7-day average of active addresses on ZKsync dropped from over 455,000 in late February to 218,000 by June 10th. Similarly, the 7-day average transaction volume plummeted from 1.8 million on February 29th to just 51,000 by June 10th.

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