zkSync, a rollup that seeks to provide greater scalability to Ethereum, is preparing for the ZK token airdrop, which will take place in just six days.
This token, designed for protocol governance, will allow its holders to submit and vote on system updates, in addition to paying network fees.
Transferring a significant amount of authority to a real, engaged community is absolutely crucial to establishing decentralized governance,” says the company Matter Labs, which develops the rollup.
This strategy highlights the importance of community participation in the evolution of the protocol, something common in airdrops.
As more ZK networks are launched, the token can become a vital tool for coordinating technical innovation, the company says.
For the airdrop, 67% of the ZK tokens will be distributed to the community. Of that amount, 17.5% of the total supply will be distributed via a single airdrop to 695,232 wallets, as seen in the image below.
Tokens distributed via airdrop will have no vesting or lock-up periods, being completely liquid from day one.
This decision is intended so that when the zkSync governance system launches in the coming days, the community will have the largest supply of liquid tokens to direct protocol upgrades.
The ZK distribution sets a maximum of 100,000 tokens per address for airdrop based on usage. Selected addresses, which are also eligible for the contribution-based airdrop, could receive an additional allocation.
Two ways to be eligible for the zkSync airdrop
The first option to be chosen is to be a rollup user, that is, to have made transactions on zkSync and reached an activity threshold.
The second option is to be contributors, these are individuals, developers, researchers, communities and companies that have contributed to the zkSync ecosystem and protocol through development, promotion or education, regardless of their activity in zkSync.
Eligibility and allocations for the airdrop were based on a snapshot of activity in zkSync Era and zkSync Lite taken on March 24, 2024. This means that activities taking place now in zkSync will not add “points” towards the airdrop. Community members can check their eligibility at Claim.zknation.io and will be able to claim their tokens starting next week until January 3, 2025.
Distribution of the rest of ZK tokens
The remainder of the tokens will be distributed over time through ecosystem initiatives, managed by the zkSync Foundation and the ZK Nation governance process. The latter is the name given to the community driven with the shared purpose of governing, defending and growing the zkSync protocol, as defined on their website.
The remaining distribution of the tokens will be allocated as follows: 17.2% to investors and 16.1% to the Matter Labs team, developer of zkSync.
These ZK tokens will be locked for the first year and then unlocked over the course of three years, between June 2025 and June 2028.
Although the ZK token has not yet been officially launched, it is already being traded premarket in the form of future contracts. The asset saw a drop from $0.62 to $0.37 after the parameters and dates to receive the airdrop were announced, as seen in the chart below.
Once claimed, token holders can participate in the governance of the zkSync protocol and self-delegate or delegate their token voting rights to a representative who they believe will continue to promote the governance of the protocol.
