A few days ago, ZkSync, the highly anticipated project, launched its token ($ZK) along with a massive airdrop for users who have interacted with its ecosystem. Let’s discuss how the launch went and my view of it.

The Launch

Let’s first look at the launch, which was highly anticipated but faced many complaints :

Source : Coingecko

The combination of tough market conditions and the fact that many people were not happy with the airdrop ultimately made the price drop.

Nansen, a group specializing in on-chain data, tracked the addresses of 10,000 wallets that were eligible for the airdrop and separated them into three groups:

• Jeet : People who sold all of their tokens
• Partial Jeet : People who sold a part of their tokens
• Hold : Just as the name suggests

Source : Nensen

If we look at other layer 2 projects such as Starknet, Optimism, and Arbitrum, we can assume that ZkSync is undervalued right now :

Source : Coingecko

Furthermore, if we look at the Fully Diluted Valuation (FDV), Starknet, one of the most recent competitors of ZkSync, has twice the FDV of ZkSync !

Source : Coingecko

That’s very low for a project that has raised 458 million dollars since 2019.

To be fair, with the drama that always comes after highly anticipated airdrops, coupled with the fact that the whole market is taking a hit right now, that’s all it takes for the price to fall.

Tokenomics

In order to try and predict future price movements for this bull run, it’s important to take a look at the tokenomics of the project :

As you can see, the investors and the team have their tokens locked for one year after the Token Generation Event (TGE). So that’s very bullish for the year to comes.

However, we don’t have the exact distribution for the “Ecosystem Initiatives” and “Token Assembly.” Those tokens will be important to watch !

And you ? What are your thoughts on ZkSync ?

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Disclaimer : This is not a financial advice, you need to do your own research !