The post Altcoins Listed on Binance with Great Excitement, But Data is Worrisome appeared on BitcoinEthereumNews.com.

Once a leading Layer 2 scaling solution, ZKsync Era is facing significant financial challenges following its recent token airdrop, with the platform’s daily revenue falling dramatically from its pre-airdrop peak of $746,000 to just $6,800. The sharp drop in revenue occurred after the June 24 airdrop, where 3.67 billion ZK tokens, representing 17.5% of the total supply, were distributed to eligible wallets. However, the highly anticipated event triggered an exodus of users and liquidity from the network, with daily transactions dropping from a high of 1.8 million to just 200,000. The ZKsync Era decline is indicative of broader issues in the cryptocurrency market, particularly among Layer 2 solutions and new token launches. While ZK has fallen in value by 64.06% year-to-date, a similar trend was observed for LayerZero’s ZRO token, which has fallen by 19.21% in the same period. The broader GML2 index, which looks at Layer 2 tokens, has also fallen a significant 66% since its March high, underscoring the challenges across the industry. The post-airdrop decline of ZKsync Era raises concerns about the effectiveness of token distribution strategies in the current market environment. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/altcoins-listed-on-binance-with-great-excitement-but-data-is-worrisome/

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Filed under: News - @ August 22, 2024 1:16 am