The post zkSync’s token launch sparks debate: Here’s all you need to know appeared on BitcoinEthereumNews.com.

The project disclosed 17.5% of the total 21 billion supply would go its early users. However, the TVL dropped to $133 million amid debate about fairness with the distribution. Layer-2 scaling solution for Ethereum [ETH], ZKSync, has announced the date for its token launch.  According to the announcement, the ZK token would launch on the 17th of June. However, the disclosure seemed to have caused controversy especially, among early users of the protocol. zkSync began development on its Mainnet in 2023. The fundamentals of the project attracted a lot of users to the network. There was also speculation that the project would reward its community with the ZK token which ZKSync seemed to have fulfilled. Not everyone is happy In the announcement  dated 11th of June, the protocol said “ZK is the Endgame.” It also gave information about the token distribution. From the information AMBCrypto got,  17.5% of the total 21 billion supply would go to its community. In addition, the team and investors would get 16.1% and 17.2% respectively. Others were dedicated to the token assembly and ecosystem initiatives. Source: ZK Nation With respect to this, the project disclosed that, “17.5% of the overall supply will be distributed through a one-time airdrop. The rest will be distributed over time, through ecosystem initiatives, managed by the ZKsync Foundation, and the ZK Nation governance process, to support a growing ecosystem as new users come onchain.” However, the development did not go down well with some of the early users. At press time, AMBCrypto found series of comments noting that the distribution was unfair. On X, a certain user with the handle “Caneleo” mentioned that the maximum allocation should have been 20,000 tokens. According to him, this would have allowed ZK to reach some wallets that were considered ineligible. TVL tanks, but…

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Filed under: News - @ June 12, 2024 8:28 pm