The long-awaited launch of the zkSync token (ZK) finally took place on June 17, creating quite a buzz within the crypto community. The token has a total supply of 21 billion ZK and, as reported by CoinMarketCap, boasts a market capitalization of approximately $971 million. Initially released on prominent exchanges such as Binance, Bybit, Gate.io, and KuCoin, ZK reached a peak price of $0.30, although it has since settled to around $0.25.
The lead-up to the token’s release was not without its hiccups. zkSync disclosed on social media that their network was grappling with an unusually high load which led to a decline in the performance of some remote procedure call (RPC) services. For those unfamiliar, RPCs are crucial for network functionality, handling tasks from sending transactions to data queries. The team assured users that they were actively working on enhancing RPC capacities and advised them to stay tuned for updates.
Further complicating matters was a significant rise in malicious decentralized applications (DApps) impersonating zkSync. After over 695,000 wallets became eligible for the ZK token airdrop, a spike in fraudulent DApps was observed. Ido Ben-Natan, CEO of Web3 security platform Blockaid, told that these malicious DApps were leveraging drainer SDKs to avoid detection and target users more effectively.
These scammers have found Twitter (now known as X) to be a fertile ground for their activities. They infiltrate the comment sections of zkSync’s tweets, exploiting Twitter’s verified accounts to spread links to malicious DApps. This has heightened the risk for unsuspecting users who may fall prey to these fake applications.
In spite of these setbacks, the zkSync team moved forward with their ambitious token distribution program. Running from June 17 to July 16, the initiative aims to distribute 10.5 million ZK tokens to eligible users. This strategy has not been without scrutiny. Questions were raised by the community regarding the methods used to filter out Sybil farms—an issue considered critical for ensuring equitable distribution.
The zkSync team responded to these concerns by affirming their commitment to a fair and transparent distribution process. They stated that they would take community feedback seriously and make necessary adjustments to avoid unfair advantages.
Despite the initial setbacks, the launch of the zkSync token is considered a significant milestone in the crypto space. It marks a step forward in the wider adoption and utility of blockchain technology, particularly in how transactions and data queries are managed on the network.
As zkSync continues to address network load problems and counteract scams, the success of the ZK token’s launch will likely depend on their ability to adapt and respond to community and technical challenges effectively. The coming weeks will be crucial for the development and stabilization of the zkSync network and its token’s market performance.
Why didn’t they anticipate the high network load? This feels so amateurish. 😤👎
What’s the point of distributing tokens when users can’t even trust the network? Prioritize fixing issues first. 😡💡
Despite some launch day bumps, zkSync is moving forward! Excited to see whats next for ZK!
Congratulations, zkSync, on launching ZK! Your dedication and hard work are shining through!
Despite the challenges, the ZK token is now live! Here’s to a bright future ahead! 🚀💫
Pretty disappointed with how this launch was handled. Problems everywhere, from RPC overload to scams. 👎😥
The token price already dropped, and the network is laggy. Not a good start for ZK. Disappointed.
ZK launch was a significant step forward despite the hurdles! Kudos to the zkSync team for handling it like pros!
Can’t believe they’re distributing tokens while the network is so unstable. Priorities, people! 🤬⚠️
Loving the transparency from the zkSync team amidst the chaos! Great job addressing the issues! 🌐✔️
Scammers on X exploiting verified accounts to spread malicious DAppswhat a nightmare! Do better, zkSync!
Finally, the zkSync token launch is here! Super excited to see where this takes the crypto community! 🚀💎
I can’t believe I almost got scammed by a fake DApp on launch day. Get it together, zkSync! 🛑😡
RPC problems already? How is this supposed to be revolutionary if it can’t handle basic tasks?
Thrilled to see ZK token live! The future of blockchain tech looks bright with zkSync! 🌠📉
It’s amazing to see the zkSync token finally live! Big things are coming for ZK in the crypto space! 🌌📊
Token distribution sounds nice, but what about security and network integrity? Feels half-baked.
ZK token’s arrival on major exchanges is huge! Excited to see how this impacts the market! 💥🔗
Such a significant milestone for zkSync and the entire crypto community! The ZK token launch is a game-changer!
zkSync’s ZK token is making waves! Even with some hiccups, the future looks promising! 🌟📉
The buzz around zkSync’s token launch is palpable! Heres to a bright future for ZK!
Its official! zkSync token has landed! So thrilled to be part of this journey!
They really need to get their act together. This many issues at launch is just unacceptable.
Wow, the launch was a mess. These RPC issues should’ve been resolved before rollout. Not cool, zkSync. 🚫🤦♂️
Great job, zkSync team, for tackling the launch challenges head-on! Heres to a great journey ahead!
The price dropped too quickly. Doesn’t instill confidence in long-term stability.
Great to see zkSync addressing the network load and scam issues effectively! Strong leadership!
The ZK token launch was worth the wait! Even with a few hiccups, it’s great to see zkSync making strides in the crypto world! 🌍🔐
zkSync has launched ZK with impressive market capitalization! Kudos to the team for handling the initial hurdles!