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21 billion ZkSync tokens will hit the market: what to know
ZkSync is preparing for its token generation event (TGE) this week, with a token launch and airdrop expected soon. The total supply of ZkSync tokens will be 21 billion. The ZK symbol is expected, despite the complications with Polyhedra Network. Decentralization efforts are underway, with an update planned to speed up the process.
TGE and ZkSync Airdrop set for June
ZkSync is all set to host his highly anticipated TGE this week. Following the TGE, there will be a token issuance and token distribution or “airdrop,” which is estimated to occur on June 8th. Overall, the circulating amount of ZkSync tokens is expected to be 21 billion. As for existing ticker symbols, it has become difficult to assign the “ZK” symbol to ZkSync because Network of polyhedra previously used this symbol. But even then, ZkSync might choose to go with ZK anyway, especially since, for the record, Polyhedra’s token is not listed on Binance.
After the first public launch of the Era mainnet in March 2023, the decision to issue tokens within a year has attracted a lot of interest. This policy, along with the airdrop platform, has gained a lot of popularity among cryptocurrency investors. The maximum amount of TVL in ZkSync was around $200 million, but is currently closer to $141 million. At the same time, ZkSync occupies eighth place among Ethereum Level-2 solutions for the total value locked at the moment.
Matter Labs plans to upgrade to decentralization
Material laboratories, the team behind ZkSync, is currently in the process of decentralizing, although the details remain unformalized. The company has shared hints about launching a token and an airdrop by the end of June. However, a future update is expected to help decentralize the protocol at a faster pace. This week, zkSync announced that decentralization has been finalized and that v24, the final update to the protocol, will be released soon. This change is a trend to decentralize the administration of the network towards the community. It also alludes to the token’s upcoming launch.
Since they help support EIP-4844 in March ZkSync aimed for complete decentralization. The core protocol update for v24 will be the last one needed to transfer network sovereignty to the community. This change is expected to strengthen the protocol and encourage more users and developers to become part of the ecosystem.
ZkSync has raised considerable funding from major venture capitalists such as a16z, Dragonfly Capital and Blockchain Capital. It has secured $258 million in funding and also announced a $200 million ecosystem development fund. This support has been instrumental in the development and evolution of ZkSync. The ZkSync Ecosystem Development Fund aims to encourage innovation by supporting new projects and developers.
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