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ZkSync Announces Token Generation Event With a Supply of 21 Billion

In this post:

  • ZkSync is launching its token generation event this week with 21 billion tokens.
  • The token airdrop is scheduled for around June 13 before another major token drop on June 26.
  • There’s a ticker conflict for ‘ZK’ as Polyhedra Network already claimed it, but ZkSync may still use it since Binance hasn’t listed Polyhedra’s token.

The crypto community has one more reason to be excited as ZkSync prepares for its token generation event (TGE) this week, with a jaw-dropping total supply of 21 billion tokens. As one of the forerunners in the Ethereum Layer 2 space, ZkSync uses ZK-rollups to enhance transaction efficiency and scalability.

Also Read: Circle Launches Its USDC on Ethereum ZkSync

Reports cited two insiders who claimed that the highly anticipated ZkSync token airdrop is set for around June 13, positioning it strategically before the Blast’s token drop later in the month. Developed by Matter Labs, ZkSync has repeatedly said that its dedication is strictly to decentralization.

ZkSync to Launch Governance Model

According to a spokesperson from Matter Labs, no definitive plans for the event have been finalized yet. However, the network is actively preparing for the airdrop and planning to execute it before June 26. A timeline was revealed through an internal message screenshot that found its way to the press.

The upcoming TGE isn’t just for the distribution of tokens, though. It is reportedly part of a broader initiative to roll out a governance model that hands control over to the community. This transition is scheduled to follow the TGE within 30 days.

Also Read: ZkSync Plans Governance Token Airdrop

The sources added important information regarding the token’s ticker, saying that ZkSync intended to use ‘ZK,’ but Polyhedra Network has snagged this. Despite the overlap, ZkSync may still proceed with ‘ZK’ as Binance has yet to list the Polyhedra token, indicating a potential window of opportunity.

ZkSync’s Efforts Towards Decentralization

The layer-2 network is also focused on user engagement and network participation. Since last March, rumors of an impending airdrop have circulated after investors moved over $8 million worth of tokens to ZkSync. This influx has ballooned the total value locked (TVL) on the platform to $141 million, per DefiLlama’s data.

Decentralization is a big, irreversible step that requires utmost attention to detail at the intersection of complex technological and legal frameworks. In an industry often characterized by hype and short-term sacrifices, zkSync continues to put in the effort to stand apart – to build foundational technology that will stand the test of time.

ZkSync

Moreover, ZkSync is on the verge of releasing v24, the final protocol upgrade needed before governance is transitioned to the community. According to the team, this upgrade is a key piece in the puzzle of full decentralization and is expected to be in place by the end of June.

Ethereum Founder Praises ZK

ZkSync believes it stands out as another Layer 2 solution and a pioneer in the “verifiable internet” era, potentially serving billions. They added that this commitment to foundational technology that stands the test of time separates the network from fleeting crypto trends.

Echoing this sentiment, Ethereum co-founder Vitalik Buterin predicted, “In 10 years, all rollups will be ZK and will commit blocks with finalized state roots to L1 every slot. It will take a lot of infrastructure and prover optimization to get there, but that’s the clear endgame.”


Cryptopolitan reporting by Jai Hamid

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DisclaimerThe information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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