ZKsync token goes live with $925 million market cap following airdrop

The ZKsync ZK -20.57% token, currently priced at around $0.25, went live on Monday and has been listed with various trading pairs on multiple crypto exchanges.

The token's market capitalization is currently sitting at over $935 million, with a fully diluted value of around $5.3 billion. The maximum supply of the ZKsync token is 21 billion, with a current circulating supply of over 3.6 billion.

According to Coingecko, ZKsync trading volume has reached nearly $99 million in the hours since launch. ZK tokens can now be traded on centralized crypto exchanges such as Bybit , Gate.io and KuCoin.

The price of ZK is changing hands for $0.2558 at 7:42 a.m. ET., according to Coingecko data .

Binance lists ZKsync token

Binance listed the token at 6 a.m. EST with spot trading pairs including ZK/BTC, ZK/USDT, ZK/FDUSD and ZK/TRY. Withdrawals of ZKsync will be available starting June 18, 2024, at 4 a.m. EST.

The exchange also announced a token distribution program for the token, which will run from June 17 to July 16, 2024, distributing 10.5 million ZK tokens to eligible users.

Binance acknowledged in its announcement that there are “ongoing concerns” from the community surrounding the ZK token distribution. The criticisms stem from the airdrop program’s methodology regarding filtering out Sybil farmers.

Scammers targeting ZKsync

According to the Blockaid web3 security platform, there has been an increase in the volume of malicious dapps targeting ZKSync .

"Blockaid has observed a massive uptick in malicious dApps impersonating the ZkSync eligibility checker, with a 5X increase on the day the checker was released," Blockaid posted on X.com on Thursday.

"The scams we’re seeing are impersonation scams — malicious dapps that are using the ZK brand in order to get users to sign malicious transactions. These malicious dapps are using drainer SDKs to mitigate detection and reach users. The scammers are using Twitter/ X.com comment sections to reach their target audience," Blockaid CEO Ido Ben-Natan told The Block.

ZKsync Era is a Layer 2 network designed to enhance Ethereum's scalability using advanced zero-knowledge proof technology. Its aim is to improve Ethereum's throughput while maintaining the network's core principles of freedom, self-sovereignty and decentralization at scale.