Altcoins Listed on Binance with Great Excitement, But Data is Worrisome
There is negative data on the altcoin, which was listed with great excitement on the cryptocurrency exchange Binance some time ago.
Once a leading Layer 2 scaling solution, ZKsync Era is facing significant financial challenges following its recent token airdrop, with the platform’s daily revenue falling dramatically from its pre-airdrop peak of $746,000 to just $6,800.
The sharp drop in revenue occurred after the June 24 airdrop, where 3.67 billion ZK tokens, representing 17.5% of the total supply, were distributed to eligible wallets. However, the highly anticipated event triggered an exodus of users and liquidity from the network, with daily transactions dropping from a high of 1.8 million to just 200,000.
The ZKsync Era decline is indicative of broader issues in the cryptocurrency market, particularly among Layer 2 solutions and new token launches. While ZK has fallen in value by 64.06% year-to-date, a similar trend was observed for LayerZero’s ZRO token, which has fallen by 19.21% in the same period.
The broader GML2 index, which looks at Layer 2 tokens, has also fallen a significant 66% since its March high, underscoring the challenges across the industry. The post-airdrop decline of ZKsync Era raises concerns about the effectiveness of token distribution strategies in the current market environment.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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