According to The Block , the ZKSync Era, which announced its currency issuance last week, has seen a significant decline in active addresses and transaction volume since February this year. It is obvious that potential or actual airdrops do not seem to play an important role. Blockchain data analysis company Nansen even stated that 40% of the airdrop wallets have sold all their tokens.
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ToggleZKSync announces airdrop
On June 11, as the first zkEVM to be launched on the mainnet, ZKSync finally conducted the highly anticipated ZK token airdrop event, distributing approximately 3.6 billion tokens to more than 695,000 eligible addresses.
It is reported that the number of airdropped tokens will be affected by factors such as the frequency of transactions on ZKsync, asset activity on ZKsync Era, and the length of time the assets are stored.
( ZKsync releases airdrop checker: 17.5% of ZK tokens will be airdropped to 695,232 wallets )
ZKSync Era active addresses continue to decline
However, data from The Block shows that the number of active addresses and transaction volume of the ZKSync Era reached historical highs around the end of February, and then declined by about 44%, reflecting a significant reduction in network activity.
Among them, although the decline rate of ZKSync Era is slower than that of its competitor Linea in the ZK rollup field, the former even gave the latter an overtaking opportunity at the end of March.
Even though Linea has taken the lead twice before, its data performance is still lagging behind ZKSync Era. In this regard, Linea is trying to gain the dominance of ZK rollup through the six-month points incentive program " Linea Surge ".
The Block stated that large-scale predictable token airdrops or distribution events will often have an impact on platform activities, the number of users, and token prices.
Nansen: 40% of the airdrop wallets have sold all ZK tokens
In addition, blockchain data company Nansen also pointed out that nearly half of the first 10,000 wallets that received airdrops have completely sold off their allocated ZK tokens, which has caused the price of ZK tokens to fall by 34.5% since its launch.
According to statistics, about 40% of addresses completely sold all their ZK tokens, 34.5% sold some tokens, and only about 25.6% of wallets continued to hold all tokens:
The total number of ZK sold exceeds 517 million.
It is reported that zkSync has also been criticized for its airdrop standards being too loose or inconsistent, which triggered large-scale selling by large wallets.
Matter Labs’ ZK Chaos
As an innovative cryptography technology, Zero Knowledge aims to ensure the integrity, reliability and zero-knowledge of information, allowing the proof direction and verifier to prove the authenticity of specific information they possess. Popular among authentication and privacy protection protocols.
Previously, ZKsync (ZK) development company Matter Labs submitted trademark registrations for its token name ZK in nine countries last month, and was criticized and rebounded by other ZK technology application companies; in the future, it may be forced by public opinion. The publication stated that all trademark applications related to the ZK name have been withdrawn.
