The much-anticipated launch of the zkSync token (ZK) occurred on June 17, hitting multiple exchanges including Binance, Bybit, Gate.io, and KuCoin. Initially, the token reached as high as $0.30 but has since settled around $0.25. This launch has not been without challenges. The network experienced significant load, leading to degraded performance in some remote procedure call (RPC) services. The zkSync team quickly addressed these issues, working to increase RPC capacities.
In addition to technical difficulties, the launch has seen a rise in malicious decentralized applications (DApps) impersonating zkSync, aiming to exploit users. Ido Ben-Natan, CEO of Web3 security platform Blockaid, highlighted the prevalence of scammers using Twitter’s comment sections to distribute links to these fraudulent DApps.
The zkSync token distribution program, running from June 17 to July 16, aims to distribute 10.5 million ZK tokens to eligible users. However, the community has raised concerns about the methodology used to filter out Sybil farms, prompting the zkSync team to commit to addressing these issues to ensure a fair distribution process.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
