ZKsync

Update (June 18, 06:15 UTC): This article has been updated to correct the ZK token distribution program details.
The much-anticipated zkSync token (ZK) has officially launched on exchanges on June 17.&nbsp;
According to CoinMarketCap, it has a total supply of 21 billion ZK and a market capitalization of roughly $971 million.
The token launched on Binance, Bybit, Gate.io, KuCoin and other exchanges and reached as high as $0.30 but has since dropped to about $0.25.
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 Source: CoinMarketCap
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Related: <a href="https://cointelegraph.com/news/zksync-defends-sybil-measures-binance-does-zk-airdrop">zkSync defends Sybil measures as Binance offers own ZK token airdrop</a>
<h2 id="network-load-rpc-issues">Network load, RPC issues</h2>
Shortly before the token launch, zkSync <a href="https://x.com/zksync/status/1802623676983988619" target="_blank" rel="noopener nofollow">announced</a> on X that its network had experienced a high load and degraded performance in some remote procedure call (RPC) services.
RPCs communicate between nodes and perform network operations, including sending transactions or querying data.
At the time of the X post, the team explained that they were working on increasing RPC capacities and said to “stay tuned for updates.”&nbsp;
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 Source: <a href="https://x.com/zksync/status/1802623676983988619" target="_blank" rel="noopener nofollow">ZKsync</a>
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Related: <a href="https://cointelegraph.com/news/zksync-token-airdrop-criticism-sybil-vulnerabilities">zkSync hit with claims of ‘almost no Sybil filtering’ in slated token airdrop</a>
<h2 id="impersonators-on-the-rise">Impersonators on the rise</h2>
Following the announcement that <a href="https://cointelegraph.com/magazine/musk-promises-ban-on-apple-greenpeace-calls-for-bitcoins-pos-and-other-news-hodlers-digest-june-9-15/">over 695,000 wallets were eligible</a> for the recent ZK token airdrop, a notable “uptick in malicious DApps” impersonating zkSync was <a href="https://x.com/blockaid_/status/1801197605835227350" target="_blank" rel="noopener nofollow">highlighted</a>.
Speaking with Cointelegraph, Ido Ben-Natan, CEO of Web3 security platform Blockaid, explained that the malicious decentralized applications (DApps) were “using drainer SDKs to mitigate detection and reach users.”
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 “The scammers are using Twitter (X) comment sections to reach their target audience. If you go to the reply section of almost every one of ZK’s last tweets, you’ll see many accounts that are abusing Twitter’s verified accounts to distribute links to malicious DApps.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/matter-labs-drops-zk-trademark-applications">Matter Labs drops ZK trademark applications after industry backlash</a>
<h2 id="community-airdrop-concerns">Community airdrop concerns&nbsp;</h2>
ZkSync’s token distribution program, set to run from June 17 to Jan. 3, 2025, aims to distribute 3.675 billion ZK tokens to eligible users.
However, the community raised concerns about the methodology used to filter Sybil farms.&nbsp;
The zkSync team stated that it would address these concerns to ensure a fair and transparent distribution process for the community.
Magazine: <a href="https://cointelegraph.com/magazine/musk-promises-ban-on-apple-greenpeace-calls-for-bitcoins-pos-and-other-news-hodlers-digest-june-9-15/">Musk promises ban on Apple, Greenpeace calls for Bitcoin’s PoS, and other news: Hodler’s Digest, June 9–15</a>

zkSync token launches amid network load, RPC issues

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