TLDR
- zkSync, an Ethereum layer-2 scaling solution, has faced criticism for its ZK token airdrop distribution.
- Critics claim the airdrop lacked sufficient anti-Sybil measures, making it easily farmable.
- The controversy has led to a significant drop in zkSync’s total value locked (TVL).
- zkSync plans to distribute 17.5% of the total 21 billion ZK token supply to early users through a one-time airdrop.
- Despite clarifications from zkSync, some users remain dissatisfied with the allocation and eligibility criteria.
zkSync, an Ethereum zero-knowledge (ZK) layer-2 scaling solution, has come under fire following the announcement of its ZK token airdrop.
The project, which aims to reward long-time supporters since its Mainnet development in 2023, has faced criticism from industry experts and rival networks for its perceived lack of anti-Sybil measures and unfair token distribution.
Mudit Gupta, the information security chief of rival layer-2 network Polygon, described the ZK token airdrop as possibly the “most farmable and farmed airdrop ever,” claiming that zkSync had “almost no Sybil filtering.”
zkSync airdrop is out.
Most farmable and farmed airdrop ever probably.
Almost no sybil filtering as far as I can see.
Anyone who knew the criteria could’ve easily farmed the shit out of it.
Makes you appreciate what LayerZero is trying to do with sybil filtering.
— Mudit Gupta (@Mudit__Gupta) June 11, 2024
This sentiment was echoed by Cinneamhain Ventures partner Adam Cochran, who stated that the airdrop criteria were “easy to not hit as a real user, and easy to hit as a farmer.”
I love the zkSync guys but damn that was not a well planned airdrop from a sybil perspective.
Those criteria are easy to not hit as a real user, and easy to hit as a farmer, and had no anti-sybil program.
Real users could easily use 1-2 dapps or only a handful of tokens on your… pic.twitter.com/PiqprIbKJ3
— Adam Cochran (adamscochran.eth) (@adamscochran) June 11, 2024
The controversy surrounding the airdrop has led to a significant drop in zkSync’s total value locked (TVL).
According to DeFiLlama, the TVL fell from nearly $200 million to around $128 million following the announcement of the ZK token distribution details. This decrease in TVL indicates a loss of confidence among users who felt marginalized by the distribution strategy.
zkSync has announced that 17.5% of the total 21 billion ZK token supply will be distributed to early users through a one-time airdrop on June 17.
The project clarified that 89% of this allocation is intended for users who have made significant network transactions, while the remaining 11% is reserved for developers and researchers. However, this clarification has not quelled the dissatisfaction among some users who feel inadequately rewarded.
zkSync has stressed its commitment to transparency and community engagement, inviting further feedback to better align future decisions with user expectations.
The project maintains that its token distribution plan, which allocates 16.1% of tokens to the team and 17.2% to investors, with the rest dedicated to ecosystem initiatives, is designed to support a growing ecosystem as new users join the network.
As the ZK token launch date approaches, the debate surrounding the fairness and effectiveness of zkSync’s airdrop continues.
Some users predict that the token could reach $1 at launch, pre-listing platforms like Whales Market show the price trading at around $0.34.
