ZkSync says 695,000 wallets are eligible for next week’s ZK token airdrop.

Ethereum zero-knowledge (ZK) layer 2 scaler zkSync has launched its self-described token, zkSync (ZK), and plans to airdrop approximately 3.68 billion tokens “in the next week.”

The project said on June 11 that it will airdrop 17.5% of the token’s total supply of 21 billion to 695,232 eligible wallets starting next week, with the remainder set aside for initiatives, teams, investors and “token assembly.” Yes.

ZK was traded at up to $0.71 on pre-market perpetual exchanges Aevo and PancakeSwap. That means its market capitalization is approximately $14.91 billion.

Total ZK token distribution. Source: zkSync

Approximately 3.27 billion tokens (89% of the ZK set in the airdrop) will be delivered to network users, with the remainder allocated to the underlying projects and community.

Wallets receiving a portion of the drop must interact with the zkSync Era or zkSync Lite networks before midnight on March 24th, the date of the UTC snapshot.

ZKsync’s list of seven eligibility criteria for protecting against Sybil attacks includes wallets interacting with 10 smart contracts, trading 10 ERC-20 tokens, and depositing liquidity in decentralized finance (DeFi) protocols.

ZK token eligibility criteria, each wallet must hold one point to make airdto. Source: zkSync

Airdrops for each wallet are limited to 100,000 tokens.

It added that less than 0.5% of total supply would be reduced. Cryptocurrency: Gaming Players, Pudgy Penguins and Milady Maker NFT (Nonfungible Token) collection holders, DEGEN and BONSAI airdrop recipients.

Community airdrops are more than “symbolic”

The remaining third of the total supply of ZK tokens will be split almost equally between investors and zkSync development team Matter Labs. Matter Labs, the team behind zkSync, received a lot of backlash last month for trying to trademark the “ZK” trademark, but eventually gave up.

Related: Pessimistic Evidence: What’s Next for ZK Tech or Just Cynicism?

Tokens will be unlocked over three years, from June 2025 to 2028.

“Offering more tokens than the Matter Labs team and investors in the airdrop is more than a symbolic decision for the community,” zkSync wrote in a press release shared with Cointelegraph.

The airdrop will begin next week and run until January 3 next year, and holders will be able to participate in protocol governance immediately.

magazine: Here’s how Ethereum’s ZK rollup becomes interoperable.