The much-anticipated zkSync token (ZK) officially launched on June 17, debuting on major exchanges like Binance, Bybit, Gate.io, and KuCoin. Despite the excitement, the launch was marred by network performance issues and rising security threats.
According to CoinMarketCap, the zkSync token has a total supply of 21 billion ZK and a market capitalization of around $971 million. Initially reaching as high as $0.30, the token’s price has since stabilized at approximately $0.25.
However, just before the launch, zkSync announced on X (formerly Twitter) that its network experienced heavy load and degraded performance in some remote procedure call (RPC) services. RPCs are crucial for network operations, including sending transactions and querying data. The zkSync team assured users that they were working to increase RPC capacities and promised further updates.
Following the announcement that over 695,000 wallets were eligible for the ZK token airdrop, there was a significant increase in malicious decentralized applications (DApps) impersonating zkSync. Ido Ben-Natan, CEO of Web3 security platform Blockaid, revealed that these DApps use drainer SDKs to evade detection and target users.
“The scammers are exploiting Twitter’s (X) comment sections, using verified accounts to distribute links to malicious DApps,” Ben-Natan explained. This rise in impersonators has heightened concerns within the community.
ZkSync’s token distribution program, which runs 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 methods used to filter out Sybil farms (fraudulent accounts created to abuse airdrops).
The zkSync team has acknowledged these concerns and committed to addressing them to ensure a fair and transparent distribution process.
As zkSync navigates these initial hurdles, the community remains hopeful that the team will resolve the network and security issues promptly. Ensuring a smooth distribution process and addressing security threats will be crucial for zkSync’s future success.