ZkSync Token Launches Amid Network Load

ZkSync token launch on multiple exchanges sees price fluctuations while zkSync manages network strain and scam threats.

On June 17, exchanges officially introduced the eagerly anticipated zkSync token (ZK).

It has a market capitalization of approximately $971 million and a total supply of 21 billion ZK, as per CoinMarketCap.

Initially listed on Binance, Bybit, Gate.io, and KuCoin, the token attained a maximum value of $0.30. However, it has since declined to approximately $0.25.

ZkSync token faced with Network load, RPC issues

ZkSync announced on X shortly before the token launch that its network had encountered a high load and degraded performance in specific remote procedure call (RPC) services.

PCs execute network operations by communicating with nodes, such as querying data or transmitting transactions.

The team stated that they were enhancing RPC capacities at the time of the X post and advised readers to “remain vigilant for updates.”

Impersonators on the rise

A significant “increase in malicious DApps” impersonating zkSync was noted after the announcement that over 695,000 wallets were eligible for the recent ZK token airdrop.

In an interview with Cointelegraph, Ido Ben-Natan, CEO of Blockaid, a Web3 security platform, revealed that the malicious DApps employed “drainer SDKs to mitigate detection and reach users.”

“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.”

Community airdrop concerns

ZkSync’s token distribution program, scheduled from June 17 to July 16, aims to distribute 10.5 million ZK tokens to eligible users.

Nevertheless, the community was apprehensive about Sybil Farms’ filtering methodology.

The zkSync team has pledged to resolve these concerns to guarantee a transparent and equitable distribution process for the community.