41% of Major ZKsync Airdrop Recipients Have Sold Their Tokens

Data from Nansen reveals that 4,100 out of the 10,000 largest addresses receiving distributions from the L2 network ZKsync have sold all their ZK tokens.

An additional 29.2% have sold only part of their coins, while just over 30% of wallets are still holding their assets.

In total, major airdrop participants have offloaded 491 million ZK, equivalent to approximately $110.1 million at the time of writing.

However, Nansen’s data covers only 1.4% of the 690,951 eligible wallets, leaving the behavior of smaller token recipients unclear.

According to Lookonchain, one “sybil” received over 3 million ZK (~$682,000) across 85 linked wallets.

Someone received an #airdrop of 3.01M $ZK($753K) via 85 wallets!

This airdrop hunter then deposited 2.71M $ZK($678K) into #Binance and sold 300K $ZK for 20 $ETH($69K) via #SyncSwap.https://t.co/U4OKb7bmVWhttps://t.co/VAPmnj9gsj pic.twitter.com/x8YUPAspbK

— Lookonchain (@lookonchain) June 17, 2024

Almost immediately, the user transferred the majority of assets to the Binance exchange and swapped 300,000 ZK for 20 ETH via SyncSwap.

According to a Dune dashboard compiled by Matter Labs data specialist Landon Gingerich, 513,907 addresses have already claimed 2.85 billion ZK.

Participants in the network still have approximately 22% of the allocated 3.675 billion ZK to claim.

The ZKsync protocol encountered technical difficulties amid a surge of users. Binance had to delay its listing twice due to technical issues and deposit delays.

(1/2) The network is currently under high load. Some RPC services may experience degraded performance.

Teams are working to increase RPC capacities.

Stay tuned for updates.

— ZKsync (∎, ∆) (@zksync) June 17, 2024

Following an unsuccessful launch and significant “sell-off,” the ZK token fell by 20% in a day to $0.22. At one point, the asset dipped below $0.19 but managed to recover. Trading began at $0.25.

Binance has pledged to distribute an additional 10.5 million ZK among 52,500 users in response to “community concerns about token distribution.”