{"id":14647,"date":"2024-06-25T10:13:38","date_gmt":"2024-06-25T07:13:38","guid":{"rendered":"https:\/\/forklog.com\/en\/zksync-metrics-decline-following-airdrop\/"},"modified":"2024-06-25T10:13:38","modified_gmt":"2024-06-25T07:13:38","slug":"zksync-metrics-decline-following-airdrop","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/zksync-metrics-decline-following-airdrop\/","title":{"rendered":"ZKsync Metrics Decline Following Airdrop"},"content":{"rendered":"<p>On June 17, the Layer 2 network ZKsync launched its native token, ZK, which initially boasted a market capitalisation exceeding $1 billion. However, key metrics of the project soon began to decline.<\/p>\n<p>The token showed positive momentum during the first few hours of trading. Yet, a downturn ensued, likely due to sustained pressure from airdrop recipients and unfavourable market conditions overall.<\/p>\n<p>At the time of writing, ZK&#8217;s market capitalisation stands at approximately $600 million, with a fully diluted valuation of $3.5 billion, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/zksync\">CoinGecko<\/a>. These figures represent a 40% drop from initial values.<\/p>\n<p>A week before the token launch, the ZKsync Era network experienced a relatively calm period in terms of new unique addresses on-chain, averaging around 7,000 daily. On the day trading commenced, this number surged to 18,000.<\/p>\n<p>A day later, unique users increased further to 35,800.<\/p>\n<p>However, this spike in activity was short-lived. By June 19, network activity had decreased by 37%, and the following day saw a further 32% decline.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXd77YkhcLNlVkks9KfCJA8dc1QO6UILAeEpJTSRSoc1yajygB3rnB58J2N7CTO8a9gPAkV94rZs9a-GsTo5p66vXJt4kB5Z3lPF9HfjU8IrOwpObPeqblMynCIVMyC1qCcwRIyNomOYCF7NHerVoSky7EZZ?key=Ks5p25louV_rleUac2zZOA\" alt=\"ZKsync Metrics Decline Following Airdrop\"\/><figcaption class=\"wp-element-caption\">7-day moving average of active addresses in ZKsync Era. Data: <a href=\"https:\/\/www.theblock.co\/data\/scaling-solutions\/zk-rollups\/active-addresses-on-zk-rollups-daily-7dma\">The Block<\/a>.<\/figcaption><\/figure>\n<p>During the ZK launch, a record number of active addresses was recorded on the network\u2014nearly 675,000. Three days later, this figure had halved.<\/p>\n<p>The token itself has also experienced declines. Over the past week, ZK has fallen by 18% to $0.16.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXdChEXwj50tLDY6HAtfqgWRRcidJb3JSsilJtgTlHW25gYx5tpiWQXEDT97muNyYtuj5hHa7LqO8SJR7YIlhBLMqD2C9CUxJmGKUI3EwRFiwl8uSWjN36sibG6FS-zHLuYr3JLxg0UEkYpxjs_z0FB2i-g-?key=Ks5p25louV_rleUac2zZOA\" alt=\"ZKsync Metrics Decline Following Airdrop\"\/><figcaption class=\"wp-element-caption\">15-minute ZK\/USDT chart on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/ZKUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Earlier, the ZKsync airdrop faced community criticism, as only 13% of the 6 million unique wallets were eligible, many of which turned out to be &#8220;sybils.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 17, the Layer 2 network ZKsync launched its native token, ZK, which initially boasted a market capitalisation exceeding $1 billion. However, key metrics of the project soon began to decline. The token showed positive momentum during the first few hours of trading. Yet, a downturn ensued, likely due to sustained pressure from airdrop [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1158,596,1518],"class_list":["post-14647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-airdrops","tag-tokens","tag-zksync"],"aioseo_notices":[],"amp_enabled":true,"views":"56","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14647"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14646"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}