The Ethereum layer-two network ZKsync, developed by Matter Labs, has announced a new governance model for its ecosystem called ZK Nation.
Welcome to ZK Nation, a community to govern, defend, and grow the ZKsync protocol.
Read the full announcement here:https://t.co/HRArUnJt3m pic.twitter.com/GtgxmNalqN
— ZK Nation (@TheZKNation) June 10, 2024
“ZK Nation is a community driven by the common goal of governing, defending, and developing the ZKsync protocol. [The initiative] brings the world closer to realizing the vision of ZK Credo, uniting people, organizations, and technology to advance freedom and accelerate innovation,” the blog states.
According to the developers, the project integrates a new governance system to maintain decentralization guarantees.
The announcement also mentioned a future governance token, ZK, intended for voting and delegating authority within the protocol.
The ZK Nation system will allow coin holders to propose and vote on updates and changes to network parameters. The model’s structure will consist of three organizations:
- Token Assembly — represented by ZK holders and delegates who “propose, discuss, and ratify initiatives governing the ecosystem”;
- Security Council — a group of qualified developers, auditors, and specialists ensuring the protocol’s protection;
- Guardians — “defenders of the values of ZK Credo,” who have the right to initiate or approve emergency actions in the network.
The company clarified that these bodies are dispersed “within various legal structures, ensuring maximum protection of coin issuance.” Together, they will interact with ZKsync smart contracts and coordination channels, such as delegation functions and the voting portal on Tally.
The network team promised to present a detailed governance structure for ZK Nation and token distribution details “in the coming weeks.”
In May, The Block, citing sources, reported on Matter Labs’ plans to conduct a TGE for the coin. According to the publication, the token launch and airdrop will occur within 30 days of the event. The total supply will be 21 billion ZK.
At the end of the same month, the Web3 infrastructure startup Polyhedra Network announced the adoption of the ZKJ ticker, relinquishing ZK in favor of ZKsync.