zkSync Plans Token Airdrop for June

Matter Labs, the company developing the EVM-compatible layer-two solution zkSync, is planning to conduct a TGE this week. This was reported by The Block, citing informed sources.

According to the publication, the token launch and airdrop will occur within 30 days after the TGE. The total supply will be 21 billion tokens.

The asset distribution is scheduled for June 13. The company emphasized that the airdrop will take place before a similar event by Blast, scheduled for June 26.

One source indicated that zkSync wishes to use the ticker ZK for its token. However, since Polyhedra Network has already claimed it, this has created some issues.

“zkSync is currently in the process of decentralization. No specific plans have been developed yet,” a Matter Labs representative told The Block.

Last week, the project hinted at the token launch and distribution at the end of June, stating that an update to accelerate decentralization would be released soon.

“The upcoming v24 release is the last planned protocol update necessary before handing over network governance to the community,” company representatives noted. “The remaining missing parts should be ready by the end of June.”

zkSync is a layer-two solution based on ZK-rollups, built on top of the Ethereum blockchain.

The implementation is based on zkEVM technology, designed to scale smart contracts by combining zero-knowledge proof (ZKP) and Ethereum Virtual Machine (EVM) capabilities.

This symbiosis ensures fast, cheap, and confidential transactions using L1 security. zkSync’s technical specifications allow for 2000 TPS.

According to CryptoRank, the project raised a total of $258 million in venture funding. Among the investors are Andreessen Horowitz, DragonFly Capital, and Placeholder Ventures.

Previously, Vitalik Buterin called ZK-rollups a crucial technology for scaling Ethereum.