zkSync Announces Governance Token Airdrop for June This Year

zkSync, a zero-knowledge (ZK) rollup, announced a governance token airdrop set for the end of June. The anticipation for this airdrop has been growing since March of last year when investors moved over $8 million worth of tokens to zkSync to qualify. According to DefiLlama, the total value locked (TVL) in zkSync has increased to $141 million.

The upcoming release of version 24 (v24) is the final protocol upgrade needed before transferring network governance to the community. zkSync confirmed this in a post on X, stating that the remaining pieces for the transition are expected to be in place by the end of June.

Cheaper Transactions with Ethereum Dencun Upgrade

zkSync is a layer-2 network designed to scale Ethereum by providing cheaper transactions through off-chain computation and data storage. This network is classified as a ZK rollup, which uses zero-knowledge cryptography. Transaction fees on zkSync became significantly cheaper following Ethereum’s Dencun upgrade in March. This upgrade allowed layer-2 networks like zkSync to compress transactions before sending them in batches to the Ethereum mainnet.

Trend of Airdrops in the Crypto Space

The planned governance token issuance follows a series of airdrops by other projects over the past year. EigenLayer, Renzo, Ethena, and Wormhole have all rewarded early adopters with airdrops instead of conducting traditional token sales. Matter Labs, the developers behind zkSync, have raised $458 million across several funding rounds, with investors including Blockchain Capital and Dragonfly Capital.

zkSync’s Position in the Blockchain Ecosystem

Matter Labs has been actively developing zkSync to enhance Ethereum’s scalability and efficiency. The governance token airdrop and the completion of the v24 protocol upgrade are steps toward community-driven network governance. zkSync’s layer-2 solution aims to provide cost-effective and efficient transaction processing for Ethereum users.

The zkSync community is closely watching the developments, and the governance token airdrop is expected to be a notable event. As zkSync continues to evolve, it remains a prominent player in the blockchain space, leveraging zero-knowledge cryptography to improve transaction processing and data storage on the Ethereum network.

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