ZkSync token launches amid network load, RPC issues

The NFT Unicorn 0a9bfa3d-2fad-4952-9a94-58d3f13df17a ZkSync token launches amid network load, RPC issues Crypto News

The much-anticipated zkSync token (ZK) has officially launched on exchanges on June 17. 

According to CoinMarketCap, it has a total supply of 21 billion ZK and a market capitalization of roughly $971 million.

The token launched on Binance, Bybit, Gate.io, KuCoin and other exchanges reached as high as $0.30 but has since dropped to about $0.25.

Source: CoinMarketCap.

Related: ZkSync defends Sybil measures as Binance offers own ZK token airdrop

Network load, RPC issues

Shortly before the token launch, zkSync announced on X that its network had experienced a high load and degraded performance in some remote procedure call (RPC) services.

RPCs communicate between nodes and perform network operations, including sending transactions or querying data.

At the time of the X post, the team explained that they were working on increasing RPC capacities and said to “stay tuned for updates.” 

The NFT Unicorn 84cd37d4-f097-4a04-a2c3-eb80f0eff7f2 ZkSync token launches amid network load, RPC issues Crypto News
Source: ZKsync

Related: ZkSync hit with claims of ‘almost no Sybil filtering’ in slated token airdrop

Impersonators on the rise

Following the announcement that over 695,000 wallets were eligible for the recent ZK token airdrop, a notable “uptick in malicious DApps” impersonating zkSync was highlighted.

Speaking with Cointelegraph, Ido Ben-Natan, CEO of Web3 security platform Blockaid, explained that the malicious DApps were “using drainer SDKs to mitigate detection and reach users.”

“The scammers are using Twitter (X) comment sections to reach their target audience. If you go to the reply section of almost every one of ZK’s last tweets, you’ll see many accounts that are abusing Twitter’s verified accounts to distribute links to malicious DApps.”

Related: Matter Labs drops ZK trademark applications after industry backlash

Community airdrop concerns 

zkSync’s token distribution program, set to run from June 17 to July 16, aims to distribute 10.5 million ZK tokens to eligible users.

However, the community raised concerns about the methodology used to filter Sybil farms. 

The zkSync team stated that they would address these concerns to ensure a fair and transparent distribution process for the community.

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