An airdrop hunter has raked in a whopping $753,000 worth of ZKsync tokens (ZK) across 85 wallets, according to crypto tracker Lookonchain.
Binance Deposit and Sale
The hunter then deposited 2.71 million ZK, valued at $678,000, into Binance. They also sold 300,000 ZK for 20 Ethereum (ETH), worth $69,000, through the decentralized exchange SyncSwap.
ZKsync Token Airdrop
ZKsync is an Ethereum scaling protocol that launched its ZK token airdrop on Monday. The project plans to distribute 17.5% of the token’s supply to over 695,000 wallets.
Over 45% of the airdropped tokens were claimed within two hours, leading to network issues. The ZKsync Association stated that two-thirds of the token supply will go to the community, while one-third will be allocated to the project’s team and investors.
ZK Token Utility
The ZK token allows holders to vote on protocol upgrades and pay network fees. It can also be used for staking and other functions as the ZKsync ecosystem expands.
ZK Token Performance
ZK is currently ranked 97th among crypto assets, with a market capitalization of over $796 million. The token initially traded around $0.28 but has since dropped to $0.217.
